Macarthur Minerals Limited
TSX VENTURE : MMS

Macarthur Minerals Limited

October 25, 2010 08:30 ET

Update MMS-2010 Geological Program

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 25, 2010) -

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Macarthur Minerals Limited (TSX VENTURE:MMS) ("the Company") is pleased to announce the completion of its 2010 geological field season for the delineation of both hematite/goethite ("DSO") and magnetite Mineral Resource estimates. 

All exploration activities during the 2010 field season have been focused on its Lake Giles project located in the Yilgarn Iron Ore Province of Western Australia. The Company completed a total of 287 RC drill holes for an advance of 21,684 metres (Stage 8 and 9). In addition, 6 HQ diameter diamond drill holes were completed to obtain material for metallurgical testwork (4 hematite/goethite holes and 2 magnetite holes). At the time of this release, a total of 2013 RC samples await assay results.

The Stage 8 programme focussed on magnetite mineralisation with 26 RC holes drilled for an advance of 4,915 metres. The last magnetite Mineral Resource statement was on December 1, 2009 where CSA Global ("CSA") provided a NI43-101 mineral resource estimate of 1,051 million tonnes at 28.3% Fe. Stage 8 drilling focused on linking the Moonshine and the Moonshine North's deposits as well as extending the strike of the high grade magnetite zone reported to the market on August 23, 2010. The updated Mineral Resource estimate is expected early December.

The Stage 9 programme focussed on hematite/goethite mineralisation with 240 RC holes for a total advance of 16,346 metres. Stage 9 focused on drilling 6 project area's over a combined strike length of 15 kilometres. In addition a total of 27 RC holes were also drilled at 5 Channel Iron targets identified within the project area (assay results pending). Better intersections previously reported during the year include:

24m @ 62.5%Fe from 6m
14m @ 58.0%Fe from 5m
11m @ 58.2%Fe from 38m
21m @ 57.4%Fe from 5m
9m @ 61.6%Fe from 16m
28m @ 57.9%Fe from 13m
16m @ 57.4%Fe from 36m
8m @ 61.1%Fe from 44m

Further results have been received at the Central, Snark and Banjo prospects. A full listing of results is detailed in Table 1 (down-hole lengths reported - true widths will be determined) A summary of the better intersection include:

13m @ 58.7%Fe from 13m
10m @ 57.2%Fe from 10m
8m @ 58.3%Fe from 8m
5m @ 59.3%Fe from 5m
13m @ 57.1%Fe from 13m 
5m @ 59.5%Fe from 5m
16m @ 59.8%Fe from 16m
11m @ 58.4%Fe from 11m
5m @ 58.1%Fe from 5m

On 22 June 2010, the Company released its maiden inferred hematite resource report of 4.4 million tonnes at 54.3%Fe based on the first 30 RC holes completed on the Banjo and Moonshine deposits. The Mineral Resource estimates based on the Stage 9 drilling program is scheduled for release during November 2010.

The company considers that the Lake Giles project has the potential for further tonnage increases for both magnetite and hematite/goethite mineralised zones.

Table 1 –RC Intersections
 
Hole ID Prospect From To Length Fe% SiO2% Al2O3% P% S% LOI%
LGRC_317 Banjo 9 13 4 53.9 8.7 5.1 0.02 0.13 8.4
and Banjo 20 23 3 55.7 11.1 3.3 0.03 0.02 5.6
LGRC_318 Banjo 32 35 3 57.5 11.2 2.5 0.05 0.03 3.7
LGRC_319 Banjo 4 15 11 53.8 10.4 3.9 0.09 0.08 8.2
LGRC_321 Banjo 24 29 5 61.5 4.1 2.9 0.05 0.09 4.7
and Banjo 32 38 6 57.1 6.0 4.7 0.10 0.15 7.0
including Banjo 34 36 2 60.7 3.2 3.1 0.10 0.11 6.6
LGRC_322 Banjo 23 26 3 55.0 5.6 5.3 0.02 0.26 9.9
and Banjo 46 52 6 59.3 5.1 3.5 0.08 0.09 6.1
LGRC_323 Banjo 5 18 13 57.6 6.0 4.4 0.05 0.15 6.9
including Banjo 8 10 2 59.3 5.1 3.8 0.07 0.11 5.9
including Banjo 11 17 6 61.2 3.0 2.6 0.04 0.12 6.7
and Banjo 21 24 3 57.7 5.9 4.3 0.07 0.39 6.6
including Banjo 22 24 2 58.9 4.1 3.9 0.08 0.55 7.0
LGRC_324 Banjo 12 22 10 53.7 8.8 6.3 0.06 0.41 7.5
LGRC_325 Banjo 8 10 2 52.9 10.4 5.2 0.03 0.04 7.6
and Banjo 15 17 2 52.9 6.2 7.1 0.04 0.44 10.4
and Banjo 50 55 5 53.8 13.5 3.8 0.06 0.03 5.5
LGRC_326 Banjo 30 34 4 54.0 12.4 3.5 0.10 0.18 6.2
LGRC_327 Banjo 3 26 23 56.0 9.1 4.4 0.05 0.12 6.1
including Banjo 6 10 4 60.0 7.0 2.0 0.05 0.09 4.9
including Banjo 19 25 6 59.6 5.2 3.6 0.05 0.13 5.7
LGRC_329 Banjo 35 40 5 54.7 14.9 1.7 0.08 0.06 4.3
LGRC_330 Banjo 4 25 21 54.5 9.3 5.2 0.07 0.11 7.0
including Banjo 7 10 3 58.4 5.9 3.5 0.08 0.26 6.6
LGRC_332 Banjo 1 21 20 53.8 9.0 5.4 0.07 0.10 7.8
including Banjo 15 17 2 59.5 5.3 2.5 0.09 0.05 6.6
and Banjo 22 24 2 52.8 10.8 6.5 0.07 0.04 6.7
and Banjo 31 34 3 56.5 9.5 4.3 0.07 0.05 5.0
LGRC_333 Banjo 9 11 2 52.8 9.7 6.6 0.04 0.03 7.6
LGRC_413 Central 7 20 13 58.7 5.8 3.3 0.07 0.07 6.5
and Central 21 26 5 56.2 10.9 2.1 0.06 0.02 6.2
including Central 21 24 3 60.1 5.0 2.1 0.05 0.02 6.6
LGRC_414 Central 15 25 10 57.2 7.1 3.2 0.05 0.16 7.0
including Central 16 24 8 58.3 6.6 2.5 0.05 0.15 6.8
and Central 48 50 2 53.5 14.7 1.9 0.04 0.03 6.3
LGRC_415 Central 9 14 5 56.3 6.6 4.7 0.07 0.17 7.3
and Central 42 48 6 55.3 12.0 2.5 0.10 0.07 5.5
LGRC_416 Central 3 15 12 55.6 6.9 4.6 0.08 0.12 7.9
including Central 3 7 4 60.9 3.6 1.7 0.09 0.06 6.8
including Central 11 14 3 60.4 4.5 2.5 0.07 0.09 5.8
LGRC_449 Central 3 5 2 52.3 11.0 5.3 0.06 0.10 8.4
LGRC_451 Central 11 13 2 51.2 12.4 4.9 0.02 0.06 7.4
LGRC_452 Central 4 6 2 51.1 14.7 2.8 0.03 0.09 9.1
and Central 7 11 4 55.8 7.3 2.5 0.16 0.08 9.6
LGRC_453 Central 6 20 14 53.8 9.1 6.5 0.03 0.17 7.0
LGRC_454 Central 13 18 5 59.3 4.5 3.1 0.05 0.12 7.0
and Central 23 36 13 57.1 8.6 2.4 0.06 0.11 7.0
including Central 23 28 5 59.5 4.2 2.6 0.06 0.14 7.4
LGRC_455 Central 9 11 2 56.1 6.3 4.0 0.05 0.14 9.0
LGRC_456 Central 11 13 2 51.6 12.9 3.9 0.02 0.09 8.9
and Central 13 18 5 55.0 5.8 4.9 0.04 0.11 8.2
LGRC_419 Snark 4 8 4 51.1 11.0 6.7 0.05 0.20 8.2
and Snark 12 21 9 56.0 4.8 5.3 0.07 0.27 9.1
including Snark 19 21 2 58.2 3.5 3.6 0.09 0.20 9.0
and Snark 29 34 5 53.2 7.3 6.0 0.10 0.13 9.8
LGRC_420 Snark 2 7 5 51.4 8.7 6.7 0.07 0.56 9.6
and Snark 14 22 8 55.4 6.7 4.7 0.04 0.18 8.6
LGRC_421 Snark 13 15 2 52.4 7.1 6.4 0.08 0.29 9.2
LGRC_422 Snark 7 9 2 55.3 7.2 6.0 0.04 0.18 6.7
LGRC_423 Snark 6 11 5 54.7 9.4 5.7 0.05 0.06 5.9
and Snark 14 30 16 59.8 4.8 3.0 0.07 0.04 6.1
LGRC_425 Snark 10 15 5 56.9 7.1 4.8 0.06 0.08 6.3
including Snark 10 13 3 59.5 5.4 3.6 0.05 0.07 5.5
LGRC_426 Snark 6 9 3 54.2 7.5 5.3 0.03 0.11 9.3
and Snark 16 20 4 53.4 8.7 6.8 0.03 0.12 7.7
and Snark 26 40 14 56.1 7.2 4.8 0.10 0.06 7.4
including Snark 36 39 3 60.2 5.3 2.7 0.08 0.02 5.8
LGRC_427 Snark 7 16 9 54.6 7.0 6.0 0.07 0.15 8.4
including Snark 11 13 2 59.5 3.7 3.7 0.08 0.13 7.3
and Snark 43 50 7 56.4 7.6 3.8 0.08 0.02 7.3
LGRC_428 Snark 24 26 2 50.8 10.0 8.4 0.09 0.04 8.4
and Snark 30 48 18 56.4 6.3 4.3 0.09 0.03 8.0
including Snark 31 33 2 61.6 3.4 2.7 0.06 0.03 5.2
including Snark 37 38 1 58.6 4.7 2.6 0.12 0.03 8.6
including Snark 44 48 4 59.9 5.0 2.6 0.06 0.03 6.1
LGRC_429 Snark 13 19 6 54.6 11.4 3.8 0.08 0.04 6.4
including Snark 13 15 2 59.2 4.7 3.7 0.07 0.08 6.7
LGRC_430 Snark 21 26 5 56.9 6.1 4.1 0.08 0.19 7.7
including Snark 23 26 3 59.9 3.8 2.8 0.07 0.16 6.9
LGRC_432 Snark 7 11 4 59.3 4.6 3.9 0.07 0.07 6.1
LGRC_434 Snark 3 11 8 55.8 4.7 5.9 0.05 0.55 9.0
and Snark 31 41 10 55.9 13.9 1.4 0.08 0.02 4.4
including Snark 31 35 4 59.5 8.5 1.6 0.08 0.02 4.3
LGRC_436 Snark 4 13 9 54.5 7.3 6.1 0.07 0.10 7.9
and Snark 23 25 2 55.5 6.5 4.2 0.17 0.03 8.9
LGRC_437 Snark 3 14 11 58.4 4.6 3.6 0.07 0.15 7.7
and Snark 20 23 3 59.5 3.8 3.2 0.12 0.05 7.3
LGRC_441 Snark 6 8 2 50.4 12.3 5.8 0.03 0.17 9.0
and Snark 12 18 6 56.9 6.4 2.7 0.05 0.31 8.6
LGRC_442 Snark 10 15 5 58.1 5.6 3.5 0.06 0.23 7.4
and Snark 23 35 12 54.4 13.2 1.9 0.07 0.10 6.4
LGRC_447 Snark 7 17 10 54.1 10.5 4.1 0.07 0.24 7.5
including Snark 7 10 3 60.2 6.0 2.2 0.05 0.14 5.2
LGRC_448 Snark 9 23 14 51.8 12.9 5.1 0.09 0.08 7.1

Notes for table 1:

  • All analysis by X-Ray Fluorescence Spectrometry (XRF) at SGS and Amdel Laboratory in Perth, Western Australia.
  • RC Samples collected over 1 metre intervals using a industry standard 3 tier riffle splitter.
  • Intersections are reported >50% Fe Minimum intersection width 2 metres with internal waste of no more than 2 metres. 
  • Downhole lengths reported as true width is unknown. 
  • Azimuths are referenced to local grid.
  • Fe intersections grade rounded to 1 decimal figure.

QUALIFIED PERSON

Mr. Andrew Spinks B.App.Sc, Grad.Dip (Mining), a member of AusIMM, and a consultant geologist, is a Qualified Person as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"), in charge of the exploration on the Lake Giles project.

Further information on Macarthur Minerals Limited and technical reports on the Lake Giles project can be found on the company's website www.macarthurminerals.com or www.sedar.com.

On behalf of the Board of Directors,

MACARTHUR MINERALS LIMITED

Alan Phillips, President, Chairman & CEO

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy or this release.

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