VANCOUVER, BC--(Marketwired - March 31, 2016) -
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" or "Macarthur Minerals") is pleased to announce that it has made application for an additional exploration licence in the Eastern Pilbara region of Western Australia expanding the size of its exploration licence applications to 1,084 square kilometres.
The Company's applications comprise one of the largest potential tenement packages for 'hard rock' lithium for a junior exploration company. The Company is the only TSX-V listed company to have potential projects for lithium in Australia.
The expansion of the Company's tenement (applications) package is consistent with the Company's focus on exploration of raw materials for the production of lithium-ion batteries.
New Pilbara Tenement
The location of the new Pilbara exploration licence application (E45/4732), which covers an area of 138 square kilometres is shown in Figure 1.
Like the Company's previous applications in the Eastern Pilbara, the new application was selected based on its geological attributes compared with the currently accepted exploration model for Lithium-Caesium-Tantalum (LCT type) rare element pegmatites. The application covers an area of potential pegmatite host rock sequences ('greenstone belts') and is located within 5-10km of interpreted syn- to post-tectonic monzogranite intrusions, which are the expected magmatic fluid source for the pegmatites. The fertile character of the monzogranites(1), and potential link to lithium mineralisation, adjacent to and within the new application is highlighted by the numerous occurrences of lithium (Li), tantalum (Ta), tin (Sn), and beryl (Be) associated with these monzogranites.
As indicated in Figure 2, the application contains similar geological settings to the Pilgangoora Li-Ta pegmatite deposits, which host the lithium projects of Australian Securities Exchange listed companies, Pilbara Minerals Limited and Altura Mining Limited.
Tenement (application) Package
The Company now holds 11 exploration licence applications covering a total area of 1,084 square kilometres across the Pilgangoora district, the Eastern Pilbara, and the Mid-West region of Western Australia. Figure 1 shows the location of those applications across the Pilbara, excluding E59/2174, which is located to the south in the Mid-West region.
Owing to the Company's large tenement (application) package, it may seek to joint venture some of its tenements to accelerate the exploration program.
The Company will, with the assistance of CSA Global, initially undertake geological reconnaissance to locate outcropping pegmatites. In areas of outcrop, pegmatites, intrusives, and host rocks, will be mapped to ascertain the mineral assemblages and rockchip sampled to determine key geochemical fractionation trends and lithium contents. Areas with subcropping potential host rock units, with no evidence of surface based pegmatites, will be soil sampled to locate geochemical haloes related to lithium-bearing pegmatites. Target areas under transported cover, will require drilling to sample bedrock and locate pegmatites and/or related geochemical aureoles.
The Company's strategy is to acquire a large tenement package targeting pegmatite host rock sequences across different locations to ensure there is a high probability of discovering pegmatites hosting lithium-bearing mineral spodumene.
CHANGE IN COMPANY SECRETARY
The Company is also pleased to announce the appointment of Nicola Ingram as Company Secretary effective March 31, 2016.
Nicola has over 6 years' experience working closely with the Board and Management of Macarthur engaged in all aspects of the Company's corporate governance practices, including Australian and Canadian regulatory and exchange requirements. Nicola holds a Bachelor of International Business, a Graduate Diploma in Applied Corporate Governance and is a Chartered Secretary (ACIS and AGIA).
ABOUT CSA GLOBAL
CSA Global is a leading geological, mining and management consulting company whose staff includes geologists, mining engineers, project managers, data management professionals, and technical personnel. CSA Global has been operating from Perth, Western Australia since 1986. It is an independent company, with origins dating back to 1984 as part of the CSA Group founded in Ireland. CSA Global now has offices in the UK, Indonesia, Johannesburg, Vancouver, Darwin, and Brisbane. CSA has a high level of expertise in most mineral commodities gained from over twenty years' experience within the exploration and mining industry at an international level. It has experience in all stages of the mining cycle from project generation to production. For further information regarding CSA Global, please refer to the company website at www.csaglobal.com.
Dr Andrew Scogings MSc, PhD, MAIG, MAusIMM, has more than 30 years of experience in industrial minerals exploration, geology, mining, product development, and marketing. During his time with CSA, he has undertaken project management and technical advice for a diverse range of industrial minerals exploration and mining projects including lithium, graphite, chromite, potash, mineral sands, silica, and REE in Australia, Africa, Greenland, Indonesia and Norway. Andrew is a regular contributor to Industrial Minerals Magazine (UK), SME Mining Engineering (USA) and Geobulletin (RSA) having published several papers on the requirements of JORC 2012 Clause 49, highlighting the need to report industrial minerals resources according to market specifications. Andrew was lead author for Industrial Minerals Research's recently published 'Natural Graphite Report -- Strategic outlook to 2020'. He is a member of the AIG and AusIMM and is a Registered Professional Geoscientist (RP Geo.) specializing in industrial minerals.
Mr Ralph Porter MSc, BSc (Geology), MAIG, MSEG is a geologist with over 35 years' of mineral exploration experience. He is highly experienced in target generation, project evaluation and exploration program implementation for gold, base metals, tantalum, nickel and PGM's. He has a strong understanding of many deposit styles with particular strength in orogenic gold, epithermal gold and porphyry copper-gold systems. He is credited with the discovery of the Pajingo epithermal gold deposits, North Queensland, Australia and was involved in the early exploration and discovery phases of Thunder Bay North PGM-Ni-Cu deposit, Ontario, Canada. Ralph was Exploration Manager for Sons of Gwalia in Western Australia for nearly 10 years including responsibility for tantalum pegmatites for 4 years. Ralph was Special Projects Manager for Sons of Gwalia in Western Australia for nearly 10 years, including responsibility for tantalum pegmatite evaluation and exploration for 4 years.
Mr Porter, a member of the Australian Institute of Geoscientists, is a full-time employee of CSA Global Pty Ltd and is a Qualified Person as defined in National Instrument 43-101. Mr Porter has reviewed and approved the technical information contained in this news release.
Dr Scogings, a member of the Australian Institute of Geoscientists and Registered Professional Geoscientist (Industrial Minerals), is a full-time employee of CSA Global Pty Ltd and is a Qualified Person as defined in National Instrument 43-101. Dr Scogings has reviewed and approved the technical information contained in this news release.
ABOUT MACARTHUR MINERALS LIMITED (TSX VENTURE: MMS)
Macarthur Minerals Limited is an exploration and development company that is focused on identifying lithium and counter cyclical investments that complement Macarthur's capabilities.
On behalf of the Board of Directors,
MACARTHUR MINERALS LIMITED
Cameron McCall, Chairman
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 OF THIS RELEASE.
Caution Regarding Forward-Looking Statements
Certain of the statements made and information contained in this press release may constitute forward-looking information and forward-looking statements (collectively, "forward-looking statements") within the meaning of applicable securities laws, including whether the Transaction will be completed. The forward-looking statements in this press release reflect the current expectations, assumptions or beliefs of the Company based upon information currently available to the Company. With respect to forward-looking statements contained in this press release, assumptions have been made regarding, among other things, the timely receipt of required approvals, the reliability of information, including historical mineral resource or mineral reserve estimates, prepared and/or published by third parties that are referenced in this press release or was otherwise relied upon by the Company in preparing this press release. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and no assurance can be given that these expectations will prove to be correct as actual results or developments may differ materially from those projected in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include fluctuations in exchange rates and certain commodity prices, uncertainties related to mineral title in the project, unforeseen technology changes that results in a reduction in iron ore demand or substitution by other metals or materials, the discovery of new large low cost deposits of iron ore, uncertainty in successfully returning the project into full operation, and the general level of global economic activity. Readers are cautioned not to place undue reliance on forward-looking statements due to the inherent uncertainty thereof. Such statements relate to future events and expectations and, as such, involve known and unknown risks and uncertainties. The forward-looking statements contained in this press release are made as of the date of this press release and except as may otherwise be required pursuant to applicable laws, the Company does not assume any obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.
(1) Monzogranites are leucocratic biotite-bearing granitoids considered the final fractionation product of magma.
Image Available: http://www.marketwire.com/library/MwGo/2016/3/31/11G090932/Images/Pic_1-60f039847e0185dcb8dd6815c70f1f41.jpg
Image Available: http://www.marketwire.com/library/MwGo/2016/3/31/11G090932/Images/Pic_2-c3029dbd49d890ce952ab2dcda6ae378.jpg