Macarthur to buy gold licence for $135,000 (Australian) [url=https://www.stockwatch.com/News/Item.aspx?bid=Z-C%3aMMS-2563838&symbol=MMS®ion=C][/url]
2018-01-31 09:21 ET - News Release
Mr. David Taplin reports
ACQUISITION COMPLETE FOR TENEMENT IN PILBARA FOR GOLD
Macarthur Minerals Ltd. has acquired 100 per cent of granted exploration licence E45/4685 covering an area of 35 square kilometres in the Pilbara region of Western Australia, as previously announced on Nov. 6, 2017. The tenement forms part of the company's Hillside gold project.
Figures associated with this news release are available on-line.
Cameron McCall, Executive Chairman of Macarthur Minerals commented: "Macarthur Minerals is excited about the potential for gold on this tenement, which forms part of the Company's Hillside Gold Project. The Hillside Gold Project, where gold nuggets have been found is highly prospective. Historical rock chip sampling on the Hillside Gold Project has returned results up to 447 grams per tonne gold and 7.8% copper. A rock chip from a recent reconnaissance visit with Artemis Resources to the Hillside Project returned 8.5 grams per tonne gold.
We are excited about the potential to further explore and drill any targets arising on the Hillside Gold Project tenements."
Hillside gold project
The Hillside Gold Project consists of four granted tenements, E45/4824, E45/4708, E45/4709 and E45/4685 covering a total area of 400 km2 in the Pilbara (Figure 1).
The tenements contain the Coongan greenstone belt located between the Corunna Downs Granite and Hillside Granite. It is a narrow Archean belt of mainly mafic rocks that have been extensively deformed. Sequences present in the area include the North Star Basalt, Mt Ada Basalt, Duffer Formation, Euro Basalt, Wyman Formation and the Panorama Foundation.
The Apex Basalt sequence of metamorphosed tholeiitic basalt, strongly sheared in places with thick bedded quartzite is of particular interest. Recent discoveries of gold nuggets located on or adjacent to the Apex Basalt have been reported by Kalamazoo Resources Limited at Dom's Hill, further north of the Hillside Gold Project.
Calidus Resources Limited ("Calidus Resources") owns the Warrawoona Gold Project in the Pilbara located to the north east of Macarthur Minerals' Hillside Gold Project. Calidus Resources has recently undertaken a drill program intercepting significant gold mineralisation including high-grade intervals such as 6 meters at 63.31 g/t, 2 meters at 182.57 g/t and broader intervals including 12 meters at 3.73 g/t and 9 meters at 4.45 g/t. Calidus has recently reported a Mineral Resource of 712,000 ounces of gold at 2.11 g/t.
The Warrawoona Gold Project occupies an area dominated by greenstone terrain of the Warrawoona Group with the main stratigraphic unit being the Apex Basalt. Macarthur Minerals' Tambourah Lithium and Hillside Gold Projects are both situated in areas of highly prospective greenstone terrane that includes the Apex Basalt and other volcanic units of the Warrawoona Group. The Hillside Gold Project also contains substantial volcanic units such as the Euro Basalt of the closely related Kelly Group. The coincident geology of the Hillside, Tambourah and Warrawoona projects combined with numerous historical gold occurrences suggests Macarthur Minerals' projects are highly prospective for identifying high-grade gold mineralisation.
The area of the Hillside Project has previously been explored by various companies for gold, copper, zinc and lead but limited drilling exists.
Historical rock chip sampling by Great Southern Mines in 1998 returned 37 samples grading above one gram per tonne (g/t) up to a maximum of 447 g/t Au.
These results, in addition to numerous gold occurrences recorded between the Table Top area and Edelweiss Mine over a strike of 7.5 km, suggest the area is highly prospective for both gold mineralisation.
Exploration Program