Oct 31 2019
Macarthur Minerals Limited takes pleasure in announcing that Fe Limited (FEL), its joint venture partner, has reported that it has been completely financially supported for future drilling at the Hillside Project in the Pilbara Region of Western Australia.
Image Credits: erlucho / Shutterstock.com
On October 9th, 2019, Macarthur reported that high-grade manganese and copper results were produced during the recent sampling in this region.
The capital balance of Fe Limited has been increased by the September quarter iron ore royalty payment of $645,775 from mining carried out by Mineral Resources Ltd at the Deception Iron Ore Mine in Western Australia.
The Q3 payment is 2.5 times the June quarter payment. It is anticipated that there will be further increased quarterly royalty payments as mining at Deception advances.
With this payment, FEL will be able to scale up exploration at the Hillside earn-in project in the Pilbara region of Western Australia where recent sampling yielded copper results of about 18.8% and a remarkable manganese oxide result of 59.4%.
The significant increase to our royalty payment for the September quarter allows the company the flexibility to expand our drilling activities at the prospective Hillside project.
Tony Sage, Non-Executive Chairman, FEL
Earn-In with Macarthur
Macarthur Lithium Pty Ltd, a 100% owned subsidiary of Macarthur, made a unique option agreement with FEL as reported on May 14th, 2019, to acquire up to 75% in its Pilbara lithium and gold projects in terms of 18 tenements in the Pilbara ranging between south of Nullagine and north of Pilgangoora.
“Very Exciting” Results
Results to date are very exciting for the company, highlighted by the emergence of manganese as well as the huge copper grades over a 14-kilometre strike. Fifteen of the samples gathered were from outcropping gossan both with and without visible copper minerals with eight returning copper values over 1% with a peak of 18.8%.
Tony Sage, Non-Executive Chairman, FEL
Sage continued, “These samples also returned 1.2 ppm gold, 77 ppm silver, 0.17% zinc and 0.057% cobalt. A sample from outcrop of a newly discovered oxide horizon returned the surprising manganese result which is in excess of the 31.4% grade of Consolidated Minerals’ nearby Woodie Woodie mine.”
FEL has scheduled a drilling program that focuses on depth extensions of the gossanous mineralization with preliminary shallow angled holes to intercept the interpreted dip as governed by the local structural setting.
Based on the findings in the field, some deeper holes will be drilled, and it is predicted that the program will commence shortly pending return of required approvals.
I am pleased to report that Fe Limited is expanding its drilling program at the Hillside Project in the Pilbara. FEL has raised over $1.2m since commencement of the Joint Venture which will be used to fund exploration and drilling activities across the tenements.
Cameron McCall, Executive Chairman, Macarthur Minerals
McCall added, “FEL has obtained exciting rock chip samples containing high grade copper, manganese and gold at the Hillside Project. We look forward to reporting further positive results from the drilling program.”
Source: https://macarthurminerals.com/