VANCOUVER, British Columbia, Jan. 12, 2018 (GLOBE NEWSWIRE) -- Macarthur Minerals Limited (MMS.V) (the “Company” or “Macarthur Minerals”) is pleased to provide an update to shareholders to highlight a very active year during 2017 with the development of its lithium and gold tenement and claims portfolio within the very prospective regions of the Pilbara (Western Australia) and Railroad Valley (Nevada, USA).
Cameron McCall, Macarthur Minerals’ Executive Chairman of commented:
“The Macarthur Board and Management Team have worked diligently throughout 2017 to form the framework to create value through continued development of its extensive lithium and gold tenement portfolios. Macarthur has also maintained its iron ore portfolio in the Yilgarn region (Western Australia) in anticipation of bulk commodity price recovery and capacity release on the Goldfields/Esperance Port export corridor.
During 2017 the Company was active in seeking project and infrastructure partners to support the development of its Yilgarn iron ore project in Western Australia. In addition, I would like to provide the following update on the iron ore, gold and lithium projects being pursued by Macarthur. As we look ahead to 2018, we are excited at the potential of these projects to create value for all Macarthur shareholders.”
IRON ORE
The Company continues to evaluate its Ularring Hematite project. This project continues to have the potential to be very valuable to Macarthur with over A$61m having been invested on the project to date. The project is adjacent to two major producing mines, both of which are approaching resource depletion which will provide Macarthur with the opportunity to access rail and port capacity and to re-evaluate resource development of its Ularring Hematite project. The current robust spot iron ore price also provides further encouragement.
STRATEGIC INVESTMENT PARTNER
During 2017, The Tulshyan Group made a strategic investment in Macarthur. The Tulshyan Group, based in Singapore, is one of the largest recyclers of scrap metal in the world, has a significant shipping business with a fleet of over 30 vessels and is expanding its commercial aircraft leasing business. The Tulshyan Group has long term commercial experience in marketing and sales of steel and scrap iron and access to capital to support any potential development of Macarthur’s Western Australian iron ore assets.
LITHIUM
AUSTRALIA
Expansion of Macarthur’s lithium tenements in the Pilbara region of Western Australia, with 14 of 16 Exploration Licenses having now been granted. This now paves the way for detailed exploration and drilling activities on those tenements for lithium during Q1 2018.
USA
Acquisition and exploration of the Nevada lithium tenement portfolio continued in 2017 with 210 new unpatented placer mining claims at Reynolds Springs Lithium Brine Project, located in the Railroad Valley, Nevada.
A strategic alliance was entered into in December 2017 with 3PL Operating Inc. for exploration of the Company’s Reynolds Springs Lithium Brine Project. 3PL has a wealth of experience in drilling, development and production of oil and gas, which is similar to lithium development since the metal is contained in liquid brines and also produced from shallow wells. The alliance contemplates the appointment of 3PL, to drill or re-enter existing oil wells on the Railroad Valley playa for the purpose of obtaining brine samples and evaluating lithium concentrations at the Reynolds Springs Project.
GOLD
Macarthur has created a very valuable portfolio of conglomerate/greenstone gold tenements in the Pilbara Region of Western Australia. This portfolio consists of 14 granted Exploration Licenses and two Exploration Licence Applications. These areas are highly sought after, especially given Macarthur has advanced from Exploration Applications to Exploration Licenses which allows for greater level of exploration activity. Two of these granted tenements have been Joint Ventured with Artemis Resources (ASX:ARV), with ground exploration commencing in Q1, 2018. Five additional tenements, one of which is adjacent to the area Joint Ventured with Artemis, will also be subject to detailed exploration commencing Q1, 2018.
Macarthur’s 100% owned Hillside project will be the priority exploration focus as these tenements have had existing historic small-scale gold mining activity and over 700 oz of gold nuggets have been found by prospectors on these tenements.
These Exploration Licenses covering ~1,300km² were progressively granted during November/December 2017 which now provides Macarthur the opportunity to advance exploration activities for conglomerate gold, gold, and lithium.
RIGHTS OFFER
Completion of a successful C$1.9m fully underwritten Rights Offer in late December 2017 which was strongly supported by shareholders providing additional funds for an active work program in 2018.
MELVILLE GOLD PROJECT SETTLEMENT
A settlement of an aggregate of $300,000 was successfully negotiated by Macarthur relating to a legal dispute over tenement rights on the Melville Gold Project.
SUMMARY
The fundamentals for share price growth in Macarthur for 2018 is strong:
- Buoyant commodity prices for spot iron, gold and lithium
- Development options emerging for the iron ore assets in the Yilgarn region
- Exploration commencing for lithium and gold in Australia and lithium in Nevada
- Continued confidence of major shareholders in Macarthur
- Completion of C$1.9m capital raising late 2017
During 2017, 48 press releases were issued providing detailed updates on these core highlights. The Company’s Management has undertaken numerous roadshows to the North American and Australian markets communicating the underlying value within the Company.
Macarthur will continue providing regular news flow as work progresses to keep investors up to date.
ABOUT MACARTHUR MINERALS LIMITED (MMS.V)
Macarthur Minerals Limited is an exploration company that is focused on identifying high grade gold and lithium. Macarthur Minerals has significant gold, lithium and iron ore exploration interests in Australia and Nevada. Macarthur Minerals has two iron ore projects in Western Australia; the Ularring hematite project and the Moonshine magnetite project.
On behalf of the Board of Directors,
MACARTHUR MINERALS LIMITED
“Cameron McCall”
Cameron McCall, Executive Chairman
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
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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. 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.