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Macarthur Minerals encouraged by results from JV partner at Hillside project

FE Limited is farming-into Macarthur’s gold, copper-gold and lithium tenements in WA’s Pilbara region with the primary focus on Hillside.

Macarthur Minerals Ltd - Macarthur Minerals encouraged by results from JV partner at Hillside project
Macarthur is keeping a close eye on progress

Macarthur Minerals Limited (ASX:MIO) (CVE:MMS) is leveraged to the progress being made by earn-in partner Fe Limited (ASX:FEL) at the Hillside Gold and Copper Project in WA’s Pilbara region.

Following encouraging first-phase drilling results reported by FEL in February, further samples are now being analysed in-house using a portable XRF.

Three of the holes intercepted down dip extensions of a surface gossan with intercepts spanning the full length of the 14-kilometre strike.

Anomalous results include:

  • 1-metre at 0.19% copper, 230ppm cobalt, 0.14% zinc and 0.07ppm gold from 28 metres;
  • 1-metre at 0.74% copper, 349ppm cobalt, 0.41% zinc and 0.14ppm gold from 83 metres; and
  • 1-metre at 0.18% copper and 0.12% zinc from 25 metres, and 1-metre at 0.27% copper from 40 metres.

“Encouraging results”

Macarthur’s president and executive chairman Cameron McCall said: “The first round of scout drilling at Hillside was very encouraging and Macarthur expects the next stage of fieldwork will focus on a structural understanding of the anomalous surface expressions of copper and gold.”

Macarthur’s tenements for which FE Limited is farming-in.

Around half of the drilled samples were assayed in the lab where there was a logged record of visible quartz or sulphides in the samples.

XRF analysis

The remaining samples are being analysed in the office using a portable XRF in case any anomalous samples were missed and if any are found these will be sent to the lab for formal assay.

Once all results are received, the data will be interpreted using geochemistry to try to differentiate between different flows of basalt as a method of targeting possible sedimentary horizons deposited during volcanic hiatus.

It is not yet clear whether outcropping and downhole mineralisation is the result of a volcano-stratigraphic massive sulphide deposit or a hydrothermal shear-hosted depositional model.

FEL is planning a field trip to conduct similar pXRF testing in the field ahead of further drilling or possible close-spaced ground geophysics as well as follow-up exploration of promising manganese outcrops in a neighbouring tenement.

Macarthur Lithium Pty Ltd, a wholly-owned subsidiary of Macarthur, last year entered into an exclusive option agreement with FEL to earn up to 75% in its Pilbara lithium and gold projects in respect of eight tenements.

Quick facts: Macarthur Minerals Ltd

Price: 0.44 AUD

Market: ASX
Market Cap: $45.03 m

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