/THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO
UNITED STATES SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
VANCOUVER, BC, Aug. 29,
2023 /CNW/ - Macarthur Minerals Limited
(TSXV: MMS) (ASX: MIO) (OTCQB: MMSDF) (the Company or
Macarthur), is holding its 2023 Annual General Meeting
today.
Attached is a copy of the Chairman's address.
On behalf of the Board of Directors, Mr Cameron McCall, Executive Chairman and
CEO
Company profile
Macarthur is an iron ore development, and lithium exploration
company that is focused on bringing to production its Western Australia iron ore projects. The Lake
Giles Iron Project mineral resources include the Ularring hematite
resource (approved for development) comprising Indicated resources
of 54.5 million tonnes at 47.2% Fe and Inferred resources of 26
million tonnes at 45.4% Fe; and the Lake Giles magnetite resource
of 53.9 million tonnes (Measured), 218.7 million tonnes (Indicated)
and 997 million tonnes (Inferred). The Lake Giles Iron Project also
contains Proven Ore Reserves of 51.9 Mt and Probable Ore Reserves
of 184.7Mt. Macarthur also holds 24 square kilometre tenement area
iron exploration interests in the Pilbara region of Western Australia. In addition, Macarthur has
lithium brine Claims in the emerging Railroad Valley region in
Nevada, USA. The Mineral Resource
and Ore Reserve estimates presented herein have previously been
released to the ASX on March 21,
2022, including supporting JORC reporting tables. The
Company confirms that it is not aware of any new information or
data that materially affects the information included in the
relevant market announcements and, in the case of Mineral Resources
and Mineral Reserves that all assumptions and technical parameters
underpinning the estimates in the relevant market announcement
continue to apply and have not materially changed.
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. All statements herein, other than statements of
historical fact, that address activities, events or developments
that the Company believes, expects or anticipates will or may occur
in the future, including but not limited to statements regarding
expected completion of the Feasibility Study; conversion of Mineral
Resources to Ore Reserves or the eventual mining of the Project,
are forward-looking statements. 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. 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 but are not limited to: unforeseen
technology changes that results in a reduction in iron or magnetite
demand or substitution by other metals or materials; the discovery
of new large low cost deposits of iron magnetite; the general level
of global economic activity; failure to complete the FS; inability
to demonstrate economic viability of Mineral Resources; and failure
to obtain mining approvals. 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.
CHAIRMAN'S ADDRESS
1. Welcome
Good morning Ladies and Gentlemen.
I have pleasure in welcoming you to the 2023 Annual General
Meeting for Macarthur Minerals Limited.
My name is Cameron McCall,
Executive Chairman and CEO of Macarthur, and I preside as the
Chairperson of today's meeting in accordance with the
constitution.
2. Format of Meeting
I will provide some comments on the company's progress.
Following that, we will proceed with the formal agenda of the
meeting.
3. Open of Meeting /
Quorum
It is now 10.00AM and there being
a quorum present, I formally declare the Meeting open.
4. Introductions
I'm joined this morning by:
- Ryan Welker (Non-executive
Director);
- Ian McCall (CFO); and
- Mima Wirakara (Company Secretary).
Meeting apologies were received from Alan Spence Phillips and Andrew Suckling (Non-Executive Directors) who
are unable to travel to attend in person.
Steve Stavrou, representing our
auditors RSM Australia Pty Ltd, is also present. He is available to
answer any relevant questions pertaining to audit matters that you
may wish to ask later in the meeting, and I thank him for attending
today.
We also welcome Jessie Yerma and her team from Computershare and
would like to acknowledge and thank you, for your assistance with
the conduct of today's meeting.
5. The Year in Review
On behalf of the Board and management of Macarthur Minerals, I
am pleased to report positive progress in the final phase of the
development of our Lake Giles Project, despite challenging equity
market conditions for junior miners and a teetering global
economy.
Today, I will focus on three outcomes that are crucial for
realizing value for all shareholders:
(1) The Company is actively working with interested parties on
the following possibilities:
- Sale of the Lake Giles Project and/or seeking commercial
development partners who understand the Lake Giles commercial
potential and investment opportunity; and
- Seeking a buyer for the Railroad Valley Nevada Project.
(2) We are also seeking an interested exploration joint venture
partner for the nickel sulphide system across the Lake Giles
tenements. I will provide a brief summary on the status of the
Nickel prospect at Lake Giles.
(3) Furthermore, I am pleased to announce that Infinity Mining
Limited, an associate of Macarthur Minerals Group has had a
successful 12 months with the identification of Lithium and Rare
Earth Elements at the Tambourah South Tenement in the East Pilbara
region of Western Australia.
Infinity Mining is currently conducting an active exploration and
drilling program across these Pilbara tenements, which are highly
prospective for Lithium, Rare Earth Elements, and key battery
metals such as Nickel and Copper.
Lake Giles Magnetite Project 1, 2
In the first quarter of 2022, the Company achieved significant
milestones for its high-grade magnetite Lake Giles Iron Project. A
maiden Ore Reserve was delivered, and a Feasibility Study was
completed, confirming the project's economic viability. The project
is expected to produce 3 million tonnes per annum (dry basis) of
high-grade magnetite concentrate over a 25-year mine-life. This
flagship project has reached an advanced stage of development, with
approximately $75 million invested in
exploration, metallurgy, feasibility studies, mining lease grants,
heritage agreements, and environmental studies. The completion of
the Feasibility Study in 2022, after 14 years of project work,
positions this project as a leading magnetite project in
Western Australia.
Following the completion of the Feasibility Study, the Company
has focused on three key areas:
(1) The mining component of the Feasibility Study was reviewed
by SRK Australia, providing guidance to enhance project
outcomes.
(2) A comprehensive review of the potential for a major nickel
sulphide system across the Lake Giles tenements was conducted. The
findings of this positive report, completed in 2023, have been
released to the market, and the Company is actively seeking an
interested exploration joint venture partner.
(3) The Company has been managing its significant investment in
Infinity Mining Limited, a listed ASX explorer.
Nickel Potential at Lake Giles 3
The Lake Giles tenements are situated in the Yerilgee greenstone
belt, located in the central part of the Southern Cross Province of
the Yilgarn Archaean Craton. The Project's ultramafic rocks are
believed to be of Kambalda komatiite type and share similarities
with the Forrestania and Lake Johnston greenstone belts. The Lake
Johnston nickel mineralized bodies, such as Maggie Hays, are hosted
within a Kambalda-style ultramafic komatiite.
Key points regarding the nickel potential at Lake Giles:
- A review of historical drilling assay data has identified 319
drill holes within Macarthur's tenure, showing highly anomalous
nickel concentrations of 0.1% or greater. Among these, 150 drill
holes recorded 0.2% or greater, indicating significant potential
for nickel mineralization.
- Historical drilling primarily focused on iron ore, with
approximately 50% of the drilling yet to be analyzed for nickel and
associated elements.
- The geological unit interpreted to host the potential for
nickel at Lake Giles is a komatiite ultramafic unit, similar to the
Lake Johnston komatiite system that hosts the Maggie Hays nickel
mine (ASX: POS).
- Significant nickel intercepts from historical drilling and
trench sampling highlight the potential for economic nickel
mineralization at Lake Giles.
- Seven advanced targets with high potential for nickel
mineralization have been identified and remain untested.
- Further analysis of the historical geological, geophysical, and
geochemical dataset is expected to define additional highly
prospective nickel targets and potentially lead to the discovery of
nickel mineralization within the Lake Giles Project Area.
- Macarthur completed 41 diamond drill holes in 2019 across the
Moonshine and Moonshine North targets, intersecting several altered
komatiites that are yet to be assayed.
Infinity Mining Investment 4
Macarthur is the largest shareholder in Infinity Mining Limited,
resulting from the spin-out of the companies' Pilbara Assets in
2021. The Pilbara Assets consist of 14 Exploration Licences
covering an area of approximately 781 km2 in the Pilbara region.
These assets comprise a diverse portfolio of exploration tenements
for lithium, gold, copper, and nickel. The projects within the
Pilbara Assets include Tambourah, Hillside, Panorama, Noreena Downs, Coolyia, Cookes Creek, and
Strelley Gorge.
The primary focus of Infinity Mining's lithium exploration is
the South Tambourah project, which has shown promising results in
the first 12 months of exploration, including:
- Mapping and sampling of 41 surface units, which have returned
anomalous lithium (Li), rubidium (Rb), and caesium (Cs) rock chip
assays, with values up to 3.86% Li2O, 0.662% Rb, and 611.3 ppm
Cs.
- Conducting Cultural Heritage Surveys in collaboration with
representatives of the Palyku Native Title Group.
- Implementing an RC drilling program at Tambourah South, with a
total of 21 shallow holes drilled, covering a distance of 1812
meters. The drilling confirmed the presence of extensive anomalous
LCT REE mineralization and also intersected hidden mineralized
pegmatites below the surface.
As the Company remains focused on core fundamentals and project
delivery, we are committed to keeping our shareholders informed
about our progress. We sincerely appreciate the continued and
valued support from our shareholders.
Thank you.
Cameron
McCall
Executive Chairman
_______________________________
|
1 ASX
Announcement dated 28 June 2023: MD&A to 31 March
2023
|
2 ASX
Announcement dated 28 June 2023: Annual Report 31 March
2023
|
3 ASX
Announcement dated 9 May 2023: Nickel Prospect Update Early
Indication of Significant Mineralisation
|
4 ASX: IMI
Announcement dated 27 July 2023: Quarterly Activities Statement for
the Period Ending 30 June 2023
|
SOURCE Macarthur Minerals Limited