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Macarthur Minerals leveraged to encouraging results from drilling at Hillside

Earn-in partner Fe Limited has received anomalous copper, cobalt, zinc and gold results that support the mineralised gossan model.

Fe Limited - Macarthur Minerals leveraged to encouraging results from drilling at Hillside
FEL is earning up to 75% from Macarthur in the Pilbara region projects

Macarthur Minerals Limited (ASX:MIO) (CVE:MMS) is leveraged to the encouraging results received from initial drilling by earn-in partner Fe Limited (ASX:FEL) at the Hillside project in WA’s Pilbara region.

The results, which included 1-metre at 0.74% copper, 349ppm cobalt, 0.41% zinc and 0.14ppm gold from 83 metres in Hole HRC 001, support the interpreted mineralised gossan model at Hillside.

Drilling of 35 holes from 1,798 metres at around 1-kilometre intervals in the first phase of preliminary drilling resulted in the down-dip extension of surface mineralised gossan being intercepted in three holes.

Extension of surface gossans targeted

These holes span the entire length of the mapped strike length and targeted underground extensions to the periodically outcropping mineralised gossan identified during previous reconnaissance.

FEL has entered into an earn-in agreement with Macarthur to earn up to 75% in its Pilbara lithium and gold projects in respect of tenements ranging from south of Nullagine to north of Pilgangoora, including Hillside.

Other results from the initial drilling:

  • 1-metre at 0.19% copper, 230ppm cobalt, 0.14% zinc and 0.07ppm gold from 28 metres in Hole HRC 022; and
  • 1-metre at 0.18% copper and 0.12% zinc from 25 metres, and 1-metre at 0.27% copper from 40 metres in Hole HRC 036.

Guidance for next drilling

Grades in all intersections show strongly anomalous mineralisation and provide valuable guidance for hole location in the next phase of drilling.

This preliminary drilling was conducted along the total strike length of 14 kilometres that was mapped and sampled at outcrop resulting in high-grade rock chip results.

High copper grades in samples

Fifteen samples gathered were from outcropping gossan both with and without visible copper with a high sample result of 18.8% copper among eight samples that returned values in excess of 1% copper.

The 18.8% sample also returned 1.2ppm gold, 77ppm silver, 0.17% zinc and 0.057% cobalt.

FEL’s recently completed drilling also returned strongly anomalous gold grades from targeted drilling in known gold-bearing quartz veins towards the northern extent of the project area.

As the quartz veins host nugget gold, FEL considers that the anomalous grades returned are significant and represent the presence of fine gold given no visible gold was logged.

Quick facts: Macarthur Minerals Ltd

Price: 0.44 AUD

Market: ASX
Market Cap: $45.03 m

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