Pilbara Acreage Package
Macarthur’s Pilbara lithium tenements comprise of 18 exploration license applications that are prospective for ‘hard-rock’ lithium in the Pilbara.
Collectively covering a total area of 1,472km2 (363,739 acres) in the world class Pilbara region of Western Australia
The Pilbara applications cover similar geological settings to the Pilgangoora Li-Ta pegmatite deposits, which host the lithium projects of Australian Securities Exchange listed companies, Pilbara Minerals Limited (ASX: PLS) and Altura Mining Limited (ASX: AJM).
The Company has completed initial heliborne reconnaissance across a portion of its acreage in the Pilbara region of Western Australia. Assay results from the initial heliborne reconnaissance sampling of pegmatites located within three of the Company’s Exploration Licence Applications are encouraging.
Given the short nature of the initial reconnaissance and the large acreage holding, the Company is confident in locating lithium-bearing pegmatites and is currently developing an exploration strategy designed to locate economic lithium bearing pegmatite deposits in the Company’s tenement portfolio.
Reconnaissance, including sampling, was only conducted on seven of the Company's Exploration License Applications in the Pilbara and did not include all areas contained in those applications. In essence, the initial reconnaissance program only assessed the lithium potential of a fraction of the Company’s acreage package.
The Company will undertake further reconnaissance of its Exploration Licence Applications.
Sulphur Springs and Whim Creek Joint Venture
A MOU for entering into a Farm-in and Joint Venture Agreement for rights to lithium on Sulphur Springs and Whim Creek in the Pilbara region of Western Australia.
Macarthur and Venturex Resources Limited entered into a MOU for entering into a Farm-in and Joint Venture Agreement for rights to lithium on Sulphur Springs and Whim Creek in the Pilbara region of Western Australia, which is contiguous with some of the Company’s Exploration Licence Applications.
Sulphur Springs covers approximately 118 km2 (29,158 acres) of Mining Leases, Exploration Licence applications and Miscellaneous Licenses for haul road access into the project area and the Whim Creek covers approximately 124 km2 (30,641 acres) of Mining Leases, Exploration Licences and Miscellaneous Licenses.
The Sulphur Springs and Whim Creek acreage is comprised of granted Mining Leases, Exploration Licence applications and Miscellaneous Licenses, covering a total of area of 242km2 (59,799 acres) which will allow for drilling and exploration activities for lithium to be fast-tracked once the area is confirmed to be prospective for lithium. Venturex Resources has conducted reverse circulation (RC) drilling for zinc-copper across the Sulphur Springs acreage, which has generated a geochemical database and the opportunity to resample existing drill spoil and RC drill chips for lithium or lithium pathfinder elements.
Yalgoo Lithium Project
Macarthur has acquired exclusive rights for lithium and other rare earth minerals on two granted exploration licenses covering an area of 213 km2 (52,633 acres) in the Yalgoo region of Western Australia.
Macarthur has acquired exclusive rights for lithium and other rare earth minerals on two granted exploration licenses covering an area of 213 km2 (52,633 acres) in the Yalgoo region of Western Australia. The Yalgoo Acreage on which rights to lithium are acquired is in proximity to the Company’s existing Edah Hill lithium acreage and consists of granted exploration licenses allowing immediate exploration for lithium.
Initial rock chip samples collected as part of a due diligence site visit to the Yalgoo Lithium Project has confirmed the presence of at least two lithium bearing pegmatites, one of which is a newly identified occurrence. Five rock chip samples from two pegmatites returned geochemical results between 1.68% Li2O and 3.75% Li2O. The Company also submitted several rock chip samples for X-ray Diffraction Analysis (“XRD”). The XRD results indicate the highest grade sample is lepidolite with the other four samples, which returned grades of 1.68% Li2O to 2.05% Li2O, as lithium muscovite. The underlying licences on which the rights of lithium are acquired consists of granted exploration licences, allowing for immediate exploration for lithium.
The underlying licences on which the rights of lithium are acquired on the Yalgoo Lithium Project comprise granted exploration licences, allowing for immediate exploration for lithium, including drilling.
The Company will conduct a more extensive sampling program on the Yalgoo Lithium Project to confirm the extent of lithium mineralisation and identify drill targets.
The Company has two granted exploration licenses in the Ravensthorpe district in South Western Australia covering an area of 91 km2 (22,536 acres).
Macarthur entered into a MOU with Zadar Ventures Ltd for entering into a Farm-in Agreement for lithium exploration on the Company’s Ravensthorpe acreage for minimum expenditure of A$2 million.
The Zadar farm-in allows the Company to accelerate its exploration activities over its large acreage package prospective for lithium, which is one of the largest for any junior listed company. This allows the Company to maximise its efforts on its Pilbara acreage.
The Company will manage the exploration program for the Ravensthorpe acreage contributing the resources of its very experienced lithium technical team.
Other Lithium Acreage
The Company has one granted exploration licence in the Mt Edah district in the Greenstone Terrane of the Murchison Province of the Yilgarn, Western Australia covering an area of 121 km2 .
The Company has one granted exploration licence in the Mt Edah district in the greenstone terrane of the Murchison Province of the Yilgarn, Western Australia covering an area of 120km2 (29,653 acres).
The current strategy for Macathur Minerals regarding Lithium
Macarthur is focussed on the acquisition and development of high quality lithium projects. Macarthur is currently evaluating its acreage and commencing discussions with various third parties concerning potential joint ventures to maximise the exploration effort throughout 2016.