On October 12, 2017 the Company entered into an agreement to acquire 100% of granted exploration license E45/4764 covering an area of 13 km2 in the Pilbara region of Western Australia (“Bonnie Scot Gold Project”). The Bonnie Scot Gold Project sits adjacent to the tenements part of the Company’s earn-in deal with Artemis.
The Bonnie Scot Gold Project is located approximately 42 km west-southwest of Marble Bar and 265 km east-south-east of Karratha, in the Pilbara region of Western Australia. The Tenement is also in close proximity to areas owned by Novo Resources Limited and the Creasy Group, which they acquired to explore for conglomerate hosted gold.
Geological Survey of Western Australia (GSWA) mapping across the tenement shows areas of the Mt Roe Basalt which is known to overlie the conglomerate gold horizon at Artemis’ Purdy’s Reward. Beds of auriferous (gold containing) conglomerate up to 2 m thick at the base of the Mt Roe Basalt have been worked at the Just-In-Time and Tassy Queen mines located within 10 km of Macarthur Minerals’ tenements and in close proximity to ground held by Novo Resources Limited and Creasy Group.