Western Australian Gold Projects
Hillside Gold Project
The Hillside Gold Project is highly prospective for gold and copper
The Hillside Gold Project encompasses Exploration Licence Applications E45/4824, E45/4708 and E45/4709. The Company has also entered into an option agreement to acquire Exploration Licence E45/4685, which immediately adjoins the tenements of the Hillside Gold Project. This group of tenements are located approximately 185 kilometres (“km”) South East of Port Hedland and 50 km South West of Marble Bar (the “Hillside Gold Project”).
The Hillside Gold Project is highly prospective for gold and copper. The area has previously been explored by various companies for gold, copper, zinc and lead but limited drilling exists. Historical rock chip sampling by Great Southern Mines in 1998 returned 37 samples grading above one gram per tonne (g/t) up to a maximum of 447 g/t Au.
These tenements surround the mining lease of the historic Edelwiess gold mine. A limited drilling program consisting of six rotary percussion (“RC”) holes conducted by Metana Minerals N.L in 1980 intersected gold mineralisation associated with quartz veins. Gold was recorded in three holes with an average grade of approximately 12 g/t Au and a maximum of 25.83 Au g/t. In addition, sampling along a discontinuous outcropping gossan over a strike of 18 km, showed high potential for copper mineralisation. A total of 20 results yielded above 1,000 ppm Cu to a maximum of 7.8% Cu.
The Company recently conducted a reconnaissance field trip to the Hillside Gold Project to investigate further the highly anomalous gold results previously reported. This trip confirmed the potential for high grade gold on the Hillside Gold Project.
Panorama Gold Project
Earn-in by Artemis Resources
The Panorama Gold Project encompasses Exploration Licence E45/4732 and Exploration Licence application E45/4779 held by MLi, and Exploration Licence E45/4764 which MLi has entered into an option agreement to acquire 100% of the tenement.
The Panorama Gold Project is located 265km south-south-east of Karratha in the Pilbara Region of Western Australia. The project is prospective for lithium and gold hosted within conglomerate. The tenement group contains an extensive area of the Mt Roe Basalt which is the geological member of the Fortescue Group that overlies the conglomerate gold horizon at Artemis Resources’ Purdy’s Reward Project near Karratha, Western Australia.
On September 28, 2017 the Company entered into a binding term sheet with ASX listed Artemis Resources Limited (ASX:ARV) (“Artemis”) for Artemis to earn-in up to 80% interest in two tenements of the Panorama Gold Project, E45/4779 and E45/4732. Artemis are specifically interested in the conglomerate gold potential of these two large tenements covering a total of 265km2. Artemis has advised it will shortly commence a stream sediment sampling program with a focus on identifying a prospective conglomerate hosted gold horizon.
Bonnie Scot Gold Project
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.
Macarthur Minerals has created a very valuable portfolio of conglomerate/greenstone gold tenements in the Pilbara Region of Western Australia. This portfolio consists of 14 granted Exploration Licenses and two Exploration Licence Applications. These areas are highly sought after, especially given Macarthur has advanced from Exploration Applications to Exploration Licenses which allows for greater level of exploration activity. Two of these granted tenements have been Joint Ventured with Artemis Resources, with ground exploration commencing in Q1, 2018. Five additional tenements, one of which is adjacent to the area Joint Ventured with Artemis, will also be subject to detailed exploration commencing Q1, 2018.
Macarthur Minerals’s 100% owned Hillside Gold Project will be the priority exploration focus as these tenements have had existing historic small-scale gold mining activity and over 700 oz of gold nuggets have been found by prospectors on these tenements.
These Exploration Licenses covering ~1,300km² were progressively granted during November/December 2017 which now provides Macarthur Minerals the opportunity to advance exploration activities.