MacArthur news24 Feb 2021 16:11
Macarthur Minerals enters into Exclusive Agreement over 10 Historic Prospecting and Mining Lease Tenements in the Central Goldfields of Western Australia
Macarthur Minerals Limited (TSX-V: MMS) (ASX: MIO) (OTCQB: MMSDF) (the “Company” or “Macarthur”) is pleased to advise shareholders that the Company has entered into an exclusive agreement with Zanil Pty Ltd (“Zanil”) to undertake due diligence over 10 tenements in and around the Leonora Goldfields region in Western Australia (“Agreement”). The Agreement is intended to strengthen the value proposition for a potential future repositioning of Macarthur’s non-iron ore assets.
Under the Agreement Macarthur intends to undertake a legal review of these tenements alongside a geological assessment and ultimately, the completion of an Independent Valuation on behalf of Zanil. The purpose of this due diligence is to assess the value implication of amalgamating these historic gold/copper mining tenements into a transaction to “spin-out” these areas alongside the Company’s Pilbara gold, lithium and copper tenements (“Transaction”). The exclusivity period under the Agreement allows Macarthur a period of 90 days to complete its due diligence review.
About Zanil
Zanil is an Australian Proprietary company. Zanil either directly holds rights over, or is duly authorised on behalf of the relevant tenement holders, to enter into the Agreement with Macarthur in respect of the tenement areas listed below:
News release
For Immediate Dissemination
24 February 2021
Tenement
P37/8376 P37/8325 M37/983 P37/8278 P37/8310 P37/8173 M37/1349* P37/8468 P37/8571 P37/9162
*Conversion of P37/8173
Location of the properties under due diligence
Project Name
Victor Bore
Camel
Chicago
Barlow’s Gully
Great Northern Workings Victor Bore
Victor Bore Garden Well Specking Patch Coppermine
The Leonora tenements are located in the Central Goldfields region of Western Australia, approximately 237 kilometres north of the city of Kalgoorlie within the proximity of active gold mines such as Agnew gold mine, Gwalia gold mine and Sunrise Dam gold mine.
The tenement portfolio consists of two mining leases and eight prospecting licences, with nine of the areas located on historic gold workings. The other tenement, Barlow’s Gully, has no established mine workings, but has been subject to surface gold extraction for over 100 years.
the green iron ore company
Macarthur Minerals Limited | ABN 93 103 011 436 www.macarthurminerals.com ASX: MIO | TSX-V: MMS | OTCQB: MMSDF
file:///var/mobile/Library/SMS/Attachments/77/07/5127447A-52CE-4956-BB78-259F54EDF0A7/CheckCode.do.pdf
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