VANCOUVER, British Columbia, Dec. 23, 2019 (GLOBE NEWSWIRE) -- Macarthur Minerals Limited (TSX-V: MMS) (ASX: MIO) (the “Company” or “Macarthur”) is pleased to announce that it has entered into an agreement with Arrow Minerals Limited (“Arrow”) to acquire mineral tenure for the development of site infrastructure at its Lake Giles Iron Project.

Macarthur has acquired a substantial package of land covering approximately 4950 ha adjacent to the Moonshine Magnetite deposit. The tenure will be used for constructing supporting infrastructure including waste rocks dumps, processing plant, camp, airstrip and a tailings storage facility (Figure 1). The deal with Arrow also paves the way forward to obtain access to tenure to construct a private haul road from the project through to the open access Perth to Kalgoorlie railway owned by Arc Infrastructure.

Macarthur plans to commence site investigations including geotechnical drilling, groundwater exploration and environmental surveys in early January 2020 as it progresses the Feasibility Study of its Lake Giles Project aimed at producing a high-grade magnetite concentrate.

In consideration for entering into the agreement, Macarthur will pay Arrow $500,000, being $250,000 in cash, to be paid immediately, and issue $250,000 in shares in six months.  The shares will be issued at a 20% discount to the 5-day VWAP prior to the issue.

Figure 1. Macarthur tenure showing the Moonshine Magnetite deposit, proposed infrastructure and land acquired from Arrow.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8eb9f9b7-c7c3-42b7-9212-4bf5d1b235c0

ABOUT MACARTHUR MINERALS LIMITED (TSX-V: MMS, ASX: MIO)

Macarthur is an iron ore development, gold and lithium exploration company that is focused on bringing to production its Western Australia iron ore projects. The Lake Giles Iron Project mineral resources include the Ularring hematite resource (approved for development) comprising Indicated resources of 54.5 million tonnes at 47.2% Fe and Inferred resources of 26 million tonnes at 45.4% Fe; and the Moonshine magnetite resource of 710 million tonnes (Inferred). Macarthur has prominent (~1,281 square kilometer tenement area) gold, lithium and copper exploration interests in Pilbara region of Western Australia. In addition, Macarthur has lithium brine Claims in the emerging Railroad Valley region in Nevada, USA.

Company Contact
Joe Phillips, CEO and Director
Email: jphillips@macarthurminerals.com 
Telephone: +61 448899247

Website: www.macarthurminerals.com 

On behalf of the Board of Directors,
MACARTHUR MINERALS LIMITED

“Cameron McCall”
Cameron McCall, Executive Chairman

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES SERVICES OR FOR DISSEMINATION IN THE UNITED STATES