Macarthur Minerals Ltd.
COMPANY DATA | INTRODUCTION
| PROJECT IN HAND | MANAGEMENT
NEWS UPDATE | CHINESE
| Address: | Suite 916 - 925 West Georgia Street Vancouver, B.C. Canada V6C 3L2 |
| Tel No.: | (604) 687-0775 |
| Fax No.: | (604) 687-0710 |
| Web Site: | www.macarthurminerals.com |
| Corporate Email: | dbarwick@macarthurminerals.com |
| Contact Person: | David Barwick |
| Position: | Chairman, President & CEO |
| Traded Market: | TSX-V |
| Traded Symbol: | MMS |
| Outstanding Shares: | 15,978,650 |
| 52 Week High: | $ 2.20 |
| 52 Week Low: | $ 0.81 |
| Present Price: | Click Here |
INTRODUCTION
Macarthur Minerals Ltd. (Macarthur) is an Australian public company listed in Canada (TSX-V), currently focused on the exploration and development of its Lake Giles project located in Western Australia. The Lake Giles area is prospective for significant iron-ore, nickel sulphide mineralization and gold.
PROJECT IN HAND
Lake Giles Project, Western Australia
The Lake Giles project is located approximately 150 km north west of Kalgoorlie-Boulder in the state of Western Australia. In June 2006, Macarthur acquired the remaining 20% interest in the Lake Giles project from InterCoal (formerly InterNickel). As a result, Macarthur retains complete control of the project and its potential. The 1,155-square-kilometre project comprises 12 contiguous Exploration Licences, encompassing 13 Mining Leases which are all held by Macarthur.
The Lake Giles project lies within the Yerilgee Greenstone Belt of the Southern Cross Province of the Archaean Yilgarn Craton. The Yerilgee Greenstone Belt comprises a sequence of high magnesium basalts, ultramafic volcanic rocks, and sedimentary rocks including banded iron formations. The lithologies have undergone metamorphism to greenschist facies, and multiple stages of deformation including intense folding and shearing.
The iron mineralization styles identified at Lake Giles include secondary pisolite mineralization, primary magnetite mineralization associated with un-oxidized banded iron formation (BIF) and ultramafic rocks, and goethite-hematite mineralization associated with oxidized BIF. The BIF and ultramafic hosted magnetite mineralization has been the focus of Macarthur's recent exploration activities.
No mining has been undertaken in the project area to date. Between 1968 and 1972, a number of exploration companies explored the Lake Giles area for nickel sulphide mineralization, and from 1993 to 1998 the area was explored for gold mineralization by several companies.
The iron ore exploration includes geological mapping, geophysical surveying, auger sampling of pisolite targets and reverse circulation percussion (RC) drilling of magnetite iron ore targets commissioned by Macarthur, and undertaken between 2005 and early 2007.
Between April 2006 and February 2007, Macarthur drilled 42 RC drill holes targeting magnetite mineralization within BIF and adjacent ultramafic rocks. Analytical data available for mineralized portions of these holes include X-Ray fluorescence (XRF) assay results, and Davis Tube Recovery analyses which measure the proportion of sample recoverable by magnetic separation. Material concentrated by the Davis Tube tests was assayed by XRF for iron and other elements of interest.
Mineral industry consultants Hellman & Schofield Pty. Ltd prepared a report which estimated the in situ inferred-mineral resource at Lake Giles is 82.5 million tonnes at a grade of 24.6% iron, representing magnetic concentrate of 18.46 million tonnes at a grade of 63.1% iron. This report was filed on SEDAR on October 30, 2007, and is technically compliant with National Instrument 43-101 in support of such a resource estimate.
The Company commenced the fourth (4) drilling program in October 2007, and subject to receiving similar results obtained in the first three (3) stages of drilling, it is expected that a further 10,000 metres of drilling will be carried out. The proposed drilling program was designed to increase the inferred mineral resource by testing some possible hematite zones as well as work within the Clark Hill North area. There is considerable near term potential to add resources in the exploration target. These iron targets and the Stage 4 drilling program have the potential to increase the Lake Giles resource base to an even greater level. In addition, several Nickel (Ni) targets have been identified and these will be considered for drilling during this program.
On November 22, 2007, Macarthur has entered into a heads of agreement with LPD Holdings (Aust) Pty. Ltd. potentially worth $110-million to assist in the development of the Lake Giles project.
The agreement could result in LPD Holdings acquiring an 80% interest in Macarthur's wholly owned subsidiary Internickel Australia Pty. Ltd., which owns the Lake Giles project.
Macarthur's Chairman, President and CEO David Barwick said LPD Holdings' commitment to the project was a major boost for the Company. "Having identified the iron ore sector as one with significant potential for exploration and mining, we are looking forward to working with LPD Holdings to ensure this potential becomes a reality," he said. "Australia is a world leader in iron ore production and the Lake Giles project is well placed to serve seaborne markets, especially with Asian steel companies seeking to establish long-term supply arrangements."
MANAGEMENT
Macarthur Minerals Ltd. has a professional management team with experience in different areas.
Board of Directors
David K. Barwick, Chairman, President & CEO
Mr. Barwick spent the first thirteen years of his career working for an accounting firm before joining the mining industry as an accountant in 1972. He has over 36 years experience in the management and administration of publicly listed companies and having held the position of Chairman, Managing Director or President of over 26 public companies with a broad range of activities located in both Australia and North America.
Mr. Barwick's expertise has been in the restructuring and financing of the companies both as IPO's and existing shell companies.
Mr. Barwick is currently Chairman of ASX-listed Metallica Minerals Limited and Manaccon Corporation Limited as well as Macarthur Minerals Limited (TSX-V).
James Canning-Ure, B. Comm., Director
Mr. Canning-Ure is 49 years old and has been a corporate advisor and finance director for a number of Queensland companies over the last 20 years. In the 1980's he gained extensive corporate experience at PriceWaterhouse and Barclays Bank and has experience in property development having personally developed industrial, commercial and residential properties. Mr. Canning-Ure holds a Bachelor of Commerce from the University of Queensland. Mr. Canning-Ure was appointed a Director of Macarthur Minerals Limited in January 2005.
Simon Hickey, Director
Mr. Hickey is the founding partner of Strategic Capital Group based in Australia and the USA. He currently resides in the USA and has a background in investment banking, which has involved executive positions of listed public companies and managing and consulting on turnarounds in the mining and technology fields and start up businesses in publishing and the manufacturing of safety products.
Alan S. Phillips, Director
Mr. Phillips has been a director, executive director and chairman of ASX listed companies covering a period of 30 years, specializing in start-up and turn around companies across a broad range of industries, but predominantly in the mining exploration and technology industries.
Nicholas G. Revell, Director/Geologist
Mr. Revell acted as Chief Geologist on the Lake Giles Project during Gary Clark's illness and is fully familiar with the project. He has over 15 years experience as a geologist and is a Member of The Australasian Institute of Mining and Metallurgy and is the Company's Qualified Person as defined in NI 43-101.
NEWS UPDATE
On January 4, 2008, Macarthur Minerals Ltd. announced that Pinetree Capital Ltd. acquired ownership of 500,000 commons shares of Macarthur Minerals Ltd. and 500,000 common share purchase warrants on January 3, 2008. Each warrant entitles the holder thereof to acquire one additional common share at a price of $2 until July 3, 2009.
On January 3, 2008, Macarthur Minerals Ltd. announced that the Company has completed the first tranche of its $2.8-million non-brokered private placement (2 million units at $1.40 per unit) for the Company's Lake Giles project in Western Australia. The funds would go toward further drilling and exploration of the project. The first tranche involved the issuance of 1.5 million of the two million units involved in the placement for gross proceeds of $2.1-million. The balance of the placement, involving the remaining 500,000 units, is expected to be completed in mid-January.
On December 27, 2007, Macarthur Minerals Ltd. announced that the TSX Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement announced on November 21, 2007.
Number of shares: Two million
Purchase price: $1.40 per share
On December 4, 2007, Macarthur Minerals Ltd. announced that, pursuant to the Company's Stock Option Plan, has granted a total of 75,000 incentive stock options to a consultant of the Company in accordance with TSX Venture Exchange Policy 4.4. The options are exercisable for a five-year period at a price of $1.30 per share and are subject to regulatory approval.
On November 26, 2007, Macarthur Minerals Ltd. announce that, pursuant to the Company's Stock Option Plan, a total of 300,000 incentive stock options have been granted to the directors of the Company in accordance with TSX Venture Exchange Policy 4.4. The options are exercisable for a five-year period at a price of $1.20 per share and are subject to regulatory approval.
On November 22, 2007, Macarthur Minerals Ltd. reported that the Company intends to complete a non-brokered private placement of up to two million units in the Company at a price of $1.40 each to raise gross proceeds of $2.8-million. The funds will be used to advance the Lake Giles iron ore project.