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Macarthur Minerals seeking partner to advance nickel prospects

Iron ore is the focus of the Lake Giles Project however Macarthur has also identified nickel-cobalt targets.

Macarthur Minerals Ltd - Macarthur Minerals seeking partner to advance nickel projects
By seeking a partner, Macarthur aims to evaluate the potential its tenements have to host a nickel sulphide deposit

Macarthur Minerals Ltd (ASX:MIO) is in the process of seeking a joint venture partner with the objective of advancing its nickel prospects.

Numerous exploration programs to date at the Lake Giles Project have shown potential for nickel, cobalt and chromium potential.

Two prospects at the project have been identified being Snark and Moonshine North.

Macarthur believes the project has geological signatures similar to areas that host nickel sulphide deposits such as Mt Keith, Maggie Hays and Nova.

In the process of seeking a partner

Macarthur's president and executive chairman Cameron McCall said: “On the back of the company’s initial exploration for nickel and base metals, the company has undertaken a comprehensive review of its previous drilling and soil sample assays and targeted several areas for on-ground exploration.

"Recent exploration was successful in extending the anomalous nickel and cobalt rock samples along the extent of the bedrock conductor identified in mid-2018.

"The company is now in the process of seeking a venture partner interested in furthering this opportunity at Lake Giles.”

Government funding received for Moonshine North

Yesterday, Macarthur was awarded an $85,000 grant from the Western Australian Government to support drilling of a diamond hole at its Moonshine North Nickel prospect within the Lake Giles Iron Project.

Macarthur is planning to undertake deep drilling at two prospective targets:

  • A 20,000 Siemens plate conductor geophysical anomaly; and
  • An anomalous nickel horizon found in a nearby drill hole close to surface – this hole intersected 19 metres at 1% nickel, including 1 metre at 1.42% nickel.

Quick facts: Macarthur Minerals Ltd

Price: 0.087 AUD

ASX:MIO
Market: ASX
Market Cap: $8.9 m
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