An independent technical report on the Pilbara Assets and the Central Goldfields Assets has been compiled to support a transaction, and Infinity and Zanil are in advanced discussions on the terms of a sale and purchase agreement.
The Hillside Gold and Copper Project includes four tenements covering 400 km2 located approximately 185km south-east of Port Hedland and 50km south-west of Marble Bar.
Whilst the Hillside area has previously been explored by various companies for gold, copper, zinc and lead, limited drilling has been conducted on the Hillside tenements.
A total of 36 rock chip samples were collected including 15 from outcropping gossan with several samples containing visible copper minerals such as malachite.
In November 2019, a drilling program was completed at Hillside which focused on a gossan line and outcropping quartz reefs.
The Panorama Gold Project includes three tenements covering 250km2, located 265km south-south-east of Karratha and is prospective for lithium and gold hosted within conglomerate.
The tenement portfolio consists of two mining leases and eight prospecting licences, with nine of the areas located on historic gold workings.
“Macarthur’s board has carefully considered all available options and we believe the value of the Pilbara gold/copper/lithium assets is not reflected in the current share price of Macarthur and see this as a way to create additional value for shareholders via a priority IPO spin off to be listed on the ASX.
Pursuant to the Company’s Share Compensation Plans consecutive trading days on TSXV, the Company shall be entitled at the option of the Company, to exercise the Accelerations Right by delivering an Acceleration Notice.
Macarthur is an iron ore development, gold and lithium exploration company that is focused on bringing to production its Western Australia iron ore projects.
Factors that could cause actual results to differ materially from those in forward-looking statements include but are not limited to: unforeseen technology changes that results in a reduction in iron or magnetite demand or substitution by other metals or materials; the discovery of new large low cost deposits of iron magnetite; the general level of global economic activity; failure to complete the FS; inability to demonstrate economic viability of Mineral Resources; and failure to obtain mining approvals.
New Age Metals is a green metals, mineral exploration company focused on the exploration and development of platinum group metals and lithium.