Macarthur Minerals Limited (TSXV: MMS) (ASX: MIO) (OTCQB: MMSDF) (the Company or Macarthur) is pleased to report an update on the nickel prospectivity at its Lake Giles Project in Western Australia.

Cameron McCall, Chairman of Macarthur Minerals commented: 'Since the completion of the Lake Giles Iron Project Feasibility Study, the Company has been actively assessing the nickel prospectivity of the project area and has identified seven nickel prospects within our Lake Giles Project. The region is currently undergoing extensive nickel exploration, with Dreadnought Resources active in the surrounding area. The Yerilgee Greenstones are unique as they remain the only untested Greenstone belt in the Yilgarn Craton for nickel sulphides. There were a few pleasant surprises with broad intercepts of altered komatiites that appear prospective for nickel that were noted within the geotechnical diamond drilling in Moonshine as part of our magnetite feasibility study that we are excited to get analysed with a nickel focus'

Lake Giles Project

The Lake Giles Project ('The Project') is located approximately 150 km northwest of the town of Kalgoorlie, 240km North of Poseidon Nickel Ltd Lake Johnston Nickel Project (ASX: POS) and 190km northwest of the Kambalda nickel province in WA. Additionally, the Lake Giles Project is surrounded by Dreadnought Resources Ltd Central Yilgarn Project (ASX: DRE) where they are actively exploring for nickel and gold. The Project is owned by Macarthur Iron Ore Pty Ltd, a 100% owned subsidiary of Macarthur Minerals Limited ('Macarthur' or 'the Company').

The Project is primarily an advanced iron ore project, with a completed feasibility study to use conventional open pit mining methods for a series of banded iron formation (BIF) hematite and magnetite prospects. The Lake Giles tenements cover the Yerilgee greenstone belt located in the central part of the Southern Cross Province of the Yilgarn Archaean Craton. The region is characterized by lenticular greenstone belts often partly enveloped by foliated and gneissic granitoids. Regionally the greenstone belts consist of metamorphosed ultramafic, mafic and sediments, including BIF which are Archean in age and are commonly intruded by mafic, intermediate, and granitic rocks.

The prospective ultramafic rocks of the Project are interpreted to be of Kambalda komatiite type. Serpentinised olivine cumulate rocks sometimes metamorphosed to talc-carbonate occur in many places and are considered to have a high potential for the discovery of nickel sulphides. These have similar characteristics to those of the Forrestania and Lake Johnston greenstone belts. The Lake Johnston nickel mineralised bodies such as Maggie Hays, are hosted within a Kambalda style ultramafic komatiite, which is an upturned volcanic flow against a basaltic basal unit. In Geoscience Australia's 2016 report1 on the 'Potential for intrusion-hosted Ni-Cu-PGE sulfide deposits'1 they highlighted the potential as moderate to high for either or both tholeiitic intrusion-hosted and komatiite-hosted Ni-Cu-PGE sulfide deposits within the Yerilgee Greenstone Belt and hence the Lake Giles Ni Project. The tenements were briefly and only partially explored for nickel from 1968 to 1972 during the Nickel Boom, and then for gold from 1974 to 1978. Macarthur and its predecessor Internickel Australia Pty Ltd have controlled the area since 2000, undertaking some limited nickel and gold exploration before focusing on iron ore. A combination of available historical data, recent geological, geophysical, and geochemical data obtained in the course of Macarthur's extensive geological investigation of the Banded Iron Formation ('BIF') for iron ore potential, has indicated that there is potential for nickel sulphide and gold mineralisation within the extensive ultramafic rock package hosting the BIFs that comprise the Macarthur Iron Ore Project

Historical Data Review Highlights Nickel Prospectivity

A review and evaluation of geological, geochemical and geophysical data obtained in the course of Macarthur's extensive geological investigation of the Lakes Giles Project for iron ore potential, has identified extensive and highly prospective nickel exploration targets. This includes several advanced targets considered highly prospective for the discovery of sulphide style nickel, all of which remain completely untested. Drilling by Macarthur of the iron formations has demonstrated a potential for disseminated and potentially massive nickel sulphides in these overlying komatiitic ultramafics at Lake Giles, with further potential for concentrated secondary nickel in the weathered profile overlying the fresh komatiites. Significant Ni intercepts from historical drilling completed by Macarthur have highlighted the potential for economic Ni mineralisation at Lake Giles, including:

Further targets are recommended for follow up based on drill assay anomalies and historical geophysical anomalies associated with potentially significant highly magnetic ultramafic footwall 'bulges', which are interpreted to represent a thickening and embayment of the komatiite flow into the footwall stratigraphy. Nickel exploration on the Lake Giles tenure is at an early stage. Much of the Lake Giles nickel boom exploration data together with recent observations suggest a favourable environment for the occurrence of nickel mineralisation. An updated knowledge of regolith characteristics together with the factors influencing the primary occurrence of nickel sulphide deposits and their frequent remobilisation during folding and faulting is now likely to result in much more efficient and focused exploration than in the past nickel booms. Further interrogation of the historical geological, geophysical and geochemical dataset is likely to define more highly prospect nickel targets and has high potential for the definition of nickel mineralisation within the Lake Giles Project Area. Macarthur is currently preparing to carry out specific nickel targeted exploration including assaying the prospective intervals from the geotechnical diamond drilling for a broad analytical suite of elements, Downhole Electromagnetic surveying (DHEM) on targeted open holes, as well as further ground-based electromagnetic surveying upon recommendation from third party geophysical consultants Newexco Exploration Pty Ltd.

Contact:

Cameron McCall

Tel: +61 7 3221 1796

Email: communications@macarthurminerals.com

Mineral Resources

The Mineral Resources for the Lake Giles Iron Project disclosed in this press release have been estimated by Mr. David Williams, BSc (Hons), a member of the Australian Institute of Geoscientists. Mr Williams, an employee of CSA Global Pty Ltd and Independent Qualified Person, has reviewed and approved the above technical information relating to the Mineral Resource estimates contained in this release, in the form and context in which it appears.

Caution Regarding Forward Looking Statements

Certain of the statements made and information contained in this press release may constitute forward-looking information and forward-looking statements (collectively, 'forward-looking statements') within the meaning of applicable securities laws. All statements herein, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future, including but not limited to statements regarding expected completion of the Feasibility Study; conversion of Mineral Resources to Ore Reserves or the eventual mining of the Project, are forward-looking statements. The forward-looking statements in this press release reflect the current expectations, assumptions or beliefs of the Company based upon information currently available to the Company. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and no assurance can be given that these expectations will prove to be correct as actual results or developments may differ materially from those projected in the forward-looking statements. 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. Readers are cautioned not to place undue reliance on forward-looking statements due to the inherent uncertainty thereof. Such statements relate to future events and expectations and, as such, involve known and unknown risks and uncertainties. The forward-looking statements contained in this press release are made as of the date of this press release and except as may otherwise be required pursuant to applicable laws, the Company does not assume any obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.

(C) 2023 Electronic News Publishing, source ENP Newswire