- Macarthur Minerals (MIO) has entered an exclusive agreement with Zanil to complete due diligence over 10 tenements in Western Australia
- The tenement portfolio consists of two mining leases and eight prospecting licences with some subject to no previous work
- Under the agreement, Macarthur will undertake a legal review of these 10 tenements and a geological assessment to complete an independent valuation
- Ultimately, Macarthur will assess whether or not it should merge the tenements alongside the company’s current gold, lithium and copper tenements
- Macarthur is down 1.67 per cent on the market and shares are trading at 59 cents
Macarthur Minerals (MIO) has entered an exclusive agreement with Zanil to complete due diligence over 10 tenements in Western Australia.
These tenements lie in the Central Goldfields of Western Australia, roughly 237 kilometres north of Kalgoorlie.
The tenement portfolio consists of two mining leases and eight prospecting licences, with nine lying on historical workings.
One tenement, Camel Lease, has produced 30.72 kilograms of gold, while Barlow’s Gully has not been subject to any historical workings.
Additionally, Coppermine has produced notable surface copper mineralisation.
Under the agreement, Macarthur will undertake a legal review and a geological assessmen of these 10 tenements to complete an independent valuation.
Ultimately, Macarthur will assess whether or not it should merge the tenements alongside the company’s current gold, lithium and copper tenements. The company has 90 days to complete this work.
“The entering into of the due diligence agreement with Zanil is designed to all for an exclusive low-cost review of the Central Goldfield assets to augment to company’s Pilbara gold, copper and lithium tenement portfolio,” Managing Director Alan Joe Phillips commented.
“If these tenements demonstrate value, Macarthur will consider spinning out this portfolio as part of a wider Pilbara/Central Goldfields transaction,” he said.
“The objective is to create value for shareholders by exploiting theses tenements without detracting or distracting Macarthur from delivering on its substantial Lake Giles Iron Project,” he added.
Macarthur is down 1.67 per cent on the market and shares are trading at 59 cents at 2:59 pm AEDT.