Macarthur Minerals Fourth Quarter Update

Iron Ore Continues to Surge Higher

VANCOUVER, British Columbia, Jan. 19, 2021 (GLOBE NEWSWIRE) -- Macarthur Minerals Limited (TSX-V: MMS) (ASX: MIO) (OTCQB: MMSDF) (the “Company” or “Macarthur”) is pleased to update shareholders on an active fourth quarter 2020.

2020 Calendar Year Focus

The primary focus during 2020 included:

• Lake Giles Magnetite project in Western Australia;
• Pilbara non-iron ore tenements being explored for lithium, base metals and gold; and
• Reviewing previous studies that outlined opportunity for the early exploitation of the hematite direct shipping iron ore, also at Lake Giles.
  

2020 Fourth Quarter Highlights

Key highlights during the fourth quarter of 2020 included progress on the following:

Feasibility Study related outcomes

• Filing of NI43-101 Technical Resource Report for Lake Giles with a Measured mineral resource of 53.9 million tonnes, an Indicated mineral resource of 218.7 million tonnes and a further 997.0 million tonnes of Inferred mineral resource (refer news release dated 1 October 2020, here)
• Outlined RCR Mining Technologies completed engineering design of the Helix Dumper unloading solution at the Port of Esperance (refer news release dated 7 October 2020, here)
• Appointment of study/mining consultants to accelerate the study programme.
  

Non-iron ore tenements

• Repositioning the Company’s 100% owned, 720km² gold, copper, zinc, manganese and lithium exploration tenements in the Pilbara region of Western Australia.
• Repositioning the Company’s 100% owned 210 lithium brine mining claims, covering an area of 7 square miles (18 km²) located in Railroad Valley, in Nye County, Nevada, USA. The 210 claims are located approximately 180 miles (300 km) North of Las Vegas, Nevada, and 330 miles (531 km) South East of Tesla’s new Gigafactory
• Completed the technical work on the Pilbara tenements to support the repositioning of these assets during 2021.
  

Corporate activities

• Conversion of all Note holders into Macarthur equity effectively removing all debt within this business (refer news release dated 10 September 2020, here)
• Capital raising via a private placement in late October (refer news release dated 22 October 2020, here)
• Relisting of the Company on the OTCQB in September 2020.
• Secured up to AUD$20 million standby Equity Finance Facility to support the Company balance sheet (refer news release dated 13 October 2020, here)
• Completed the Company’s first 12 months of trading on the Australian Stock Exchange.