VANCOUVER, British Columbia, August 03, 2021 (GLOBE NEWSWIRE) – Macarthur Minerals Limited (TSX-V: MMS) (ASX: MIO) (OTCQB: MMSDF) (the Company or Macarthur) is pleased to announce that CPS Corporate Advisors (CPS) was appointed prime broker for the proposed spin-off of the Company’s gold, copper and lithium concessions in Pilbara (Pilbara assets).
The Company’s wholly owned subsidiary, Macarthur Lithium Pty Ltd, which owns the Company’s Pilbara assets, will be renamed Infinity Mining Limited (Infinite) and transformed into a public company (subject to finalization of ASIC approvals). As part of the agreement with CPS, Infinity proposes to undertake an Initial Public Offering (IPO) and to apply for listing on the Australian Securities Exchange (ASX) In the coming months. Under an agreement with Zanil Pty Ltd, Infinity retains the rights to acquire additional assets in Central Goldfields after the registration process is completed.
Infinity exploration program
Infinity intends to begin a work program focused on rapid-follow-up drill targets to support a drilling campaign in early 2022 on several gold and copper targets defined by Macarthur’s previous exploration at the Project. ‘Gold and Copper Hillside near Marble Bar in the Pilbara area (see ad: here) – September 5, 2018.
Infinity has completed its due diligence on 10 historic gold and copper claims in the Leonora area of the Central Goldfields area of Western Australia, which Zanil Pty Ltd (Zanil) is authorized to process on behalf of the fund holders (Central Goldfields Assets). An independent technical report on the assets of Pilbara and the assets of Central Goldfields has been compiled to support a transaction, and Infinity and Zanil are finalizing the terms of a sale and purchase agreement for the assets of Central Goldfield. The assets of Central Goldfields will be sold to Infinity after listing on ASX.
The Company will provide further details regarding the spin-off transaction and the listing on the stock exchange in a subsequent press release.
Joe Phillips, Managing Director of Macarthur Minerals said:
“The appointment of CPS Capital Group will trigger a round of seed funding in August 2021, to support the public listing and advance exploration programs for the Hillside project and three key areas around Leonora that host drill results historical. This 2021 program is designed to build the platform for a Pilbara exploration campaign in early 2022.
The Company will provide further details regarding the seed funding round and the progress of the spin-off and IPO transaction in a subsequent press release.“
Jason Peterson, Managing Director / Corporate Head, CPS Capital Group, said:
CPS is delighted to be working again with the Macarthur Board of Directors to complete the listing of Macarthur’s non-iron ore assets, in the new entity to be floated on the stock exchange, Infinity Mining Limited. CPS has had a very good working relationship with Macarthur as a supporter of Macarthur and introducing Macarthur to investors through our clientele. We look forward to achieving the same goals with Infinity with this highly professional team.
The conditions for the appointment of CPS will be contained in the Prospectus and are considered standard for appointments of a transaction of this type and nature. The offer to be made under the Prospectus is not subscribed.
The final structure, timing and terms and conditions of the IPO will be determined after further consultation between CPS and the Company and will depend on market conditions, which may change over time.
On behalf of the Board of Directors, Mr. Cameron McCall, Chairman
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Macarthur is an iron ore development, gold exploration and lithium company focused on bringing its iron ore projects into production in Western Australia. The Lake Giles Iron Project mineral resources include Ularring hematite resources (approved for development) comprising indicated resources of 54.5 million tonnes at 47.2% Fe and inferred resources of 26 million tonnes at 45.4% Fe; and the Giles Lake magnetite resource of 53.9 million tonnes (measured), 218.7 million tonnes (indicated) and 997 million tonnes (inferred). The JORC Report Tables and Competent Person’s Statement for Magnetite and Hematite Mineral Resources have previously been disclosed in ASX Market Announcements dated August 12, 2020 and December 5, 2019. Macarthur has exploration interests leading gold, lithium and copper (approximately 721 square kilometers). in the Pilbara region of Western Australia. Additionally, Macarthur has lithium brine claims in the emerging Railroad Valley region of Nevada, United States.
This press release is not intended for distribution to United States services or for distribution in the United States.
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 contained in this document, other than statements of historical fact, that relate to 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 the planned completion of the feasibility study; the conversion of Mineral Resources into Mineral Reserves or the eventual mining of the Project, are forward-looking statements. The forward-looking statements contained in this press release reflect the Company’s current expectations, assumptions or beliefs based on information currently available to the Company. Although the Company believes that the expectations expressed in these forward-looking statements are based on reasonable assumptions, these 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 forward-looking statements. Factors that could cause actual results to differ materially from those of forward-looking statements include, but are not limited to: unforeseen technological changes that result in reduced demand for iron or magnetite or substitution by other metals or materials; the discovery of new large low-cost deposits of ferrous magnetite; the general level of world economic activity; non-completion of FS; failure to demonstrate the economic viability of mineral resources; and failure to obtain mining permits. Readers are cautioned not to place undue reliance on forward-looking statements because of the uncertainty inherent in them. 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 be otherwise required under applicable law, the Company assumes no obligation to update or revise such statements. prospective, whether as a result of new information, future events or otherwise.