Vancouver-based Macarthur Minerals Limited (TSX-Venture: MMS) had reason to crow Tuesday, letting the word go forth that its subsidiary entered into an exclusive option agreement with Australia-based Fe Limited for the latter to acquire an interest of up to 75% in the tenements listed on its project schedule.
The project includes 19 tenements highly prospective for gold, copper and lithium in proximity to numerous known hard rock lithium and gold deposits in the central and eastern Pilbara.
Said Executive Chairman Cameron McCall, “This transaction will allow Macarthur to focus its efforts towards bringing Macarthur’s Moonshine Magnetite iron ore projects into production in Western Australia.
“The Company has been seeking a suitable partner to earn into our significant lithium and gold portfolio in the Pilbara region of Western Australia. Exploration of the Hillside tenements during 2018 yielded some very exciting near-term drill targets.”
Shares in MMS sprouted half a cent, or 5.9%, to nine cents, on volume of 271,000.