Zanil either directly holds rights over, or is duly authorized on behalf of the relevant tenement holders, to enter into the agreement with Macarthur in respect of these tenement areas: the Leonora tenements located in the Central Goldfields region of Western Australia, approximately 237 kilometers (km) north of the city of Kalgoorlie within the proximity of active gold mines such as Agnew gold mine, Gwalia gold mine and Sunrise Dam gold mine. The tenement portfolio consists of two mining leases and eight prospecting licenses, with nine of the areas located on historic gold workings. The other tenement, Barlowâ’s Gully, has no established mine workings, but has been subject to surface gold extraction for more than 100 years. Key tenements are Garden Well, Camel Lease, Great Northern, Barlow’s Gully and Coppermine.

The past production reported from these areas are not treated as current or historical mineral resources and further exploration is required to understand the potential for gold or copper mineralization. Alan Joe Phillips, managing director of Macarthur Minerals, commented, “The main focus for the company is ‘first and foremost’ the ongoing development of the Lake Giles Iron Ore assets. The entering into of the due diligence agreement with Zanil is designed to all for an exclusive low-cost review of the Central Goldfields assets to augment the company’s Pilbara gold, copper and lithium tenement portfolio.

“If these tenements demonstrate value, Macarthur will consider spinning out this portfolio as part of a wider Pilbara/ Central Goldfields transaction. The objective is to create value for shareholders by exploiting these tenements without detracting or distracting Macarthur from delivering on its substantial Lake Giles Iron Project.” 2021.