Cadence Minerals PLC Macarthur Minerals update (2184C)
April 11 2017 - 8:34AM
UK Regulatory
TIDMKDNC
RNS Number : 2184C
Cadence Minerals PLC
11 April 2017
Cadence Minerals Plc
("Cadence Minerals", "Cadence" or "the Company")
Sampling to Commence
Cadence Minerals Plc (AIM/ISDX: KDNC; OTC: KDNCY)) is pleased to
report that Macarthur Minerals ("Macarthur") in which Cadence
currently owns a 16.5% shareholding, has announced that it has
commenced its second soil sampling program at its Stonewall Lithium
Project ("Stonewall Project") located in Lida Valley, Nevada. The
Lida Valley basin is adjacent to Clayton Valley, which hosts North
America's only producing lithium mine, Albemarle's Silver Peak
Lithium Mine.
The full Macarthur announcement can be found at:
http://web.tmxmoney.com/article.php?newsid=6309929504594793&qm_symbol=MMS
.
Soil Sampling Program
A shallow auger drilling program was conducted as part of due
diligence in October 2016 where all nine shallow auger drill holes
reported lithium, with grades up to 145.5 parts per million ("ppm")
lithium ("Li") from near surface sediment, confirming that lithium
is present in the Lida Valley.
Macarthur has commenced an extensive sampling program across the
full extent of the placer claims of the Stonewall Project to
provide Macarthur a property wide view of lithium distribution
contained in the basin fill sediments. This sampling will also
allow for a partial indication of the lithium content of the deeper
sediments. At present, the exact depth and composition of the
sediments in the basin are unknown. Macarthur's geological team
expects sediments to be at least 92 meters (300 feet) deep, most
likely considerably deeper. A stock watering well located
approximately 500 meters (a quarter mile) to the south of the claim
block was drilled to a depth of approximately 92 meters (300
feet).
Once the property wide soil sampling program is completed,
Macarthur will define areas of interest to be further explored
through the use of geophysical methods. A detailed gravity survey
may be conducted over areas of interest to determine the depth to a
potential brine aquifer. The integration of soil assays with a
geophysical interpretation will allow drill sites to be selected
for detailed subsurface investigation of the project.
It is expected, that potential aquifers similar in composition
and thickness to the upper and lower ash aquifers in the nearby
Clayton Valley will be encountered at depth. The ash aquifers in
the Clayton Valley were deposited by continental scale volcanic
eruptions from calderas located 150 kilometers to the West (90
miles) and 790 kilometers North West (475 miles) of the Stonewall
Project area. Ash fall from these volcanoes was deposited in the
nearby Clayton Valley 52 kilometers to the North West (31 miles)
and most likely also in the basins of the Lida Valley, where the
Stonewall Project is located. The ash aquifers are both a host for
and a possible source for lithium brines in the Clayton Valley.
Stonewall Project
The Stonewall Project covers an area of approximately 5,460
acres (22.1 square kilometers) and the majority of a playa in
Nevada's Lida Valley Basin, a nearby and geologically similar basin
to the Clayton Valley Basin, which hosts the United States' only
producing lithium mine.
The Stonewall Project is strategically located in the Nevada
lithium supply hub, 306 kilometers (191 miles) southeast of Tesla's
new Gigafactory, which has a planned production capacity of 35
gigawatt-hours per year by 2020.
The Stonewall Project is located in an intermontane basin and is
surrounded by tertiary volcanic rhyolitic rock units, which are
anomalously high in lithium. These rhyolitic units are thought to
act as a potential source rock for lithium in the Clayton Valley
brines. The potential lithium source rock includes flows and tuffs
that likely extend below the alluvial cover.
The Stonewall Project is located in the mining friendly Nye and
Esmeralda Counties of Nevada and is serviced by excellent
infrastructure with access to power, water, labour and is bisected
by the Veterans Memorial Highway Number 95. The regional climate
also favours natural and inexpensive evaporation for brine
concentration and allows year-round work.
Qualified Person:
Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the
information contained in this announcement. Kiran holds a Bachelor
of Engineering (Industrial Geology) from the Camborne School of
Mines and an MBA (Finance).
For further information please
contact
Cadence Minerals plc +44 (0) 207 440 0647
Andrew Suckling
Kiran Morzaria
WH Ireland Limited (NOMAD
& Broker) +44 (0) 207 220 1666
James Joyce
James Bavister
Square1 Consulting +44 (0) 207 929 5599
David Bick
Brian Alexander
About Cadence Minerals:
Cadence is dedicated to smart investments for a greener world.
The planet needs rechargeable batteries on a global scale -
upcoming supersized passenger vehicles, lorries and buses - require
lithium and other technology minerals to power their cells. Cadence
is helping find these minerals in new places and extracting them in
new ways, which will meet the demand of this burgeoning market.
With over GBP40 million vested in key assets globally, Cadence is
helping us reach tomorrow, today.
Cadence invests across the globe, principally in lithium mining
projects. Its primary strategy is taking significant economic
stakes in upstream exploration and development assets within
strategic metals. We identify assets that have strategic cost
advantages that are not replicable, with the aim of achieving lower
quartile production costs. The combination of this approach and
seeking value opportunities allows us to identify projects capable
of achieving high rates of return.
The Cadence board has a blend of mining, commodity investing,
fund management and deal structuring knowledge and experience, that
is supported by access to key marketing, political and industry
contacts. These resources are leveraged not only in our investment
decisions but also in continuing support of our investments,
whether it be increasing market awareness of an asset, or advising
on product mix or path to production. Cadence Mineral's goal is to
assist management to rapidly develop the project up the value curve
and deliver excellent returns on its investments.
This information is provided by RNS
The company news service from the London Stock Exchange
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