Cadence Minerals PLC Macarthur Minerals Update (9940F)
May 23 2017 - 9:29AM
UK Regulatory
TIDMKDNC
RNS Number : 9940F
Cadence Minerals PLC
23 May 2017
Cadence Minerals Plc
("Cadence Minerals" or "Cadence")
MACARTHUR MINERALS UPDATE
Cadence Minerals Plc (AIM/NEX: KDNC; OTC: KDNCY) is pleased to
report that Macarthur Minerals ("Macarthur" or the "Company") in
which Cadence currently owns a 20.37% shareholding, has announced
that it has conducted an extensive near surface geochemical
sediment sampling program at the Company's Stonewall Lithium
Project ("Stonewall Project"), located in Lida Valley, Nevada. The
Lida Valley is the basin adjacent to the Clayton Valley, which
hosts North America's only producing lithium mine, Albemarle's
Silver Peak Lithium Mine. All 380 samples contained lithium with
sediment assays ranging from 14.6 parts per million ("ppm") lithium
("Li") and up to 187 ppm Li, with 19 samples over 100 ppm. This
sampling program confirms last year's first pass sediment sampling
program, that anomalous concentrations of lithium are present in
the playa surface sediments of Lida Valley.
The full Macarthur announcement can be found at:
https://web.tmxmoney.com/article.php?newsid=6684263957909321&qm_symbol=MMS
Results of Extensive Sampling Program
A United States mineral exploration company performed the
extensive lithium sampling program for the Stonewall Project. The
sampling program on the Stonewall Project for the purposes of
collecting sediment samples for lithium was conducted during late
April 2017.
The sampling program returned 380 sediment samples collected
from depths of 1.5 ft. ( 45 cm) with grades ranging from 14.6 to
187 ppm Li. Samples were collected from a grid pattern on the playa
(dry lake bed) surface, with a sample spacing of 200 meters (656
ft.) and from N - S oriented lines with a spacing of 500 meters
(1640 ft.) between sampling lines (refer to Figure 1). All holes
contained lithium with sediment assays ranging from 14.6 ppm Li and
up to 187 ppm Li.
The highest value analytical results were from sample '21-3' at
187 ppm Li and from sample '12-16' at 159.5 ppm Li. The sediment
samples were taken under chain of custody to the ALS Chemex lab in
Reno, Nevada. The samples were analysed for 51 individual elements
by Method ME - MS 41, which is an ultra trace level analysis using
Inductively Coupled Plasma - Mass Spectrometry (ICP - MS) methods,
with an Aqua Regia digestion. Figure 1 shows the location of the
Stonewall Project claims over the majority of the playa, sample
locations and lithium results.
Stonewall Project
The Stonewall Project covers an area of approximately 12,019
acres (48.64 square kilometers) and most of the playa in Nevada's
Lida Valley Basin. The Lida Valley is located 32 miles (53 km) to
the SE of 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[1].
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.
There are two clusters of anomalous sediments; one in the north
and one in the south of the Stonewall Project playa. The higher Li
values in the sediments are proximal to fault intersections
revealed by bedrock outcrop patterns. The foot prints of the
anomalous sediments defined by our sampling are on the order of 1.5
km ( 5000 ft.) long by 0.5 km ( 1600 ft.) wide.
The fault intersections comprise the bounding structural
framework of the moat sediment zone of the Stonewall Volcanic
Caldera (rhyolitic - now extinct). The Company's preliminary
interpretation is that leakage of Li rich geothermal solutions at
these fault intersections probably enriched the moat sediments
which were deposited alongside the faults when the volcano was
active ( 5 million years BP).
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.
ASX IPO of Macarthur Australia Limited Update
The Company also provides an update that it has extended the
Australian Securities Exchange ("ASX") Initial Public Offering
("IPO") of Macarthur Australia Limited ("Macarthur Australia") to
issue between 25 and 50 million shares at A$0.20 to raise between
A$5 - 10 million ("Offer") to close on 30 June 2017 with an
expected date for quotation on 12 July 2017.
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.
.
[1]
https://www.tesla.com/sites/default/files/blog_attachments/gigafactory.pdf
This information is provided by RNS
The company news service from the London Stock Exchange
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