Cadence Minerals PLC Update - Macarthur Minerals (9378N)
August 14 2017 - 8:29AM
UK Regulatory
TIDMKDNC
RNS Number : 9378N
Cadence Minerals PLC
14 August 2017
Cadence Minerals Plc
("Cadence Minerals", "Cadence" or "the Company")
MACARTHUR MINERALS ACQUIRES 15% OF
WESTERN AUSTRALIAN GOLD AND LITHIUM PROJECT
Cadence Minerals Plc (AIM/NEX: KDNC; OTC: KDNCY) is pleased to
report that Macarthur Minerals ("Macarthur") in which Cadence
currently owns a 20.2% shareholding has announced it will acquire
15% of Yalgoo Exploration Pty Ltd ("Yalgoo Exploration"), which
owns the Melville Gold Project in Western Australia (Subject to
negotiating and entering to formal documentation).
The full Macarthur announcement can be found at:
https://web.tmxmoney.com/article.php?newsid=8702507849462927&qm_symbol=MMS
Yalgoo Exploration Pty Ltd
Yalgoo Exploration owns two granted exploration licences
(E59/2077 and E59/2140), covering an area of 191 square kilometres
(47,161 acres) in the Murchison region of Western Australia
("Yalgoo Tenements"). The Yalgoo Tenements are located
approximately 500 km north-east of Perth and 220 km east of
Geraldton.
Yalgoo Exploration is a private company which has been focussed
on the exploration and development of the Melville Gold Project,
which is located on the Yalgoo Tenements.
Melville Gold Project
The Melville Gold Project located on exploration licence
E59/2077 was previously owned by Australian Securities Exchange
listed Prosperity Resources Limited (ASX:PSP) ("Prosperity
Resources"). In 2004 Prosperity Resources defined a mineral
resource for the Melville Gold Project in accordance with The
Australasian Code for the Reporting of Identified Mineral Resources
and Ore Reserves (JORC Code), 2004 (the "JORC Code").
Acquisition of 15% of Yalgoo Exploration Pty Ltd
Macarthur Lithium Pty Ltd ("MLi") has agreed indicative terms of
settlement for its proceedings in the Supreme Court of Western
Australia against Mining and Metallurgy Process Solutions Pty Ltd
("MMPS") regarding the first right of refusal granted to MLi in
respect of the shares in Yalgoo Exploration under the Mineral
Rights Deed between MLi and Yalgoo Exploration ("MMPS
Proceedings"). MMPS currently owns 100% of Yalgoo Exploration.
The acquisition of the 15% interest in Yalgoo Exploration may be
subject to regulatory approval.
Yalgoo Lithium Project
In October 2016, MLi conducted a reconnaissance field trip on
the Yalgoo Tenements with promising results for lithium. Lithium
mineralisation was confirmed in at least two of the pegmatites,
with their core quartz zones exposed by small scale mining. Grab
rock samples returned up to 3.75% Li(2) O associated with
lepidolite in one of these pegmatites and lithium muscovite
containing up to 2% Li(2) O in another pegmatite. During this
visit, several additional pegmatites, largely composed of blocky
feldspar and quartz were noted within a corridor some 1.5 km wide
and extending over some 5 km in a NNW-SSE direction, located within
a broader corridor some 3 km wide and likely extending over 10
km.
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 GBP30 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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