Cadence Minerals PLC Update - Macarthur Minerals (8218Y)
August 24 2018 - 4:58AM
UK Regulatory
TIDMKDNC
RNS Number : 8218Y
Cadence Minerals PLC
24 August 2018
Cadence Minerals Plc
("Cadence Minerals", "Cadence" or "the Company")
Macarthur Minerals (TSX-V: MMS) Acquires New Pilbara Tenement
With Historic Base Metal Mineralization Identified.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note
that Macarthur Minerals ("Macarthur", TSX-V: MMS) has applied for
an Exploration Licence in close proximity to Macarthur's Tambourah
Lithium Project in the Pilbara Region of Western Australia. A
review of historical data indicates the area is prospective for
nickel-copper-cobalt and platinum group element ("PGE")
mineralization.
Highlights:
-- The newly acquired tenement is ideally situated adjacent to
the Company's Exploration Licences E45/4848 and E45/4702, which
comprise the Tambourah Lithium Project.
-- The tenement is also in close proximity to West Wits Mining
Limited's Tambina Creek Gold Project where previous exploration
reported rock chip samples up to 4.7g/t Au and costean trenching
returning 5.7 g/t Au over four meters.
-- The tenement also lies approximately 45 km South of Venturex
Resources Limited's Sulphur Springs and Kangaroo Caves Cu-Zn
volcanogenic massive sulphide Deposits.
-- The tenement sits in the East Pilbara Granite-Greenstone
Terrain of the Pilbara Craton, a setting that has been defined
prospective for VMS style mineralization.
-- The Company recently completed a review of historical data,
including a geochemical soil and rock chip sampling program
undertaken between 2007 and 2008 Haddington Resources Limited and
considers the area to be prospective for nickel-copper-cobalt and
PGE minerals.
-- The collective geochem anomalies and drill hole results
provide several targets worthy of further exploration. Further
close spaced geochemical sampling is required along these
structures and will be undertaken on grant of the Exploration
Licence.
Cadence holds approximately 12% of the issued equity interest in
Macarthur, which is an Australian mining exploration company
focused primarily on lithium, iron ore and gold in the Pilbara
region of Western Australia. It also has the lithium project in
Nevada, USA.
The full release can be found at:
https://web.tmxmoney.com/article.php?newsid=7442587847068332&qm_symbol=MMS
Cadence Minerals CEO Kiran Morzaria commented: "Macarthur
Minerals already has a sizeable land package of 1,328 km2 in the
Pilbara area which is highly prospective for conventional gold and
conglomerate gold deposits. The company's Tambourah Lithium Project
has already yielded promising rock chip results up to 1.47% LiO2,
so the addition of a new tenement with a solid exploration pedigree
in our view further enhances the Macarthur Minerals investment
case. We look forward to further updates from Cameron McCall and
the Macarthur Minerals team."
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
- Ends -
For further information:
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 Sinclair-Ford
Hannam & Partners LLP (Joint Broker) +44 (0) 207 907 8500
Neil Passmore
Ingo Hofmaier
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) from CASS Business School.
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 GBP15 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.
Forward-Looking Statements:
Certain statements in this announcement are or may be deemed to
be forward-looking statements. Forward-looking statements are
identi ed by their use of terms and phrases such as "believe"
"could" "should" "envisage" "estimate" "intend" "may" "plan" "will"
or the negative of those variations or comparable expressions
including references to assumptions. These forward-looking
statements are not based on historical facts but rather on the
Directors' current expectations and assumptions regarding the
Company's future growth results of operations performance future
capital and other expenditures (including the amount. nature and
sources of funding thereof) competitive advantages business
prospects and opportunities. Such forward-looking statements re ect
the Directors' current beliefs and assumptions and are based on
information currently available to the Directors. Many factors
could cause actual results to differ materially from the results
discussed in the forward-looking statements including risks
associated with vulnerability to general economic and business
conditions competition environmental and other regulatory changes
actions by governmental authorities the availability of capital
markets reliance on key personnel uninsured and underinsured losses
and other factors many of which are beyond the control of the
Company. Although any forward-looking statements contained in this
announcement are based upon what the Directors believe to be
reasonable assumptions. The Company cannot assure investors that
actual results will be consistent with such forward-looking
statements.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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