Cadence Minerals PLC Update - Macarthur Minerals (1538Z)
August 29 2018 - 6:51AM
UK Regulatory
TIDMKDNC
RNS Number : 1538Z
Cadence Minerals PLC
29 August 2018
Cadence Minerals Plc
("Cadence Minerals", "Cadence" or "the Company")
Macarthur Minerals (TSX-V: MMS) Identifies Multiple Priority
Metal Sulphide Targets at Lake Giles.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note
that Macarthur Minerals ("Macarthur", TSX-V: MMS) has identified
three high priority nickel sulphide targets at Macarthur's Lake
Giles project in Western Australia. The targets were derived from a
recent geophysical survey using Moving Loop Electromagnetics
("MLEM"). Surveying at Moonshine successfully delineated two
bedrock conductors, MC01 and MC02, with a further bedrock conductor
identified at the Snark prospect.
Highlights:
-- A Moving Loop Electromagnetic ("MLEM") survey was conducted
across three prospects at the Lake Giles project. The survey
targets were derived from previous drilling and soil geochemistry
data that indicated potential for nickel sulphide. A follow-up
Fixed Loop Electromagnetic ("FLEM") survey was conducted at the
southern extent of the Snark MLEM survey.
-- Interpretation of data was undertaken by geophysicists from
Newexco who are experts in the application of geophysical surveys
for the discovery of nickel sulphide deposits.
-- The survey at Moonshine was conducted over an area of 60 ha.
Strong conductance was recorded across all five lines with
modelling delineating two bedrock conductors, MC01 and MC02.
-- The MLEM survey at Snark covered an area of 310 ha. The
survey identified two bedrock conductors at Snark, SC01 and
SC02.
-- Conductors MC01 at Moonshine and SC01 at Snark are considered
high priority targets and will be tested by drilling. Newexco has
planned two drill holes to intersect the conductors at the point
where they display a high EM response.
-- An initial program of two holes drilled to a depth of 200m
will be commenced upon receipt of drilling permits.
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=7121766067912823&qm_symbol=MMS
Cadence Minerals CEO Kiran Morzaria commented: "We are greatly
encouraged by the progress and recent developments reported by
Cameron McCall and the Macarthur Minerals team. Having already
amassed a considerable historical dataset for Lake Giles, the new
nickel sulphide targets announced today add further credence to the
Macarthur Minerals investment case. We look forward to further
updates once drilling commences."
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.
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
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of this information may apply. For further information, please
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END
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