Cadence Minerals PLC Update - Macarthur Minerals (5819Z)
September 03 2018 - 6:27AM
UK Regulatory
TIDMKDNC
RNS Number : 5819Z
Cadence Minerals PLC
03 September 2018
Cadence Minerals Plc
("Cadence Minerals", "Cadence" or "the Company")
Macarthur Minerals (TSX-V: MMS) Defines Gold Exploration Target
at its Bonnie Scot Project in Pilbara, Western Australia.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note
that Macarthur Minerals ("Macarthur", TSX-V: MMS) has completed the
second phase of a stream sediment sampling program at its Bonnie
Scot Project in the Pilbara region of Western Australia ("Bonnie
Scot"). The results showed a geochemical cluster of anomalous gold
up to 45.9 parts per billion ("ppb") and consistent with the
previous survey.
Highlights:
-- Macarthur's Phase 1 sampling program, previously reported on
June 13, 2018 concentrated on the contact of the Mount Roe Basalt
as a target for conglomerate hosted gold. Results of that survey
identified a gold anomaly distal to the contact zone and
concentrated on the North Shaw Tonalite.
-- Macarthur's Phase 2 survey collected a further 53 stream
sediment samples across the north western area of the tenement and
included follow-up sampling near the previously identified gold
anomaly.
-- Samples were submitted for multi-element analysis with
results revealing anomalous gold in close proximity to the
previously identified gold anomaly. The original anomaly was known
from a cluster of eight samples recorded over a radius of
approximately 40m. The current program extends the anomalous zone
by approximately 300m to the south and west with gold assays up to
113 ppb.
-- This area in the north west of the tenement was previously
considered prospective for gold from a historical rock chip
sampling program with values recorded up to 3.5 g/t Au. The stream
sediment results from both programs support this view and warrant
further exploration. The Macarthur team is currently preparing a
program to map the geology across the identified anomaly.
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=6741695789765782&qm_symbol=MMS
Cadence Minerals CEO Kiran Morzaria commented: "The progress
reported by Cameron McCall and the Macarthur Minerals team at the
Bonnie Scot Project is most encouraging. We await further news on
the potential for gold mineralization across the target."
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
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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