Cadence Minerals PLC Update - Macarthur Minerals (8977Z)
September 05 2018 - 10:19AM
UK Regulatory
TIDMKDNC
RNS Number : 8977Z
Cadence Minerals PLC
05 September 2018
Cadence Minerals Plc
("Cadence Minerals", "Cadence" or "the Company")
Macarthur Minerals (TSX-V: MMS) identifies 18 High Priority
Conductors for Gold at its Hillside Gold Project in Pilbara,
Western Australia.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note
that Macarthur Minerals ("Macarthur", TSX-V: MMS) has identified 18
High Priority Conductors for Gold from its recent heliborne SkyTEM
electromagnetic survey at the Hillside Gold Project in Pilbara,
Western Australia. The discovery also includes two isolated
discrete bedrock conductors. Macarthur has confirmed that all
anomalies correlate with historic gold workings, surface copper and
gold geochemical anomalies, magnetic anomalies or fault
systems.
Highlights:
-- The heliborne SkyTEM survey was flown over 846
line-kilometres at 150m-line spacing covering a total area of 127
km2. Data was captured across two disjunct areas; Area 1 in the
north covering 76 km2 and Area 2 in the south covering 51 km2.
-- Data was processed by geophysicists at Newexco Services Pty
Ltd. All observed anomalies were ranked against multiple criteria
with a total of 18 anomalies considered to be high priority for
follow-up in the field and consideration as a drill target.
-- Area 1 of the Aerial Electronic Magnetic ("AEM") results
showed a series of stratigraphic conductors running north-south
along the eastern flank of the survey area.
-- Area 2 shows a prominent stratigraphic conductor running
along the western side of the survey area, and also contains two
discrete conductors central to the survey area. These conductors
are interpreted as being "isolated" and may be sources by confined
bedrock conductors, which in some cases can be associated with
massive sulphide accumulations such as gold and copper.
-- The two discrete conductors are considered likely to be
associated with volcanogenic massive sulphide ("VMS") style
copper-gold mineralization and hence are high priority targets.
Previously recorded gold and copper anomalies and gold workings lie
directly to the north and south along strike of these discrete
anomalies. It is speculated that the two discrete conductors could
host similar deposits at depth, VMS style.
The identified multiple outstanding anomalies identified will
require follow-up exploration in the field. Geological mapping and
geochemical sampling will be undertaken across these target areas,
followed by drilling of selected targets.
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 a lithium project in
Nevada, USA.
The full release can be found at:
https://web.tmxmoney.com/article.php?newsid=8631055666624229&qm_symbol=MMS
Cadence Minerals CEO Kiran Morzaria commented: "The dataset
recorded from the SkyTEM electromagnetic survey proves that the
right geology exists at the Hillside Gold Project, and adds further
credence to the project economics for Cameron McCall and the
Macarthur Minerals team."
"From the Cadence Minerals perspective, the update today
significantly improves the investment case, and we look forward to
the next phase of developments."
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
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END
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