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RNS Number : 3688F
Cadence Minerals PLC
26 October 2018
Cadence Minerals Plc
("Cadence Minerals", "Cadence" or "the Company")
Macarthur Minerals (TSX-V: MMS) Update on Drilling Nickel
Sulphide Targets at Moonshine Lake Giles.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note
that Macarthur Minerals ("Macarthur", TSX-V: MMS) has provided an
update on the progress of its drilling of high priority nickel
sulphide targets at its Lake Giles project in Western Australia.
The targets were derived from recent geophysical surveys 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:
-- 395 meters of Reverse Circulation "RC" drilling completed at Moonshine North.
-- Both holes successfully intersected sulphide minerals at depth.
-- Semi-massive sulphide comprising 20% pyrite/pyrrhotite was
recorded over 12m in hole 18MRC002 from 185m to end of hole
("EOH").
-- Sulphide mineralisation open at depth with hole ending in sulphide mineralisation.
A Moving Loop Electromagnetic ("MLEM") survey was conducted by
Macarthur 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.
Interpretation of data was undertaken by geophysicists from
Newexco Services Pty Ltd who are experts in the application of
geophysical surveys for the discovery of nickel sulphide
deposits.
The survey at Moonshine recorded strong conductance across all
five lines with modelling delineating two bedrock conductors, MC01
and MC02.
The survey at Snark identified two bedrock conductors at Snark,
SC01 and SC02. These will be tested at a later stage.
An initial Reverse Circulation "RC" drilling program consisting
of two holes was undertaken to test the MC01 conductor at
Moonshine. Hole locations were planned to intersect the conductor
at 176m and 180m, holes terminated at 198 and 197m.
Macarthur is currently awaiting assay results. The intersections
of multiple sulphides zones and semi-massive sulphide at EOH along
with the MLEM conductor are very encouraging and confirm the
potential for the Moonshine prospect to host further mineralisation
at depth. A follow up Stage 2 drilling program is planned to
determine the extent and depth of the mineralisation and whether
the sulphide mineralisation is an indicator of a nickel sulphide
mineralisation system deeper in the succession or close by. The
initial holes will be drilled deeper through the sequence with a
diamond tail.
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=4897796754794202&qm_symbol=MMS
Cadence Minerals CEO Kiran Morzaria commented: "Early results
from Macarthur's Moonshine prospect are very encouraging, and
indicate the potential for further mineralisation. We await assay
results and news on the next drilling phase with great
interest."
As at the 12 October 2018 Cadence had the following key
investments: 19.7% of the equity in European Metal Holdings, which,
through its wholly owned Subsidiary, Geomet s.r.o., controls the
mineral exploration licenses awarded by the Czech State over
Cinovec; 6.95% of the equity in Bacanora Lithium Plc and 30% of
Mexalit and Megalit joint venture companies. Mexalit is the owner
of the El Sauz, El Sauz 1, El Sauz 2, Fleur and Fleur 1 mineral
concessions, which forms part of the 20-year mine plan of the
Sonora Lithium Project in Northern Mexico; 6.6% of Auroch Minerals
Ltd; 4.5% of Clancy Exploration Ltd; 12.1% of Macarthur Minerals
Ltd; 4% of the San Luis lithium exploration project in Argentina;
30% free carried interest in one mining lease and six exploration
license in part of the the Yangibana Rare Earth Mineral deposit and
a 100% interest in and exploration license on the eastern boundary
of boundaries of Greenland Minerals and Energy Limited's licences
that encompass the world-class Kvanefjeld, Sørenson, Zone 3 and
Steenstrupfjeld Rare Earth Element deposits.
- Ends -
For further information:
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
Giles Fitzpatrick
Novum Securities Limited (Joint
Broker) +44 (0) 207 399 9400
Jon Belliss
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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