TIDMKDNC
RNS Number : 4635P
Cadence Minerals PLC
10 October 2019
Cadence Minerals Plc
("Cadence Minerals", "Cadence" or "the Company")
Macarthur Minerals (TSX-V: MMS) Joint Venture Partner FE Limited
Releases Hillside Copper and Gold Results and Discovers New
Manganese Prospect up to 59.4% MnO.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note
the announcement today from Macarthur Minerals (TSX-V: MMS)
("Macarthur") that its Joint Venture Partner Fe Limited ("FEL"),
has released further significant copper and gold assays including a
new manganese oxide area sample recording 59.4% MnO result from a
recent field trip to the Hillside Project in the Pilbara Region of
Western Australia.
Cadence Minerals Holding in Macarthur
Cadence holds approximately 9.8% of the issued equity interest
in Macarthur, which is an Australian mining exploration company
focused primarily on iron ore, nickel, lithium and gold in Western
Australia. It also has a lithium project in Nevada, USA.
Highlights:
-- High grade copper, gold, silver and base metals assays
received from outcrop sampling of Gossan over a 14km strike.
-- Newly discovered manganese deposit in sub parallel outcrop to the gossan line.
Significant results include:
-- 1.2ppm Au, 18.8% Cu, 77ppm Ag, 0.17% Zn, 0.057% Co
-- 0.77ppm Au, 3.7% Cu, 187ppm Ag, 0.5% Zn, 0.06% Co
-- 1.06ppm Au, 13.9% Cu, 79ppm Ag, 0.44% Zn
-- 0.31ppm Au, 4.5% Cu, 76ppm Ag, 0.35% Zn, 0.05% Co
-- 0.28ppm Au, 1.3%Cu, 14ppm Ag, 0.17% Zn, 0.04% Co
-- 0.45ppm Au, 3.1% Cu, 50ppm Ag, 0.49% Zn
-- 0.34ppm Au, 3.0% Cu, 22ppm Ag
-- 0.83ppm Au, 7.2% Cu, 78ppm Ag, 0.93% Zn, 0.095% Co
-- 59.4% MnO (>46% Mn)
Drilling planned and ready for mobilisation in late October
(pending approvals)
Macarthur Minerals Executive Chairman Cameron McCall commented;
"We are pleased to provide an update on the work completed since
the Joint Venture between Macarthur and Fe Limited was entered into
on May 14, 2019. FEL's exploration activities have been focused on
the Company's previously underexplored Pilbara lithium and gold
areas and to date, the results have been very encouraging with
numerous high-grade results in the Hillside and Strelley Project
areas. FEL is currently in the process of planning a drilling
program with the areas shaping up to host multiple attractive and
untested prospects."
As previously announced by the Company on August 23, 2019,
samples collected by FEL's geological team from the Hillside
Project returned strongly anomalous grades for base metals and gold
from several locations.
The assay results are highly encouraging with 8 samples
returning copper values over 1% with a peak of 18.8% and often
accompanied with elevated gold, silver and zinc values.
Of considerable interest was an assay result of 59.4% MnO (46%
Mn) from a sample collected from outcrop of a newly discovered
oxide horizon. By comparison, Consolidated Minerals' Woodie Woodie
manganese deposit has a resource grade averaging 31.4% Mn. This
prospect will be followed up in due course."
The full release can be found at:
https://web.tmxmoney.com/article.php?newsid=4943880064964348&qm_symbol=MMS
Cadence CEO Kiran Morzaria commented; "Macarthur Minerals
continues to make solid progress with the FEL JV at the Hillside
Project. In addition to a raft of high grade copper, gold, silver
and zinc results, the new high grade manganese prospect has added
an additional and potentially valuable dimension to the
project."
This news release is not for distribution to United States
Services or for Dissemination in the United States.
- 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
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.
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.
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END
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