Cadence Minerals PLC Macarthur JV Partner Expands Drilling Programme (6985R)
October 31 2019 - 3:00AM
UK Regulatory
TIDMKDNC
RNS Number : 6985R
Cadence Minerals PLC
31 October 2019
Cadence Minerals Plc
("Cadence Minerals", "Cadence" or "the Company")
Macarthur Minerals (TSX-V: MMS) Joint Venture Partner FE Limited
Expands Hillside Copper, Gold and Manganese Drilling Program at
Hillside in the Pilbara.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note
the announcement yesterday from Macarthur Minerals (TSX-V: MMS)
("Macarthur") that its Joint Venture Partner Fe Limited ("FEL") has
announced the company is fully funded for upcoming drilling at the
Hillside Project in the Pilbara Region of Western Australia where
high-grade copper and manganese results were returned in recent
sampling, as reported by Macarthur on October 9, 2019.
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:
-- Fe Limited's (ASX: FEL) cash balance has been boosted by the
September quarter iron ore royalty payment of $645,775 from mining
conducted by Mineral Resources Ltd at the Deception Iron Ore Mine
in WA.
-- The Q3 payment is 2.5 times the June quarter payment with
further increased quarterly royalty payments expected as mining at
Deception ramps-up.
-- This payment will allow FEL to ramp-up exploration at the
Hillside earn-in project in WA's Pilbara region where recent
sampling produced copper results of up to 18.8% as well as a
surprising manganese oxide result of 59.4%.
Macarthur Minerals Executive Chairman Cameron McCall commented;
"I am pleased to report that Fe Limited is expanding its drilling
program at the Hillside Project in the Pilbara. FEL has raised over
$1.2m since commencement of the Joint Venture which will be used to
fund exploration and drilling activities across the tenements. FEL
has obtained exciting rock chip samples containing high grade
copper, manganese and gold at the Hillside Project. We look forward
to reporting further positive results from the drilling
program."
The full release can be found at:
https://web.tmxmoney.com/article.php?newsid=4571037186219115&qm_symbol=MMS
Cadence CEO Kiran Morzaria commented; "FEL's announcement
yesterday will allow the company to ramp-up exploration activities
at the Hillside Project and, following the assay results announced
earlier this month, is both great news for Macarthur Minerals and
for Cadence as a major shareholder in Macarthur. We look forward to
further drilling results from the Hillside 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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