Cadence Minerals PLC Macarthur JV Partner FE Limited Commences Drilling (3041S)
November 05 2019 - 5:10AM
UK Regulatory
TIDMKDNC
RNS Number : 3041S
Cadence Minerals PLC
05 November 2019
Cadence Minerals Plc
("Cadence Minerals", "Cadence" or "the Company")
Macarthur Minerals (TSX-V: MMS) Joint Venture Partner FE Limited
Commences Drilling Program at Hillside Project in the Pilbara
Targeting Copper, Gold and Manganese.
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
commenced a Reverse Circulation (RC) drilling campaign 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.
FE Limited Drilling Program Highlights:
-- Road access and site earthworks at the Hillside Project have been completed.
-- Programme of Works approvals have been received from the
Western Australian Department of Mines, Industry, Resources and
Safety (DMIRS).
-- Heritage clearance obtained from the Native Title Claimants.
-- Mobile Camp and RC drill rig has been mobilised to site.
-- Drilling planned to commence today
Drilling has been planned to test potential supergene and
hypogene mineralisation above and below the water table along the
majority of the 14-kilometre Gossan line. This program will also
test outcropping quartz vein mineralisation identified through
prospecting activities.
Additional follow-up exploration will also be conducted in the
vicinity of the high-grade manganese outcrop identified during
recent field work.
FE Limited Earn-in with Macarthur
Macarthur Lithium Pty Ltd ("MLi"), a wholly owned subsidiary of
Macarthur entered into an exclusive option agreement ("Option
Agreement") with FEL as announced on May 14, 2019, to earn up to
75% in its Pilbara lithium and gold projects in respect of 18
tenements in the Pilbara ranging from south of Nullagine to north
of Pilgangoora.
The full release can be found at:
https://web.tmxmoney.com/article.php?newsid=4745802456957360&qm_symbol=MMS
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.
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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