Cadence Minerals PLC Macarthur Minerals Intersects High Grade Magnetite (5182W)
December 11 2019 - 5:19AM
UK Regulatory
TIDMKDNC
RNS Number : 5182W
Cadence Minerals PLC
11 December 2019
Cadence Minerals Plc
("Cadence Minerals", "Cadence" or "the Company")
Macarthur Minerals (TSX-V: MMS) Intersects High Grade Magnetite
at Its Lake Giles Iron Project in Western Australia.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note
the update yesterday from Macarthur Minerals (TSX-V: MMS)
("Macarthur") on the recent infill drilling program at its Lake
Giles Iron Project in the Yilgarn region of Western Australia.
Infill Drilling has intersected a zone of high-grade magnetite
mineralisation identified previously at the Moonshine North deposit
and assay results have been received for several Reverse
Circulation (RC) drill holes.
Cadence Minerals Holding in Macarthur
Cadence holds approximately 7.4% of the issued equity interest
in Macarthur. Cadence's percentage equity interest in Macarthur has
reduced as a result of the completion of the the recent placing be
Macarthur. Macarthur 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:
-- Reverse Circulation drilling has successfully intersected the
previously identified high grade magnetite mineralisation at
Moonshine North.
-- Hole LGRC_2160 intersected an interval 86m to 180m (94m)
averaging 40.51% Fe (including the interval 121m to 171m with a
grade of 47.52% Fe).
-- Hole LGRC_2166 intersected the interval 95m to 152m (57m)
averaging 40.23% Fe (including the interval 129m to 147m with a
grade of 60.64% Fe).
-- Diamond drill hole LGDD_071 drilled at Moonshine North has
also intersected the high-grade magnetite mineralisation from a
down hole depth of 91.5m to 162.74m (71.24m) with strong visual
magnetite content.
The drilling programme commenced on 17 August 2019 and concluded
on 8 December 2019 with a total of 21 RC holes and nine diamond
drill holes completed.
The results of the drilling campaign have shown a successful
intersection of high-grade magnetite mineralisation. Previous test
work has demonstrated the potential to produce a processed
high-grade magnetite concentrate of approximately 68-69%.
The full release can be found at:
https://web.tmxmoney.com/article.php?newsid=5886035836892236&qm_symbol=MMS
Macarthur Minerals Executive Chairman Cameron McCall commented:
"The Company is extremely pleased with its successful listing on
the Australian Securities Exchange (ASX) and the positive market
response in the first two days of trading. Macarthur's dual listing
on the ASX and the TSX-V will provide the Company with increased
opportunities in the pre-development stage of its flagship
Moonshine Magnetite Project.
"With Australia as a major exporter of iron ore to the world and
the ASX being the home exchange to some of the world's largest iron
ore producing companies, it makes sense for Macarthur to be dual
listed in Australia."
Cadence CEO Kiran Morzaria commented; "As major shareholders in
the company, the Cadence board remains enthused by the ongoing
potential at the Lake Giles Iron project, and the increased profile
Macarthur now enjoys as a dual listed entity. We look forward to
further updates."
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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