Cadence Minerals PLC Update - Macarthur Minerals (6414Z)
January 13 2020 - 9:40AM
UK Regulatory
TIDMKDNC
RNS Number : 6414Z
Cadence Minerals PLC
13 January 2020
Cadence Minerals Plc
("Cadence Minerals", "Cadence" or "the Company")
Macarthur Minerals (TSX-V: MMS) Q4 Update & Early 2020
Update on W Australia Projects, "Iron Ore the Commodity for
2020".
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note
today's Q4 update from Macarthur Minerals (TSX-V: MMS)
("Macarthur") on it's flagship Lake Giles Iron Project, along with
very positive early exploration results across Macarthur's iron
ore, gold, nickel and cobalt projects in Western Australia.
Cadence Minerals Holding in Macarthur
Cadence holds approximately 7 % 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:
-- The Lake Giles Iron Project, Feasibility Study (FS), is well
underway with the infill drilling program completed in December.
Results from the first batch of samples from Reverse Circulation
(RC) and Diamond (DD) drilling were reported to the market on
December 10, 2019. Several drill holes intersected a zone of
high-grade magnetite mineralisation identified previously at the
Moonshine North deposit.
-- Macarthur was admitted to the Official List of Australian
Securities Exchange (ASX) on December 4, 2019 and commenced
quotation of its securities on ASX on December 6, 2019.
-- The Company successfully closed the Offer under its
Replacement Prospectus on 28 November 2019 with subscriptions
accepted for 20,032,952 shares at a price of A$0.25 per share for a
total consideration of A$5,008,238. Funds from the ASX IPO will be
primarily used to advance the Company's flagship Lake Giles Iron
Project.
-- Macarthur entered into a binding agreement with Arrow
Minerals Limited (Arrow) to acquire the rights to a substantial
package of land covering approximately 4950 ha adjacent to the
Moonshine Magnetite deposit. The tenure will be used for
constructing supporting infrastructure including the, processing
plant, camp, airstrip, waste rocks dumps and a tailings storage
facility. The deal with Arrow also paves the way forward to obtain
access to tenure to construct a private haul road from the project
through to the open access Perth to Kalgoorlie railway owned by Arc
Infrastructure.
-- A drilling program was completed at the Hillside project in
the Pilbara region of Western Australia to test potential supergene
and hypogene mineralisation above and below the water table along
the majority of a 14-kilometre Gossan line where previous rock chip
sampling identified anomalous copper. This program also tested
outcropping quartz vein mineralisation identified through
prospecting activities.
Along with key partners, Macarthur will continue to actively
advance its iron ore assets in Western Australia. Infill drilling
of the Moonshine Magnetite deposit has been completed with samples
submitted to the laboratory. On receipt of assay results, Macarthur
will update the geological model of the Moonshine Magnetite
deposits in conjunction with completing a Feasibility Study of the
Lake Giles Iron Project. Furthermore, Macarthur will work closely
with Fe Limited to advance exploration of its high-quality lithium,
gold and base metal tenements in the Pilbara region.
The full release can be found at:
https://web.tmxmoney.com/article.php?newsid=8174582862817551&qm_symbol=MMS
Macarthur Executive Chairman Cameron McCall commented: "The
strong iron ore price continues to trade in a spot range (for the
last quarter) of US$80-$93/tonne for 62% Fe ore and this is
creating momentum in the global iron ore industry. Historically,
iron ore prices tend to retract in the lead up to the Chinese New
Year period when mills generally reduce production, but this does
not appear to be the case this year.
Macarthur's focus remains on delivering a high-quality,
low-impurity magnetite fines product (+65% Fe) which will target
Asian steel mills that are focused on producing quality steel
products, enhanced furnace efficiencies, reduced consumption of
coking coal and improved environment emissions standards.
In reflecting on the 2019 calendar year, it is pleasing to note
the Company achieved all of its targeted goals for the year."
Cadence CEO Kiran Morzaria commented: "While 2019 proved to be a
bumper year for Macarthur and its shareholders, the company's
bullish outlook for 2020, along with management comments on the
strength of the iron ore price, provides a strong endorsement for
Cadence Minerals' investment strategy, both into Macarthur and into
our own iron ore project at Amapa, Brazil."
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
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END
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