Cadence Minerals PLC Macarthur Minerals Lake Giles Drilling Update (0790A)
January 16 2020 - 10:35AM
UK Regulatory
TIDMKDNC
RNS Number : 0790A
Cadence Minerals PLC
16 January 2020
Cadence Minerals Plc
("Cadence Minerals", "Cadence" or "the Company")
Macarthur Minerals (TSX-V: MMS) confirms major intersections of
magnetite mineralisation at Lake Giles Iron Project
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note
the announcement today from Macarthur Minerals (TSX-V: MMS)
("Macarthur") that it has confirmed significant intersections of
magnetite mineralisation at its Lake Giles Iron Project near
Kalgoorlie in Western Australia following the completion of its
infill drilling program.
Drilling at the Moonshine North deposit comprised 21 reverse
circulation (RC) holes for 3379 metres advance and 9 diamond drill
(DD) holes for 1676.2 metres advance totalling 5055.2m. Drilling
was completed in December 2019 with final assay results received
this week.
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
-- DD hole LGDD_070 intersected high grade magnetite
mineralisation. The interval 73m to 174m (101m) averaged 28.4%
Fe.
-- DD hole LGDD_071 intersected the interval 78m to 162m (84m)
averaging 30.4% Fe (including the interval 106m to 130m with a
grade of 41.2% Fe).
-- DD hole LGDD_074 intersected the interval 46m to 99m (53m) averaging 32.8% Fe.
Link here for the full announcement:
https://web.tmxmoney.com/article.php?newsid=5722202672725413&qm_symbol=MMS
Macarthur Minerals Executive Chairman Cameron McCall said: "This
is an outstanding result that builds our confidence to upgrade the
resource classification to include Indicated and Measured Mineral
Resources. The updated mineral resource, when completed, will
underpin the Feasibility Study to be completed for the Lake Giles
Iron Project."
Cadence Minerals CEO Kiran Morzaria commented: "Once again,
Cameron McCall and his team have added value to the Macarthur
investment proposition. As major shareholders we are delighted to
continue to support Macarthur, and we look forward to further
developments."
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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