Cadence Minerals PLC Macarthur Minerals EIS Grant for Nickel Prospect (4205H)
March 25 2020 - 3:00AM
UK Regulatory
TIDMKDNC
RNS Number : 4205H
Cadence Minerals PLC
25 March 2020
Cadence Minerals Plc
("Cadence Minerals", "Cadence" or "the Company")
Macarthur Minerals (TSX-V: MMS) (ASX: MIO) set to advance
Moonshine nickel prospect with EIS co-funded drilling.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note
yesterday's update from Macarthur Minerals (TSX-V: MMS)
("Macarthur"), that it has been awarded a grant valued at $85,000
from the Western Australian Government to support drilling of a
diamond drill hole at its Moonshine North Nickel Prospect, located
within its Lake Giles Iron Project in Western Australia.
The grant is provided under the Exploration Incentive Scheme
(EIS) administered by the Department of Mines, Industry Regulation
and Safety (DMIRS). The program provides $5 million a year to
encourage innovative drilling in greenfields and under-explored
areas of the State and offers up to 50 per cent contribution to
drilling costs.
Highlights:
-- The EIS grant of $85,000 was awarded to Macarthur for a
diamond drilling program targeting nickel mineralisation at
Moonshine.
-- Deep drilling is planned, targeting two prospective targets:
-- A 20,000 Siemens plate conductor (MC02) geophysical anomaly.
-- An anomalous nickel horizon found in a nearby drill hole
(LGDD_054) close to surface. This hole intersected 19 meters @ 1%
Ni (from 8 meters to 27 meters) including 1 meter @ 1.42% Ni (from
13m). This weathered surface expression could be a secondary
dispersion of a massive sulphide source at depth
Moonshine Nickel Prospect
The Moonshine North Nickel Prospect lies within the Lake Giles
Iron Project located 150 kilometres northwest of Kalgoorlie and 450
kilometres north east of Perth in Western Australia.
The Project area covers part of the Yerilgee Archean Greenstone
belt within the Yilgarn craton. The geology consists of volcanic
sequences mainly comprising of high magnesium basalts, komatiitic
and ultramafic flows with numerous interflow banded iron formations
(BIFs). The ultramafic rocks at Lake Giles are considered of
Kambalda komatiite type. The extensive komatiite sequences of thick
olivine cumulate flow units and felsic-intermediate volcanism
indicates that the area fits a regional geological criterion for
hosting komatiite nickel sulphide deposits such as those existing
nickel mines within the Kalgoorlie Terrane.
The full release can be found at:
https://web.tmxmoney.com/article.php?newsid=8222489774114484&qm_symbol=MMS
Cadence Minerals Holding in Macarthur
Cadence holds approximately 4.1% 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.
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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