Cadence Minerals PLC Macarthur Minerals - JV Partner for Nickel Project (5954H)
March 25 2020 - 10:10AM
UK Regulatory
TIDMKDNC
RNS Number : 5954H
Cadence Minerals PLC
25 March 2020
Cadence Minerals Plc
("Cadence Minerals", "Cadence" or "the Company")
Macarthur Minerals (TSX-V: MMS, ASX: MIO) seeks Venture Partner
to further explore its nickel projects in Western Australia.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note
today's update from Macarthur Minerals (TSX-V: MMS, ASX: MIO)
("Macarthur") on the potential for cobalt and nickel mineralisation
at its Lake Giles Iron Ore Project in Western Australia, following
recent rock chip sampling that coincided with the Company's
magnetite infill drilling.
In 2018, a rock chip sampling program across the Snark prospect
discovered samples containing the cobalt mineral asbolite with
assays returning up to 2.6% cobalt and 2.0% nickel. In May 2018, a
Moving Loop Electromagnetic (MLEM) geophysical survey was
undertaken across the area that identified two compelling
conductors coinciding with surface geochemical anomalies. In
October 2019, the Company undertook further rock chip sampling
confirming anomalous Nickel, Cobalt and Chromium grades that
warrant further exploration.
Macarthur is currently focusing on its Lake Giles Iron Ore
Project and is seeking a venture partner to further advance
exploration of its nickel projects.
The full release can be found at:
https://web.tmxmoney.com/article.php?newsid=7147043172086554&qm_symbol=MMS
Cameron McCall, President and Executive Chairman of Macarthur
Minerals commented:
"On the back of the Company's initial exploration for nickel and
base metals, the Company has undertaken a comprehensive review of
its previous drilling and soil sample assays and targeted several
areas for on-ground exploration. Recent exploration was successful
in extending the anomalous nickel and cobalt rock samples along the
extent of the bedrock conductor identified in mid-2018. The Company
is now in the process of seeking a venture partner interested in
furthering this opportunity at Lake Giles."
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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