Cadence Minerals PLC Macarthur Plans Further Exploration at Hillside (3764L)
April 29 2020 - 11:02AM
UK Regulatory
TIDMKDNC
RNS Number : 3764L
Cadence Minerals PLC
29 April 2020
Cadence Minerals Plc
("Cadence Minerals", "Cadence" or "the Company")
Macarthur Minerals (TSX-V: MMS) announces that further
exploration for gold and copper is planned for the Hillside
Project.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note
that Macarthur Minerals (TSX-V: MMS) ("Macarthur") has today
provided an update on planned exploration activities at its
Hillside Gold and Copper Project by it's Joint Venture Partner, Fe
Limited ("FEL") .
Cadence Minerals Holding in Macarthur
Cadence holds approximately 3.1 % 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.
Highlights:
-- Down dip extension of mineralised gossan intercepted in two holes
-- Anomalous results received include:
o HRC 001: 1m @ 0.19% Cu, 230ppm Co, 0.14% Zn, 0.07ppm Au from
28m
o HRC 022: 1m @ 0.74% Cu, 349ppm Co, 0.41% Zn, 0.14ppm Au from
83m
o HRC 036: 1m @ 0.18% Cu, 0.12% Zn from 25m, 1m @ 0.27% Cu from
40m
Results from the first phase drilling program reported by FEL in
ASX announcement February 10, 2020 were very encouraging with three
holes positively identified to have intercepted down dip extensions
of a surface gossan. The three identified holes showed anomalous
intercepts spanning the full length of the 14 km strike. In a cost
saving measure, roughly half of the drilled samples were assayed in
the lab where there was a logged record of visible quartz or
sulphides in the samples. The remaining samples are now being
analysed in the office using a portable XRF in case any anomalous
samples were missed. If any are found, these will be sent to the
lab for formal assay.
Once the results are received (lab and pXRF), the data will be
interpreted using geochemistry to try to differentiate between
different flows of basalt as a method of targeting possible
sedimentary horizons deposited during volcanic hiatus. It is not
yet clear whether outcropping and downhole mineralisation is the
result of a volcano-stratigraphic massive sulphide deposit or a
hydrothermal shear hosted depositional model.
FEL is planning a field trip in Q2 to conduct similar pXRF
testing in the field ahead of further drilling or possible close
spaced ground geophysics as well as follow up exploration of
promising manganese outcrops in a neighbouring tenement.
The full release can be found at:
https://web.tmxmoney.com/article.php?newsid=8918146685053128&qm_symbol=MMS
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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