Cadence Minerals PLC Macarthur Lake Giles Feasibility Study Update (4099S)
March 16 2021 - 5:44AM
UK Regulatory
TIDMKDNC
RNS Number : 4099S
Cadence Minerals PLC
16 March 2021
Cadence Minerals Plc
("Cadence Minerals", "Cadence")
Macarthur Minerals (TSX-V: MMS) (ASX: MIO) Lake Giles
Feasibility Study Update.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note
that Macarthur Minerals (TSX-V: MMS) (ASX: MIO) (the "Company" or
"Macarthur") has engaged CGG Aviation to undertake a Tempest
airborne electromagnetic (AEM) survey of palaeovalleys adjacent to
the Lake Giles Iron Project to assist in the identification of
groundwater drilling targets. CGG mobilised to site on 10 March
2021 and the aerial survey was completed over a period of 5
days.
Highlights:
-- Survey covered an extensive area of the Rebecca palaeovalley
in close proximity to the Lake Giles Iron Project where a large
quantity of groundwater is expected to occur.
-- Tempest AEM survey successfully employed in previous groundwater aquifer interpretations.
-- Drill targets will be defined from AEM surveys with
subsequent drilling planned during the first part of this year to
test quality and quantity of water to support magnetite processing
requirements.
Macarthur has been working with consulting hydrogeologists from
Rockwater Pty Ltd ("Rockwater") to define a source for process
water requirements for magnetite processing at its Lake Giles Iron
Project.
The Goldfields region contains numerous buried palaeovalleys
that are likely to contain large volumes of groundwater. Such
systems are currently exploited to supply process water demands for
other Goldfields operations such as BHP's Nickel West, Glencore's
Murrin Murrin Nickel Project and Gold Road's Gruyere Gold Project.
The western limb of the Rebecca palaeovalley is located
approximately 15 to 40 km east of the Lake Giles Iron Project and
extends over 160 km North to South. This system is expected to
contain abundant groundwater and is currently not exploited by
other operators.
Macarthur engaged CGG Aviation to undertake an airborne AEM
survey covering an area of 970 km2. Electromagnetic data was
collected from the survey which was conducted over 1,322 line
kilometres at a line spacing of 800m. The Tempest AEM system is
suited to conductivity mapping and has previously been utilised for
mapping the location, extent and basement topography of
palaeodrainage systems. Interpretation of the data collected will
be undertaken by hydrogeologists from Rockwater, who are experts in
the application of hydrological surveys, to define suitable drill
targets for groundwater exploration.
The full announcement can be viewed here:
https://macarthurminerals.com/wp-content/uploads/2021/03/MMS-NR-FS-update-AEM-Survey_16-March-2021.pdf
Cadence Minerals Holding in Macarthur
Cadence holds approximately 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) 7879 584153
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:
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Minerals Plc'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 Cadence
Minerals Plc. Although any forward-looking statements contained in
this announcement are based upon what the Directors believe to be
reasonable assumptions. Cadence Minerals Plc cannot assure
investors that actual results will be consistent with such
forward-looking statements.
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