Cadence Minerals PLC Macarthur - Re Lake Giles Groundwater Drilling (7000T)
March 26 2021 - 12:01PM
UK Regulatory
TIDMKDNC
RNS Number : 7000T
Cadence Minerals PLC
26 March 2021
Cadence Minerals Plc
("Cadence Minerals", "Cadence")
Macarthur Minerals (TSX-V: MMS) (ASX: MIO) applies for
additional tenements to support groundwater drilling campaign
following completion of AEM Survey.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note
that Macarthur Minerals (TSX-V: MMS) (ASX: MIO) (the "Company" or
"Macarthur") has made applications for tenements to support a
groundwater search drilling programme following the successful
completion by CGG Aviation of a Tempest airborne electromagnetic
(AEM) survey of palaeovalleys adjacent to the Lake Giles Iron
Project.
Highlights:
-- Macarthur continues to work 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 recently completed an airborne AEM survey covering
an area of 970 km(2) across the Rebecca palaeovalley. Preliminary
results have been obtained with additional data processing ongoing
to generate detailed information to map the palaeovalley geometry.
Macarthur has now made applications for two groundwater search
miscellaneous licences covering an area of 553 km(2) across the
prospective zone interpreted from the AEM survey. The Company is
now preparing to undertake a groundwater exploration program
targeting approximately 30 holes to obtain detailed information on
water flows and water quality.
-- 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 hydrogeological
surveys, to define suitable drill targets for groundwater
exploration
The full announcement can be viewed here:
https://finance.yahoo.com/news/lake-giles-feasibility-study-macarthur-120000645.html
Commenting on the new appointments, Andrew Bruton, Chief
Executive Officer of Macarthur
Minerals stated: " Macarthur's applications for two
Miscellaneous Licences to support planned groundwater search
activities is another important step forward for the Lake Giles
Iron Project Feasibility Study. Following completion of analysis of
the AEM survey data, Macarthur will work with consulting
hydrologists from Rockwater, to identify suitable drill
targets.
The Company plans to commence groundwater exploration activities
as soon as possible following the grant of the relevant tenements.
This important programme of work will enable the Company to test
the quantity and quality of water required to support its magnetite
processing requirements, and it will form part of a much broader
scope of site-based activities planned by the Company at Lake Giles
this year.
Step by step, the Macarthur team is working through every aspect
of the Lake Giles Iron Project to ensure the delivery of a robust
Feasibility Study that has the potential to deliver a valuable and
sustainable high-grade magnetite project for its shareholders. We
look forward to providing many more updates on progress in the
coming months."
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.
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