Cadence Minerals PLC - Macarthur Minerals Update London Stock Exchange
RNS Number : 3116H
Cadence Minerals PLC
06 June 2017
 

Cadence Minerals Plc

 

("Cadence Minerals" or "Cadence")

 

Macarthur Minerals Update

 

Cadence Minerals Plc (AIM/NEX: KDNC; OTC: KDNCY) is pleased to report that Macarthur Minerals ("Macarthur" or the "Company") in which Cadence currently owns a 20.3% shareholding, has announced it has discovered the potential for cobalt, nickel and chromium at Macarthur Australia Limited's Iron Ore Projects ("Iron Ore Projects") in Western Australia.

The full Macarthur announcement can be found at: https://web.tmxmoney.com/article.php?newsid=8008144110629996&qm_symbol=MMS .

Review of Samples for Cobalt

Macarthur Iron Ore Pty Ltd ("MIO"), a subsidiary of Macarthur Australia Limited ("Macarthur Australia") holds 15 granted mining leases, situated in the Eastern Goldfields region of Western Australia. The Company owns approximately 90% of Macarthur Australia, which is currently undertaking an Initial Public Offering ("IPO") on the Australian Securities Exchange ("ASX").

MIO recently commenced a review of the historical drilling data to conduct selected assays for the potential for other minerals, including cobalt, nickel and chromium, to occur at the Iron Ore Projects. Since July 2006, MIO has drilled 1,841 reverse circulation percussion drill holes (for 142,443 metres) and 49 diamond drill holes (for 4,170 metres) targeting iron mineralisation associated with banded iron formation ("BIF") units.

As previous work on the Iron Ore Projects has mainly focussed on the development of the Ularring Hematite Project and the Moonshine Magnetite Project, only a fraction of drilling samples have been assayed for base metals including cobalt. MIO still holds samples from 1,890 drill holes, which allows for re-assay of other minerals including cobalt. MIO has recently dispatched over 2,600 samples to the lab to be assayed for other minerals including cobalt.

 

Geological Setting

The Iron Ore Projects are the source of iron overlain by a komatiite ultramafic unit with similarities to the Lake Johnston komatiite system hosting the rich nickel Maggie Hays mine operated by Western Areas Ltd.

The majority of the historical drilling for iron is shallow but has identified upper horizons of a channel flow contiguous with a buried nickel sulphide flow. Wide intersections ending at the base of drill holes have identified grades in excess of 0.2% Cobalt ("Co"), 0.7% Nickel ("Ni") and 1% Chromium ("Cr").

 

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).

For further information please contact




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 Bavister




Square1 Consulting

+44 (0) 207 929 5599

David Bick


Brian Alexander


About Cadence Minerals:

Cadence is dedicated to smart investments for a greener world. The planet needs rechargeable batteries on a global scale - upcoming supersized passenger vehicles, lorries and buses - require lithium and other technology minerals to power their cells. Cadence is helping find these minerals in new places and extracting them in new ways, which will meet the demand of this burgeoning market. With over £40 million vested in key assets globally, Cadence is helping us reach tomorrow, today.

Cadence invests across the globe, principally in lithium mining projects. Its primary strategy is taking significant economic stakes in upstream exploration and development assets within strategic metals. We identify assets that have strategic cost advantages that are not replicable, with the aim of achieving lower quartile production costs. The combination of this approach and seeking value opportunities allows us to identify projects capable of achieving high rates of return.

The Cadence board has a blend of mining, commodity investing, fund management and deal structuring knowledge and experience, that is supported by access to key marketing, political and industry contacts. These resources are leveraged not only in our investment decisions but also in continuing support of our investments, whether it be increasing market awareness of an asset, or advising on product mix or path to production. Cadence Mineral's goal is to assist management to rapidly develop the project up the value curve and deliver excellent returns on its investments.


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