("Cadence Minerals", "Cadence" or "the Company")
Macarthur Minerals (TSX-V: MMS) (ASX: MIO) files Technical Report for Lake Giles Magnetite Mineral Resource.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Macarthur Minerals (TSX-V: MMS) (ASX: MIO) (the "Company" or "Macarthur") has filed the technical report for the magnetite Mineral Resource update for its 100% owned
· Macarthur Minerals files NI43-101 Technical Report for the magnetite Mineral Resource at its
· Measured Mineral Resources totaling 53.9 Mt and Indicated Mineral Resources of 218.7 Mt
· Inferred Mineral Resource of 997.0 Mt
· Macarthur now has sufficient Mineral Resources in the appropriate categories to progress its Feasibility Study.
The independent technical report, entitled "NI43-101 Technical Report, Magnetite Mineral Resource,
The Technical Report was completed by independent geological consultants
The previous Mineral Resource estimates presented to the market between 2009 and 2019 consisted entirely of Inferred resources, including 710 million tonnes ("Mt") at the Moonshine deposits. During 2019 the Company completed a program of infill drilling across some of the Moonshine deposit to upgrade the Mineral Resource category to include Indicated and Measured resources. The Mineral Resource upgrade has delivered sufficient resources in the appropriate categories to underpin the current Lake Giles Iron Project Feasibility Study.
The updated Mineral Resource estimates incorporate the recent drill assays and has resulted in an increase in the size of the Moonshine mineral resources, including resource category upgrades to now include Measured and Indicated resources. Approximately 30% of the Moonshine resource is now classified as Indicated with approximately 7.5% classified in the Measured category.
Highlights of Mineral Resource estimates:
· Measured resources of 53.9 Mt at 30.8% Fe head grade and 66.0% Fe DTR concentrate grade
· Indicated resources of 218.7 Mt at 27.5% Fe head grade and 66.1% Fe DTR concentrate grade
· Inferred resources of 997.0 Mt at 28.4% Fe head grade and 64.6% Fe DTR concentrate grade
The full release can be found at: https://money.tmx.com/en/quote/MMS/news/8689535428398925/Technical_Report_for_Lake_Giles_Magnetite_Mineral_Resource
Cadence holds approximately 2% of the issued equity interest in Macarthur, which is an Australian mining exploration company focused primarily on iron ore, nickel, lithium and gold in
This news release is not for distribution to United States Services or for Dissemination in
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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
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