Cadence Minerals PLC - Update - Macarthur Minerals London Stock Exchange
RNS Number : 2367N
Cadence Minerals PLC
16 January 2019
 

Cadence Minerals Plc

("Cadence Minerals", "Cadence" or "the Company")

 

Macarthur Minerals (TSX-V: MMS) Update on Nickel Exploration at its Lake Giles Project in Western Australia.

 

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Macarthur Minerals (TSX-V: MMS) ("Macarthur") has provided a further update on the results of its drilling of high priority nickel sulphide targets at its Lake Giles project in Western Australia. Surveying at targets derived from recent geophysical surveys using Moving Loop Electromagnetics ("MLEM") successfully delineated two bedrock conductors, MC01 and MC02 at Moonshine, with a further bedrock conductor identified at the Snark prospect.

 

Highlights:

·      Results for the two Reverse Circulation ("RC") drill holes completed at Moonshine North have returned encouraging assay results.

·      Anomalous nickel in hole 18MRC001 with average of 0.2% Ni over 31 metres ("m") from 26m.

·      Potassic alteration indicated in hole 18MRC001 from 140m to 146m (20% Potassium content) marginal to the sulphide intersection in the hole.

·      Anomalous gold associated with sulfidic chert in interval 106m to 113m (average gold content 159 part per billion ("ppb") over the interval).

·      Both holes had successfully intersected sulphide minerals at depth and semi-massive sulphide comprising 20% pyrite/pyrrhotite was recorded over 12m in hole 18MRC002 from 185m to end of hole ("EOH"). Sulphide mineralisation is open at depth and on strike with the hole ending in sulphide mineralisation.

 

Prior to Macarthur's acquisition of the Lake Giles project, there were two previous periods of limited exploration activity for nickel over parts of the present tenement package. The recent review and evaluation of geochemical and geophysical data has identified significant exploration targets for nickel. These targets include some fifteen areas considered prospective for discovery of sulphide style nickel within the belt of ultramafic rocks.

 

Mr Ian S Cooper, B.Sc., A.R.S.M., F.G.S. FAusIMM, a Fellow of the Australasian Institute of Mining and Metallurgy (membership number 107348, is a consultant of Macarthur and is a Qualified Person as defined in National Instrument 43-101. Mr Cooper has reviewed and approved the technical information contained in this news release.

 

Cadence holds approximately 10% 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.

 

The full release can be found at: https://web.tmxmoney.com/article.php?newsid=7609341802648786&qm_symbol=MMS

 

Cadence Minerals CEO Kiran Morzaria commented: "This drilling update from Macarthur provides encouraging assay results to follow the earlier geophysical surveys. We look forward to further updates from Cameron McCall and his team."

 

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. 

- 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

 

 

 

Hannam & Partners LLP (Joint Broker)

                                +44 (0) 207 907 8500

Neil Passmore

 

Giles Fitzpatrick

 

 

 

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 identified 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 reflect 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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