Cadence Minerals PLC - Update - Macarthur Minerals London Stock Exchange
RNS Number : 1629C
Cadence Minerals PLC
27 September 2018
 

Cadence Minerals Plc

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

 

Macarthur Minerals (TSX-V: MMS) to commence drilling Nickel Sulphide Targets at Lake Giles project, Western Australia.

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Macarthur Minerals ("Macarthur", TSX-V: MMS) has announced it will commence drilling high priority nickel sulphide targets at its Lake Giles project in Western Australia. The targets were derived from recent geophysical surveys using Moving Loop Electromagnetic ("MLEM"). Surveying at Moonshine successfully delineated two bedrock conductors, MC01 and MC02, with a further bedrock conductor identified at the Snark prospect as announced on August 28, 2018.

Highlights:

·      A Moving Loop Electromagnetic ("MLEM") survey was conducted across three prospects at the Lake Giles project. The survey targets were derived from previous drilling and soil geochemistry data that indicated potential for nickel sulphide.

·      Interpretation of data was undertaken by geophysicists from Newexco Services Pty Ltd who are experts in the application of geophysical surveys for the discovery of nickel sulphide deposits.

·      The survey at Moonshine recorded strong conductance across all five lines with modelling delineating two bedrock conductors, MC01 and MC02.

·      The survey at Snark identified two bedrock conductors at Snark, SC01 and SC02.

·      Conductors MC01 at Moonshine and SC01 at Snark are considered high priority targets and will be tested by drilling. Two drill holes have been planned to intersect the conductors at the point where they display a high EM response.

·      Orbit Drilling has been engaged to undertake the drill program and will mobilise to site in October upon receipt of drilling permits. An initial program of two holes drilled to a depth of 200m will be completed by the end of October. Follow-up drilling is scheduled to commence on return of favourable results.

Cadence holds approximately 12% of the issued equity interest in Macarthur, which is an Australian mining exploration company focused primarily on lithium, iron ore and gold in the Pilbara region of 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=8947709919633253&qm_symbol=MMS

 

Cadence Minerals CEO Kiran Morzaria commented: "We are greatly encouraged by the progress and recent developments reported by the Macarthur Minerals team. Having already amassed a considerable historical dataset for Lake Giles, if the presence of a massive sulphide structure is confirmed, as CEO Cameron McCall says it will add additional value to the project with multiple commodities, and for Cadence Minerals it will provide further validation for the Macarthur investment case. We look forward to the results next month."

 

 

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


Ingo Hofmaier


 

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.

 

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.

 

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.

 

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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