Macarthur Minerals (TSX-V: MMS) Update on Drilling Nickel Sulphide Targets at Moonshine
· 395 meters of Reverse Circulation "RC" drilling completed at Moonshine North.
· Both holes successfully intersected sulphide minerals at depth.
· Semi-massive sulphide comprising 20% pyrite/pyrrhotite was recorded over 12m in hole 18MRC002 from 185m to end of hole ("EOH").
· Sulphide mineralisation open at depth with hole ending in sulphide mineralisation.
A Moving Loop Electromagnetic ("MLEM") survey was conducted by Macarthur across three prospects at the
Interpretation of data was undertaken by geophysicists from
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. These will be tested at a later stage.
An initial Reverse Circulation "RC" drilling program consisting of two holes was undertaken to test the MC01 conductor at Moonshine. Hole locations were planned to intersect the conductor at 176m and 180m, holes terminated at 198 and 197m.
Macarthur is currently awaiting assay results. The intersections of multiple sulphides zones and semi-massive sulphide at EOH along with the MLEM conductor are very encouraging and confirm the potential for the Moonshine prospect to host further mineralisation at depth. A follow up Stage 2 drilling program is planned to determine the extent and depth of the mineralisation and whether the sulphide mineralisation is an indicator of a nickel sulphide mineralisation system deeper in the succession or close by. The initial holes will be drilled deeper through the sequence with a diamond tail.
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
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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
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.
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