Update - Macarthur Minerals

RNS Number : 3688F

Cadence Minerals PLC

26 October 2018

 

Cadence Minerals Plc

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

Macarthur Minerals (TSX-V: MMS) Update on Drilling Nickel Sulphide Targets at Moonshine Lake Giles.

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

Highlights:

·      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 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. 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 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=4897796754794202&qm_symbol=MMS

Cadence Minerals CEO Kiran Morzaria commented: "Early results from Macarthur's Moonshine prospect are very encouraging, and indicate the potential for further mineralisation. We await assay results and news on the next drilling phase with great interest."

As at the 12 October 2018 Cadence had the following key investments: 19.7% of the equity in European Metal Holdings, which, through its wholly owned Subsidiary, Geomet s.r.o., controls the mineral exploration licenses awarded by the Czech State over Cinovec; 6.95% of the equity in Bacanora Lithium Plc and 30% of Mexalit and Megalit joint venture companies. Mexalit is the owner of the El Sauz, El Sauz 1, El Sauz 2, Fleur and Fleur 1 mineral concessions, which forms part of the 20-year mine plan of the Sonora Lithium Project in Northern Mexico; 6.6% of Auroch Minerals Ltd; 4.5% of Clancy Exploration Ltd; 12.1% of Macarthur Minerals Ltd; 4% of the San Luis lithium exploration project in Argentina; 30% free carried interest in one mining lease and six exploration license in part of the the Yangibana Rare Earth Mineral deposit and a 100% interest in and exploration license on the eastern boundary of boundaries of Greenland Minerals and Energy Limited's licences that encompass the world-class Kvanefjeld, Sørenson, Zone 3 and Steenstrupfjeld Rare Earth Element deposits.

- Ends -

For further information:

For further information: Cadence Minerals plc                                                    [phone] Andrew Suckling Kiran Morzaria WH Ireland Limited (NOMAD & Broker)                                 [phone] James Joyce James Sinclair-Ford Hannam & Partners LLP (Joint Broker)                                 [phone] Neil Passmore Giles Fitzpatrick Novum Securities Limited (Joint Broker)                                 [phone] 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.

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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