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Cadence Minerals #KDNC – Macarthur Minerals (TSX-V: MMS, ASX: MIO) to sharpen focus on iron ore delivery: Pilbara Gold and Copper assets and new Leonora Gold tenements to underpin new ASX listing.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Macarthur Minerals (TSX-V: MMS) (ASX: MIO) (the “Company” or “Macarthur”) has announced that it intends to spin-out its non-iron ore assets in the Pilbara into Infinity Mining Limited (Infinity) (previously Macarthur Australia Limited, a wholly owned subsidiary of Macarthur). Infinity currently holds the Company’s Pilbara gold/copper/lithium tenements (Pilbara Assets) through Infinity’s subsidiary company, Macarthur Lithium Pty Ltd (MLi). The Company proposes to undertake an initial public offering of Infinity (IPO) and apply for its listing on the Australian Securities Exchange (ASX).
Why the spin-out is positive for Macarthur shareholders
This strategy will fast track further exploration and the future development potential of the Pilbara Assets and allow Macarthur to focus solely on the development of its flagship iron ore projects situated at Lake Giles in the Yilgarn region of south-western, Western Australia.
Infinity also holds an exclusive right to undertake due diligence on 10 historic gold/copper tenements in the Leonora area of the Central Goldfields region of Western Australia, held by Zanil Pty Ltd (Zanil) (Central Goldfields Assets). An independent technical report on the Pilbara Assets and the Central Goldfields Assets has been compiled to support a transaction, and Infinity and Zanil are in advanced discussions on the terms of a sale and purchase agreement. Subject to completion of satisfactory due diligence on the Central Goldfields Assets by Infinity, it is intended that those assets will be vended into Infinity following the listing of Infinity on ASX.
This combined asset exploration and development strategy means that Macarthur’s post listing shareholding in Infinity will have the potential to drive further value in Macarthur for the benefit of its shareholders.
The Company will provide further details with respect to the spin out transaction and IPO listing in a subsequent news release.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/278e3519-a039-497d-93f7-9ac330fa193d
Link to the full announcement, including details of all Pilbara and Central Goldfields assets and work undertaken to date here https://finance.yahoo.com/news/macarthur-minerals-sharpen-focus-iron-120000717.html
Joe Phillips, Managing Director of Macarthur Minerals commented: “Macarthur’s board has carefully considered all available options and we believe the value of the Pilbara gold/copper/lithium assets is not reflected in the current share price of Macarthur and see this as a way to create additional value for shareholders via a priority IPO spin off to be listed on the ASX. The addition of the Central Goldfields Assets into the portfolio will provide the new company access to potential surface gold historically identified that may be Toll treated through regional gold mines. The new vehicle will evaluate opportunities outside of the iron ore space, and will ensure that Macarthur retains its primary focus on the Lake Giles Iron Project. The Company will provide further details with respect to the spin out transaction and IPO listing in a subsequent news release.”
Cadence Minerals Holding in Macarthur
Cadence holds approximately 1% 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.
This news release is not for distribution to United States Services or for Dissemination in the United States.
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For further information:
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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 Cadence Minerals Plc’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 Cadence Minerals Plc. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. Cadence Minerals Plc cannot assure investors that actual results will be consistent with such forward-looking statements.
Cadence Minerals #KDNC – Macarthur Minerals (TSX-V: MMS) (ASX: MIO) Enters Into Exclusive Agreement Over 10 Historic Prospecting and Mining Lease Tenements in the Central Goldfields of Western Australia
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Macarthur Minerals (TSX-V: MMS) (ASX: MIO) (the “Company” or “Macarthur”) has entered into an exclusive agreement with Zanil Pty Ltd (“Zanil”) to undertake due diligence over 10 tenements in and around the Leonora Goldfields region in Western Australia (“Agreement”). The Agreement is intended to strengthen the value proposition for a potential future repositioning of Macarthur’s non-iron ore assets.
Zanil is an Australian Proprietary company. Zanil either directly holds rights over, or is duly authorised on behalf of the relevant tenement holders, to enter into the Agreement with Macarthur in respect of the tenement areas:
Location of the properties under due diligence
The Leonora tenements are located in the Central Goldfields region of Western Australia, approximately 237 kilometres north of the city of Kalgoorlie within the proximity of active gold mines such as Agnew gold mine, Gwalia gold mine and Sunrise Dam gold mine.
The tenement portfolio consists of two mining leases and eight prospecting licences, with nine of the areas located on historic gold workings. The other tenement, Barlow’s Gully, has no established mine workings, but has been subject to surface gold extraction for over 100 years.
Key tenements are:
Garden Well was mined prior to 1987 and subsequently subject to periodic exploration campaigns.
Camel Lease historically produced 30.72kg (1083.61oz) of gold reported in WA Government Minedex database as:
— Sons of Australia – 26.3kg (927.70oz) Au from 691 tonnes @ 38.1g/t Au
— Camel Leases – 4.39kg (154.85oz) Au from 142 tonnes @ 30.9g/t Au
— Kruger and Viceroy – 3.95kg (139.33oz) Au @ 37 g/t Au
This reef has been mined to ~150 feet and historic reports suggest water ingress to be the main factor in mining being discontinued.
Great Northern tenement records production of 460 tonnes of ore mined for 10.1kg (356.26oz) Au @ 21.9 g/t Au.
Barlow’s Gully tenement has no historical mine workings but covers the Ursus fault structure. Outside the lease the Ursus fault structure hosts the Torian Sterling Well discovery (held by others), Cerebus-Eclipse 112,000oz Au resource (held by others), and the Centauri 83,100oz Au resource (held by others).
Coppermine is a tenement that has a historical mine working with notable surface copper expression.
The past production reported from these areas are not treated as current or historical Mineral Resources and further exploration is required to understand the potential for gold or copper mineralisation.
The location of the 10 tenements is shown on the below map that highlights the prospectivity of the Leonora Goldfields and indicates the potential of this tenement portfolio.
https://www.globenewswire.com/NewsRoom/AttachmentNg/f7ed9f5d-b5a1-43db-a563-3f3ad679becf
Alan Joe Phillips, Managing Director of Macarthur Minerals, commented: “The main focus for the Company is ‘first and foremost’ the ongoing development of the Lake Giles Iron Ore assets. The entering into of the due diligence agreement with Zanil is designed to all for an exclusive low-cost review of the Central Goldfields assets to augment the Company’s Pilbara gold, copper and lithium tenement portfolio.
If these tenements demonstrate value, Macarthur will consider spinning out this portfolio as part of a wider Pilbara/Central Goldfields transaction. The objective is to create value for shareholders by exploiting these tenements without detracting or distracting Macarthur from delivering on its substantial Lake Giles Iron Project.”
The full announcement can be viewed here: https://ca.finance.yahoo.com/news/macarthur-minerals-enters-exclusive-agreement-130000290.html
Cadence Minerals Holding in Macarthur
Cadence holds approximately 1% 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.
This news release is not for distribution to United States Services or for Dissemination in the United States.
– Ends –
For further information:
|
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.