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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.
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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.
Cadence Minerals #KDNC – Macarthur Minerals (TSX-V: MMS) (ASX: MIO) appoints leading consultants to enhance the delivery of the Lake Giles Iron Project Feasibility Study
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Macarthur Minerals (TSX-V: MMS) (ASX: MIO) (the “Company” or “Macarthur”) has appointed the following leading consultants to enhance the delivery of the Feasibility Study for the high-grade magnetite, Lake Giles Iron Project in Western Australia:
- Study Management: Optimize Group (“Optimize”) has been appointed to provide study management services and to assist it in the preparation of the final Feasibility Study Reports.
- Transport Logistics: Projectus Infrastructure (“Projectus”) has been appointed to provide transport infrastructure (rail and port) optimisation support for the delivery of the Feasibility Study.
- Economic Modelling: FTI Consulting (“FTI”) has been appointed to provide economic and financial modelling services for the Feasibility Study.
Highlights of Optimize Group Appointment:
- Highly regarded study management consultant Optimize, appointed to support Macarthur’s owners’ team.
- Optimize will provide key study management support functions.
- Appointment will provide Macarthur with access to a broad range of technical disciplines necessary for optimal management of externally appointed study consultants, critical assessment of study deliverables and the efficient control of study costs.
- Appointment will provide enhanced rigor to the study process and to ensure that the Feasibility Study is delivered within expected timeframes and approved budget.
Highlights of Projectus Infrastructure Appointment:
- Highly regarded Australian infrastructure advisory and services firm Projectus, has been appointed to provide transport infrastructure advisory and feasibility study services.
- Appointment will provide access to specialist services for the development of a robust mine-to- port transport infrastructure configuration and operating model.
- Appointment will assist Macarthur to:
- identify transport infrastructure alignment, access and interface issues (across road transport, rail and port);
- create a detailed route to market operating plan to inform Macarthur’s approach to commercial rail and port contract negotiations; and
- mitigate potential project operations risks.
Highlights of FTI Consulting Appointment:
- Highly regarded global management consultancy FTI appointed to support Macarthur’s owners’ team to provide financial modelling services for development of an advanced financial model for the Feasibility Study.
- FTI’s specialist mining advisory group will accelerate the financial modelling process and will assist with strategy assessment, options resolution and economic optimisation.
- Appointment to provide Macarthur with access to robust financial modelling functionality for the delivery of the Feasibility Study, to assist project financing negotiations.
For the full announcement click here: https://macarthurminerals.com/wp-content/uploads/2021/02/NR-FS-update-leading-consultants-appointments-16-February-2021.pdf
Ian McKenzie, Vice President of Engineering – Optimize Group commented: “Optimize Group is pleased to be involved in the development of such an outstanding project. Integration of the study team members will provide an effective study execution plan with positive outcomes. Optimize Group is looking forward to supporting the Macarthur Minerals team and project.”
Bryce Jones, Projectus Managing Director commented: “We are delighted to be contributing an important part of the Feasibility Study to support Macarthur in its development of the Lake Giles Project.”
Andrew Bantock (Senior Managing Director, Co-Leader of Asia Mining and Mining Services Corporate Finance & Restructuring) at FTI Consulting commented: “FTI is pleased to be working with Macarthur Minerals to develop a best-in-class bespoke DFS financial model for the Lake Giles Iron Project. Our specialist mining advisory team will work closely with Macarthur’s management and its technical consultants to enable various project development scenarios to be assessed and resolved quickly and accurately.”
Commenting on all of these appointments, Andrew Bruton, Chief Executive Officer of Macarthur Minerals stated: “We are very pleased to be working with the teams at Optimize Group, Projectus and FTI Consulting. The appointment of these consultants at this critical phase of the Feasibility Study is strategic and is designed to ensure that Macarthur’s owners’ team is appropriately supported with the disciplines necessary to deliver a robust study that is capable of withstanding the rigour of technical and financial due diligence as we move through project financing. 2021 is set to be a breakout year for Macarthur. Further updates on Feasibility Study progress will be regularly provided to the market throughout the course of the year.”
Cadence Minerals Holding in Macarthur
As a result of dilutions Cadence now 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:
|
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.
Cadence Minerals #KDNC – Macarthur Minerals (TSX-V: MMS) (ASX: MIO) signs MOU with Southern Ports Authority for access to Port of Esperance
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Macarthur Minerals (TSX-V: MMS) (ASX: MIO) (the “Company” or “Macarthur”) has signed a Memorandum of Understanding (“MOU”) with Southern Ports Authority (“Southern Ports”) which provides a pathway for agreeing a potential access and operating solution for the export of Macarthur’s high grade magnetite iron ore product via the Port of Esperance (“Port”). The MOU with Southern Ports is non-binding but it does establish a clear pathway for:
Highlights:
- The Port of Esperance is an established deep water port located south of Macarthur’s Lake Giles Iron Project. It is accessible via an existing rail network and has the capability to handle large ‘Cape’ size iron ore vessels.
- In July 2020, Macarthur received a proposal from Arc Infrastructure for an agreed pathway to develop a Commercial Track Access Agreement for below rail capacity from Lake Giles to the Port of Esperance.
- With high speed throughput design capacity potential, Macarthur’s proposed Helix Dumper rail unloading solution would bring ‘state of the art’ rail unloading technology to the Port of Esperance.
- The MOU with Southern Ports Authority provides a clear pathway that can support the delivery of the Company’s current Feasibility Study and represents a substantial step towards Macarthur securing access to the Port of Esperance and completing a fully contracted route to market for its Lake Giles Iron Project.
- The design of a 300,000 tonne iron ore storage shed (“shed”) by Macarthur;
- The design of a new rail car unloading solution at the Port by Macarthur (presently proposed to be an Australian-first Helix rail car unloading solution and associated tube conveyor) (“Helix Dumper”);
- The approval of the shed and Helix Dumper designs by Southern Ports; and
- The identification of suitable land by Southern Ports for the construction of the shed and Helix Dumper within the Port..
A conceptual engineering design report was completed by RCR Mining Technologies Pty Ltd in 2020 for the proposed Helix Dumper and, subject to mutually satisfactory engineering design and approval processes for the shed and Helix Dumper being completed (and suitable land being identified by Southern Ports for their construction), the parties intend to commence good faith negotiations on the terms of binding commercial agreements which will be necessary for Macarthur to:
- Construct, operate and maintain the shed and Helix Dumper; and
- Access the Berth 3 ship loader at the Port..
Any binding commercial agreements in relation to the shed, Helix Dumper and ship loader access will be conditional upon agreed milestones being met by Macarthur (including financing for its Lake Giles Iron Project).
Southern Ports is presently undertaking a broader master planning process at the Port of Esperance, and Macarthur’s access and operating solution will need to align with Southern Port’s master-planning objectives. The MOU provides optionality for Southern Ports to broaden access to any un-utilised capacity in the Helix Dumper for the benefit of other Port users by examining the potential for a hybrid design that may allow the Helix Dumper to “dual function” with bottom-dump rail wagon capability. Examination of these options has the potential to deliver increased business through the Port and benefit both the Esperance community and the Western Australian economy.
The pathway process in the MOU is intended to align with the completion of Macarthur’s Feasibility Study for the Lake Giles Iron Project during the current calendar year so that the Company can target commencement of first shipment of iron ore from Lake Giles in Q1 2024.
The full release can be found at: https://macarthurminerals.com/macarthur-signs-mou-with-southern-ports-authority-for-access-to-port-of-esperance/
Andrew Bruton, Chief Executive Officer of Macarthur Minerals commented: “The MOU with Southern Ports Authority represents a substantial step towards Macarthur securing eventual access to the Port of Esperance and completing a fully contracted route to market for the Lake Giles Iron Project.
The Company’s innovative proposal for the development of on-port infrastructure at Esperance has the potential to deliver an export solution at the Port within a timeframe to meet the development objectives for Macarthur’s Lake Giles Iron Project, and Macarthur is committed to working diligently with Southern Ports towards ensuring that any agreed infrastructure model can be supported by a workable operating solution that will meet the requirements of the Port.
The MOU with Southern Ports provides a clear pathway that can support the delivery of the Company’s current Feasibility Study and it is the next critical piece of the route to market infrastructure puzzle following Macarthur’s announcement last year that it had received a proposal for an agreed pathway to develop a Commercial Track Access Agreement for below rail capacity from Lake Giles to the Port of Esperance.
We are very pleased to be working collaboratively with the team at Southern Ports Authority to achieve an outcome that will underpin long term jobs in the Esperance and Goldfields regions of Western Australia. With a clear framework in place, we now have a process to accelerate our engagement as Macarthur aims to deliver new iron ore business through the Port.”
Cadence Minerals Holding in Macarthur
As a result of dilutions Cadence now 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:
|
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
Cadence Minerals #KDNC – Macarthur Minerals (TSX-V: MMS) (ASX: MIO) files Technical Report for Lake Giles Magnetite Mineral Resource.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Macarthur Minerals (TSX-V: MMS) (ASX: MIO) (the “Company” or “Macarthur”) has filed the technical report for the magnetite Mineral Resource update for its 100% owned Lake Giles Iron Project (”the Project”) in Western Australia.
Highlights:
· Macarthur Minerals files NI43-101 Technical Report for the magnetite Mineral Resource at its Lake Giles Iron Project
· Measured Mineral Resources totaling 53.9 Mt and Indicated Mineral Resources of 218.7 Mt
· Inferred Mineral Resource of 997.0 Mt
· Macarthur now has sufficient Mineral Resources in the appropriate categories to progress its Feasibility Study.
The independent technical report, entitled “NI43-101 Technical Report, Magnetite Mineral Resource, Lake Giles Magnetite Project, Western Australia (“2020 Technical Report”) with an issue date of September 29, 2020 was prepared in accordance with the requirements of National Instrument 43-101 (“NI 43-101”). The 2020 Technical Report is filed under the Company’s profile on the System for Electronic Document Analysis and Retrieval (“SEDAR”) website at www.sedar.com (filing date: October 1, 2020) and on the Company’s website at www.macarthurminerals.com .
The Technical Report was completed by independent geological consultants CSA Global Pty Ltd (CSA Global).
The previous Mineral Resource estimates presented to the market between 2009 and 2019 consisted entirely of Inferred resources, including 710 million tonnes (“Mt”) at the Moonshine deposits. During 2019 the Company completed a program of infill drilling across some of the Moonshine deposit to upgrade the Mineral Resource category to include Indicated and Measured resources. The Mineral Resource upgrade has delivered sufficient resources in the appropriate categories to underpin the current Lake Giles Iron Project Feasibility Study.
The updated Mineral Resource estimates incorporate the recent drill assays and has resulted in an increase in the size of the Moonshine mineral resources, including resource category upgrades to now include Measured and Indicated resources. Approximately 30% of the Moonshine resource is now classified as Indicated with approximately 7.5% classified in the Measured category.
Highlights of Mineral Resource estimates:
· Measured resources of 53.9 Mt at 30.8% Fe head grade and 66.0% Fe DTR concentrate grade
· Indicated resources of 218.7 Mt at 27.5% Fe head grade and 66.1% Fe DTR concentrate grade
· Inferred resources of 997.0 Mt at 28.4% Fe head grade and 64.6% Fe DTR concentrate grade
The full release can be found at: https://money.tmx.com/en/quote/MMS/news/8689535428398925/Technical_Report_for_Lake_Giles_Magnetite_Mineral_Resource
Cadence Minerals Holding in Macarthur
Cadence holds approximately 2% 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: Cadence Minerals plc +44 (0) 7879 584153 Andrew Suckling Kiran Morzaria WH Ireland Limited (NOMAD & Broker) +44 (0) 207 220 1666 James Joyce James Sinclair-Ford 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.
Cadence Minerals #KDNC – Macarthur Minerals (TSX-V: MMS) (ASX: MIO) Esperance Bulk Port Rail Unloading Solution Advances with RCR Mining Technologies.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Macarthur Minerals (TSX-V: MMS) (ASX: MIO) (the “Company” or “Macarthur”) has provided an update on its continued progress towards completing its route to market for the flagship Moonshine magnetite deposits at Lake Giles. Following the recent engagement of RCR Mining Technologies Pty Ltd (“RCR MT”) to provide a conceptual engineering and design solution for rail transport and unloading infrastructure of magnetite concentrate at the Port of Esperance, Macarthur and RCR MT completed a site visit to the port on 27 August 2020 in conjunction with representatives from Southern Ports Authority and Arc Infrastructure.
Highlights:
- Macarthur and RCR Mining Technologies (“RCR MT”) have completed a site visit to the Port of Esperance in conjunction with representatives from Southern Ports Authority and Arc Infrastructure.
- Subject to approval by Southern Ports Authority, RCR MT’s cutting edge ‘Helix Dumper Wagon’ (“Helix Dumper”) transport solution for Lake Giles Iron Project can be developed within the Port envelope at Esperance.
- Macarthur’s market-lead proposal for the development of the Helix Dumper solution will allow optimisation of existing Berth 3 ship-loader capacity at the Port of Esperance, enhancing its current performance from the current 2,220tph throughput to over 4,500tph capacity.
- RCR MT expects to complete its engineering design report on the Port of Esperance unloading infrastructure within weeks, creating a pathway (in collaboration with Southern Ports Authority and Arc Infrastructure) to select a preferred development option for the new rail unloading infrastructure system.
- Reaching agreement on a preferred development option for the Helix Dumper and connected conveyor path will deliver the next material piece of the rapidly emerging ‘route to market’ solution for Macarthur’s Lake Giles Iron Project.
Following completion of the engineering design report by RCR MT in coming weeks, Macarthur will be engaging with key stakeholders to endeavour to agree a preferred option for the development of unloading infrastructure at the Port.
The full release can be found at: https://web.tmxmoney.com/article.php?newsid=7383599247169787&qm_symbol=MMS
Macarthur President and Executive Chairman Cameron McCall commented: “Macarthur is continuing to forge ahead with a systematic approach to delivering every component of the infrastructure pathway that is necessary to bring Macarthur’s Lake Giles Iron Project into production and to see the first ore go over the ship’s rail. The Board is confident that it has a Management team with the unique commercial and technical capabilities to get this over the line and take advantage of the current strength and resilience of the global iron ore market.
There is a very real concerted energy building around the Lake Giles Iron Project and the Company is exceptionally excited to be working collaboratively with the great teams at Southern Ports Authority, RCR MT, Arc Infrastructure and above rail service providers to introduce cutting edge ‘Helix Dumper’ technology to the Port of Esperance.
With the added capacity that the ‘Helix Dumper’ technology can deliver, the Company considers that there is a real potential to facilitate increased trade through the Port of Esperance and to contribute to the future economic growth and job security for workers at the Port and in the Goldfields region. Macarthur welcomes the opportunity to be part of that story and to contribute a positive legacy for the State of Western Australia.”
Cadence Minerals Holding in Macarthur
Cadence holds approximately 2.2% 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:Cadence Minerals plc +44 (0) 7879 584153Andrew Suckling Kiran Morzaria WH Ireland Limited (NOMAD & Broker) +44 (0) 207 220 1666James Joyce James Sinclair-Ford Novum Securities Limited (Joint Broker) +44 (0) 207 399 9400Jon 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.
Cadence Minerals #KDNC – Macarthur Minerals (TSX-V: MMS) (ASX: MIO) Joint Venture Partner Fe Limited Acquires Advanced Iron Ore Project.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Macarthur Minerals (TSX-V: MMS) (ASX: MIO) (the “Company” or “Macarthur”) Joint Venture Partner, Fe Limited (“FEL”) has announced that it has entered into a binding Heads of Agreement to acquire a 50% interest in the Yarram Iron Ore Project in the Northern Territory. The consideration is A$1.5m in cash and shares with a further A$1.5m in cash and shares payable on achieving a JORC indicated resource milestone. FEL is to cover certain historical and future costs. FEL will operate the Joint Venture and has a casting vote on the majority of key issues, with approval of other matters not to be unreasonably withheld.
Outstanding historical drill intercepts include: ·
- 108m @ 65.6% Fe, 2.3% SiO2, 1.8% Al2O3, 0.037% P from 18m in hole RJRC0119
- 65m @ 66.4% Fe, 2.0% SiO2, 1.5% Al2O3, 0.022% P from 13m in hole RJRC069 (hole finished in 65.9% Fe)
- 35m @ 62.9% Fe, 4.3% SiO2, 1.6% Al2O3, 0.045% P from 23m in hole RJRC0106
Yarram is located just over 100km by road from Darwin and is adjacent to the Browns Polymetallic project which is presently on care and maintenance. FEL is purchasing its interest from Gold Valley Iron and Manganese Pty Ltd which owns the iron ore rights over the Yarram area, which represents a portion of a mining licence (MLN 1163 and two exploration licences, ELR 125 and ELR 146). The Mining licence is located on Freehold land. The underlying tenure is owned by an unrelated party, Northern Territory Resources Pty Ltd, owner of the Browns Polymetallic project.
The full release can be found at: https://web.tmxmoney.com/article.php?newsid=5642913978913134&qm_symbol=MMS
Macarthur President and Executive Chairman Cameron McCall commented:“We are excited by the news that Fe Limited is acquiring a 50% interest in the Yarram Iron Ore Project. With the current robust iron ore market, FEL’s play for a mature iron ore asset like Yarram, which is located close to existing port and mining infrastructure, is a smart move. As Macarthur currently holds 26,666,667 Ordinary Shares in FEL (and pursuant to its Joint Venture Agreement with FEL, can earn a further $500,000 in cash or shares in FEL under the earn-in arrangements), the successful delivery of the Yarram Project by FEL and its joint venture partner, Gold Valley Iron and Manganese Pty Ltd, has the potential to form part of the continuing success story for Macarthur and its shareholders. We wish FEL and its management team well in the pursuit of its objective to bring Yarram into production.”
Cadence Minerals Holding in Macarthur Cadence holds approximately 2.2% 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: Cadence Minerals plc +44 (0) 7879 584153 Andrew Suckling Kiran Morzaria WH Ireland Limited (NOMAD & Broker) +44 (0) 207 220 1666 James Joyce James Sinclair-Ford 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.
Cadence Minerals #KDNC – Macarthur Minerals (TSX-V: MMS) (ASX: MIO) Moonshine Magnetite Resource Upgrade
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Macarthur Minerals (TSX-V: MMS) (ASX: MIO) (the “Company” or “Macarthur”) has presented an updated Mineral Resource estimate for the magnetite deposits at its Lake Giles Iron Project in Western Australia, which has been completed by CSA Global Pty Ltd (CSA Global).
Highlights:
- RCR Mining Technologies (subsidiary of NRW Holdings ASX: NRH) appointed to examine rail unloading infrastructure solution at Esperance Port
- Macarthur Minerals announces a resource upgrade for the Moonshine magnetite deposit at Lake Giles
- Measured Mineral Resource of approximately 53.9 Mt and Indicated Mineral Resources of 218.7 Mt
- Macarthur now has sufficient resources in the appropriate categories to progress its Feasibility Study
- Resource upgrade follows recently announced Proposal for development of a Commercial Track Access Agreement received from Arc Infrastructure and the announcement of plans to develop haul road and rail siding infrastructure near Lake Giles
The previous Mineral Resource estimates presented to the market between 2009 and 2019 consisted entirely of Inferred resources, including 710 million tonnes (“Mt”) at the Moonshine deposits. During 2019 the Company completed a program of infill drilling across some of the Moonshine deposit to upgrade the Mineral Resource category to include Indicated and Measured resources. The Mineral Resource upgrade has delivered sufficient resources in the appropriate categories to underpin the current Lake Giles Iron Project Feasibility Study.
The updated Mineral Resource estimates incorporate the recent drill assays and has resulted in an increase in the size of the Moonshine mineral resources including resource category upgrades to now include Measured and Indicated resources. Approximately 30% of the Moonshine resource is now classified as Indicated with approximately 7.5% classified in the Measured category.
Highlights of Mineral Resource estimates:
- Measured resources of 53.9 Mt at 30.8% Fe head grade and 66.0% Fe DTR concentrate grade
- Indicated resources of 218.7 Mt at 27.5% Fe head grade and 66.1% Fe DTR concentrate grade
- Inferred resources of 997.0 Mt at 28.4% Fe head grade and 64.6% Fe DTR concentrate grade.
The full release can be found at: https://web.tmxmoney.com/article.php?newsid=7494834321094164&qm_symbol=MMS
Macarthur President and Executive Chairman Cameron McCall commented: “The completion of the updated Mineral Resource estimate for Macarthur’s magnetite deposits at its Lake Giles Iron Project is a major milestone for the Company as it progresses its Feasibility Study. The updated estimate includes an increase in the size of the Moonshine and Moonshine North Mineral Resource, with category upgrades including Measured and Indicated resources.
With a Measured Mineral Resource totalling 53.9 Mt and Indicated Mineral Resources of 218.7 Mt, Macarthur now has sufficient resources in the appropriate categories to progress its Feasibility Study.
Recent announcements concerning the Company’s applications to develop haul road and rail siding infrastructure near Lake Giles and the announcement that the Company has received a Proposal for development of a Commercial Track Access Agreement from Arc Infrastructure means that the Company is now edging closer than ever to making this Project real for shareholders.
The Company’s Board and Management are singularly focused on progressing through the key gateways to deliver the Project to maximise the opportunities presented in the current commodity cycle. With our focus now on the many more successes which need to follow, we have committed to a pathway of responsible, respectful and sustainable development. These are the principles and points of difference upon which the Company will focus as an emerging Australian iron ore producer. This is a great outcome for Macarthur and its shareholders.”
Cadence CEO Kiran Morzaria added: “This new updated Mineral Resource estimate for the magnetite deposits at Lake Giles marks an important development for Macarthur as an emerging Australian iron ore producer, and adds material value for shareholders. We look forward to further developments.”
Cadence Minerals Holding in Macarthur
Cadence holds approximately 2.2% 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.
Cadence Minerals #KDNC Macarthur Minerals (TSX-V: MMS) (ASX: MIO) engages RCR Mining Technologies on rail wagon and rail unloading solution for Lake Giles Iron Project.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Macarthur Minerals (TSX-V: MMS) (ASX: MIO) (the “Company” or “Macarthur”) continues its progress towards a route to market for its flagship Moonshine magnetite deposits at Lake Giles, targeting a +65% Fe beneficiated magnetite concentrate, with the engagement of RCR Mining Technologies Pty Ltd (“RCR MT”) to provide a conceptual engineering and design solution for rail transport and unloading infrastructure of magnetite concentrate at the Port of Esperance. RCR MT has been engaged to examine the potential to use cutting-edge rail unloading technology that has been successfully used in Scandinavian magnetite operations for several years.
The engineering concept will employ a ‘Helix Dumper’ unloading system and Helix Dumper wagons owned and developed by Kiruna Wagon in Sweden. The Kiruna Wagon system has been successfully utilised in transporting magnetite concentrate from northern Sweden to the Port of Narvik in Norway. The system was developed specifically for magnetite concentrates to provide efficient discharge of sticky product at rates up to 25,000 tonnes per hour, and provides the potential to optimise productivity with several advantages over conventional rotary car dumpers, such as:
- Lightweight wagons, increasing gross payload;
- High-capacity continuous discharge, reducing operating costs;
- The potential for lower capital cost;
- The potential for lower operating cost with unloading powered only by the locomotive’s forward motion; and
- Wagon body shape optimised for wet concentrates.
Macarthur is currently working with Southern Ports Authority on the potential to develop this system at the Port of Esperance, in addition to negotiating access to develop a storage shed for its magnetite concentrate.
If constructed, the system will be capable of handling tonnages well in excess of Macarthur’s immediate requirements for stage 1 of its Lake Giles Iron Project, providing the potential for increased trade through Esperance, subject to capacity elsewhere within the Port. Macarthur intends to work collaboratively with the Port to ensure that the footprint of the system and associated conveyor infrastructure (which would feed directly into the storage shed) can work in with existing operations at the Port and without adversely affecting other users.
RCR MT is a subsidiary of ASX listed NRW Holdings (ASX: NWH), a leading provider of diversified services to the mining, energy and civil infrastructure sectors. RCR MT is a market leader in the design and manufacture of an extensive range of surface and bulk materials handling equipment with a reputation for delivering high quality mining technologies nationally and internationally. RCR MT holds an exclusive license to develop the Helix system in Australia and in combination with Kiruna Wagon have the ability to manufacture both the dumper and wagons in Western Australia.
Macarthur’s route to market progress:
The Company announced on 25 June 2020 details of applications lodged for haul road and rail loading tenure which maps out a solution to transport magnetite from site to the existing rail network that connects to the Port of Esperance.
The Company announced on 15 July 2020 it had received a Proposal for development of a Commercial Track Access Agreement from Arc Infrastructure, the owner of the below-rail network
Macarthur President and Executive Chairman Cameron McCall commented: “This is another positive step forward for Macarthur’s Lake Giles Iron Project and demonstrates the tenacity with which Management is progressing this essential component of project delivery. The Company’s recent announcements concerning its applications to develop haul road and rail siding infrastructure near Lake Giles and that the Company had received a Proposal for development of a Commercial Track Access Agreement from Arc Infrastructure means that the Company is now edging closer than ever to delivering its route-to-market solution and making this Project real for shareholders.
With this new cutting-edge rail unloading technology having the potential to contribute to increased trade through Esperance Port, this can only be good for future economic growth and job security in the region. Macarthur welcomes the opportunity to be part of that story and to contribute a positive legacy for the State of Western Australia and workers in the Goldfields region.”
The full release can be found at: https://web.tmxmoney.com/article.php?newsid=8680452246719917&qm_symbol=MMS
Cadence Minerals Holding in Macarthur
Cadence holds approximately 3% 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.
Cadence Minerals #KDNC – Macarthur Minerals (TSX-V: MMS, ASX: MIO) Lake Giles Iron Project a step closer with Arc Infrastructure’s Proposal for Development of a Commercial Track Access Agreement.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Macarthur Minerals (TSX-V: MMS) (“Macarthur”) has received a Proposal that provides an agreed pathway to develop a Commercial Track Access Agreement (“Proposal”) from Arc Infrastructure (“Arc”) for below rail capacity from its Lake Giles Iron Project in the Yilgarn Region of south-western Western Australia to the Port of Esperance.
Macarthur and Arc have worked collaboratively on the development of Arc’s Proposal, which is a material step forward in bringing Macarthur closer to securing a fully contracted route to market. The Proposal will provide sufficient certainty to support Macarthur’s Feasibility Study for its Lake Giles Iron Project, as outlined in the Preliminary Economic Assessment Report which was prepared and released in June 2019.
Under the Proposal, the parties have agreed to work together in good faith to negotiate and agree the terms of a Commercial Track Access Agreement (“CTAA”) under which Arc would provide sufficient capacity on its Network to support the Macarthur task. The Proposal also includes indicative track access pricing based on an agreed set of operational parameters that would be incorporated into the CTAA.
The successful development of the Lake Giles Iron Project and the export of its high grade magnetite through the Port of Esperance is fully supported by the Western Australian Branch of the Australian Rail, Tram and Bus Union (RTBU) and the Western Australian Branch of the Maritime Union of Australia (MUA).
In addition, the Company is continuing to progress discussions:
- to secure an above rail haulage agreement;
- to finalise arrangements for the design, development and funding of unloading infrastructure that will avoid current unloading infrastructure constraints at the Port of Esperance;
- to secure rights to develop a 300kt iron ore storage shed and access ship-loader capacity at the Port.
Macarthur President and Executive Chairman Cameron McCall commented: “Today’s announcement is an important one for the Company. The Board considers that the Proposal received from Arc Infrastructure delivers the most substantial step forward for Macarthur in the last decade towards securing fully contracted train paths on the Kalgoorlie to Esperance rail line.
The Company’s shareholders have been patient and loyal, investing in the vicinity of AUD80 million in the Lake Giles Iron Project to date. With a substantial body of exploration work undertaken, and analysis nearing completion to upgrade the magnetite resource to a measured and indicated category, it is pleasing to see that critical pieces of the infrastructure puzzle are also now finally starting to come together for Macarthur.
Following the recent announcement of the lodgement of applications to develop a haul road and rail siding near Lakes Giles, and with above rail discussions well progressed, Management will now turn its focus to furthering the Company’s engagement with Southern Ports to progress unloading infrastructure and ship-loader capacity options at the Port of Esperance.
This is another positive step forward for Macarthur in what has been a prolific 12 months of important milestones for the Company. We look forward to continuing our productive relationship with Arc as we move forward to delivering this important project for our shareholders and for Western Australia.”
The full release, along with comments from the RTBU and MUA can be found at: https://web.tmxmoney.com/article.php?newsid=7886775262297494&qm_symbol=MMS
Cadence Minerals Holding in Macarthur
Cadence holds approximately 3% 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.
Cadence Minerals #KDNC – Macarthur Minerals (TSX-V: MMS, ASX: MIO) – Arrow Land Tenure Agreement and Applications Lodged for Haul Road and Rail Siding for Lake Giles Iron Project
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Macarthur Minerals (TSX-V: MMS) (“Macarthur”) has announced the completion of an agreement with Arrow Minerals Limited (ASX: AMD) (“Arrow”), for the grant of rights to apply for tenements which will support the development of infrastructure associated with a proposed magnetite processing circuit at Lake Giles.
Cadence also notes that on 25 June 2020, Macarthur lodged applications with the Department of Mines, Industry, Regulation and Safety (“DMIRS”) to develop a 93km haul road from its Lake Giles Iron Project to a proposed rail siding adjacent to the Perth to Kalgoorlie rail line in the Yilgarn region of Western Australia
Arrow Land Tenure Agreement
Pursuant to the Agreement, originally entered into in December 2019, (“Agreement”), Arrow will permit Macarthur to apply for and obtain a general purpose lease and a miscellaneous licence over a site within the boundary of Arrow’s exploration licences E30/393 and E30/394, to support the development of infrastructure associated with its planned magnetite processing circuit for its Lake Giles Iron Project (“Project”). The substantial package of land covers approximately 4,950ha and is adjacent to the Moonshine magnetite deposit. The tenure will be used for constructing supporting infrastructure for the mine including a processing plant, camp, airstrip, tailings storage facility and waste rocks dumps.
The terms upon which Arrow agreed to permit Macarthur’s application included a cash payment of A$250,000 (paid in December 2019) (“Cash Payment”) and a share payment comprising the issue of Macarthur shares to Arrow to the value of A$250,000 (exclusive of GST) at an issue price per share equivalent to a 20% discount to the average VWAP of the shares trading on ASX for the 5 trading days preceding the issue date, and on which trades for the shares were recorded (“Share Payment”). Macarthur made the Share Payment on 23 June 2020, resulting in the issue of 1,702,997 shares at an issue price of A$0.1468 per share.
The full Arrow Land Tenure release can be found at: https://web.tmxmoney.com/article.php?newsid=6417845063071316&qm_symbol=MMS
Road and Rail Links
Subject to obtaining required approvals and completion of construction, the proposed haul road and rail siding will provide optionality for the transport of iron ore by rail to either Esperance Port or the Port of Kwinana.
This key infrastructure is intended to support the development of Macarthur’s flagship Moonshine magnetite deposits at Lake Giles, targeting a +65% Fe beneficiated magnetite concentrate, and opens up the opportunity to exploit Direct Shipping Ore (“DSO”) from the Ularring hematite deposits.
In 2012, the Company completed a Pre-Feasibility Study for the mining of iron ore from its Ularring hematite deposits targeting a +60% Fe beneficiated fines sinter product. Given the current robust iron ore market, the Company is currently examining the opportunity to accelerate operations for the mining of DSO (as Stage 1) from its Ularring hematite deposits with the objective of generating early revenue flows. The development of new road and rail siding infrastructure has the potential to facilitate this, in addition to supporting the development of the Company’s flagship Moonshine magnetite resource (Stage 2) following completion of a successful Feasibility Study for the Lake Giles Iron Project which is currently being progressed.
The full Haul Road and Rail Siding Application release can be found at: https://web.tmxmoney.com/article.php?newsid=7029129052456326&qm_symbol=MMS
Macarthur President and Executive Chairman Cameron McCall commented: “The completion of the agreement with Arrow has secured the rights necessary to enable the design and location of critical inf rastructure associated with the magnetite processing plant which will be finalised as part of the Feasibility Study for the Lake Giles Iron Project.”
“Defining route-to-market infrastructure has been the core focus for the Company throughout 2020. Completion of the Lake Giles Iron Project Feasibility Study will require Macarthur to have engineering designs and tenure for a haul road from the Lake Giles Iron Project to a rail siding with access to the existing rail network. The proposed haul road and rail siding also creates the opportunity to support Stage 1 hematite mining operations at Lake Giles ahead of the commencement of Stage 2 commercial magnetite mining operations. The Board considers that advancing early-revenue generating operations would support re-rating of Macarthur as a producer and will complement the announced pathway for the development of its flagship high-grade Moonshine magnetite resource at Lake Giles.”
Cadence CEO Kiran Morzaria commented: “We are pleased to note that Macarthur is steadily advancing the Lake Giles Iron Project, and backed by a robust iron ore market is looking to accelerate operations for the mining of DSO. In our results announcement earlier today, our Chairman noted our ‘timely focus’ on iron ore opportunities. Certainly the developments announced today further validates our investment strategy, both in regard to a potential re-rating of Macarthur as a producer and into our own efforts in developing the Amapá iron ore project.”
Cadence Minerals Holding in Macarthur
Cadence holds approximately 3% 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.