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#KAV Kavango Resources PLC – Investment in Pambili Natural Resources TSX-V:PNN
Kavango Resources plc (LSE:KAV), the Southern Africa-focused metals exploration company, is pleased to announce that the Company has completed a strategic investment in gold mining, exploration, and development company Pambili Natural Resources Corporation (“Pambili” or “the Corporation”) (TSX-V:PNN).
Kavango has given notice to Pambili that it wishes to convert a US$250,000 convertible loan (the “Loan”) made to Pambili, along with a Loan Premium of US$75,000 (“Repayment amount”), into common shares in the Corporation (“the Conversion”). Following the Conversion, Kavango will hold 15% of Pambili’s total issued share capital.
Pambili is active in Matabeleland in southern Zimbabwe, having established operations here in 2022.
Kavango has worked with Pambili since March this year, assisting it through a corporate restructure and acquisition of the Golden Valley project, which completed earlier in November 2023 (Pambili’s announcement can be read >>> here).
Golden Valley has a history of high-grade underground mining and gold production. Golden Valley includes a functional gold processing plant and stamp mill, two historic shafts that present prospective exploration targets and near surface exploration potential to target a possible larger-scale deposit. Some small-scale gold production continues at Golden Valley by way of toll-milling third-party ore through an on-site stamp mill.
Pambili’s plan at Golden Valley is to explore the underground potential first, with a view to recommencing mining in Q1 2024. The processing plant is ready to receive ore and plans are being finalised for underground exploration drilling.
In parallel to this, Pambili will conduct surface exploration at Golden Valley using Kavango’s field team.
By taking a strategic interest in Pambili, Kavango is seeking to build on its first-mover advantage in Matabeleland by increasing its exposure to a third, highly prospective greenstone belt. Golden Valley is located on a separate greenstone belt to the one that hosts Kavango’s Hillside and Nara projects and a separate greenstone belt to the one that hosts the Leopard Project (announced >>> 25 July 2023).
In addition, Kavango and Pambili will be able to share operational, exploration and administrative functions. This is expected to provide both companies with significant cost savings and operational efficiencies.
Ben Turney, Chief Executive of Kavango Resources, commented:
“There is immense opportunity in Zimbabwe’s Matabeleland goldfields. Kavango has identified a strong pipeline of opportunities across the region. Our investment in Pambili creates for us an additional outlet for some of these.
We are very pleased to partner with Pambili, as Jon Harris and his team recommence mining at Golden Valley. This is an exciting project that Kavango knows well. It combines excellent potential for near-term revenue generation with untested surface exploration upside.
The greenstone belt that Golden Valley is on is highly prospective for gold with a number of possibilities for further expansion in the area. The processing plant is operational and can be added to as Pambili grows. With what we’ve learned about historic cut-off grades at Golden Valley, underground drilling could deliver a very positive result.
We have been able to secure our investment in Pambili at a low entry point. I expect our ongoing working relationship, supported by the shared operational efficiencies it affords, has already added, and will continue to add, substantially to our balance sheet over time.“
Further information in respect of Kavango and its business interests is provided on the Company’s website at www.kavangoresources.com and on Twitter at #KAV.
For further information please contact:
Kavango Resources plc
Ben Turney
+46 7697 406 06
First Equity (Broker)
Jason Robertson
+44 207 374 2212
Kavango Competent Person Statement
The technical information contained in this announcement pertaining to geology and exploration have been read and approved by Brett Grist BSc(Hons) FAusIMM (CP). Mr Grist is a Fellow of the Australasian Institute of Mining and Metallurgy with Chartered Professional status. Mr Grist has sufficient experience that is relevant to the exploration programmes and geology of the main styles of mineralisation and deposit types under consideration to act as a Qualified Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’.
#POW Power Metal Resources PLC – FDR Australia – Wallal Drill Clearance & Update
Power Metal Resources plc (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio, provides an update to shareholders in respect of its interests in the Paterson Province of Western Australia (the “Paterson Interests”) held through its 62.12% subsidiary First Development Resources PLC (“FDR”) which is seeking a planned listing on the London capital markets.
This update relates specifically to the Wallal Project (“Wallal” or the “Project”), one of three Paterson Province projects held by FDR and includes the Wallal Tenements (E45/5816, E45/5853 and E45/5880) (the “Tenements”).
Highlights
· The Heritage Clearance Survey at Wallal, completed under the supervision of the Yamatji Marlpa Aboriginal Corporation and the Nyangumarta people in September 2022 has confirmed site establishment works for drilling may now proceed.
· FDR have immediately mobilised an operational team to site to the eastern magnetic bullseye anomaly identified during the in-depth desktop review (the “Eastern Anomaly) to establish access and to prepare the drilling pad, enabling the commencement of diamond drilling which is expected to follow immediately after the listing of FDR in the London capital markets.
· The Phase I diamond core drilling programme has been designed to initially test the Eastern Anomaly, which is interpreted to consist of two lobes which result in a distinct target area of approximately 2.5km x 2.5km, targeting a large-scale gold-copper discovery.
Tristan Pottas Chief Executive Officer of First Development Resources plc commented:
“The completion of the Heritage Clearance Survey provides FDR with the final approval required to proceed with the Phase I diamond core drilling programme at FDR’s flagship Wallal Project in the Paterson province.
I would personally like to thank all the key stakeholders and consultants who have helped us get to this decisive point in the evolution of FDR, particularly the Nyangumarta people and Yamatji Marlpa Aboriginal Corporation.
On receipt of the final report, we have immediately engaged the services of an earthworks contractor to prepare the site to enable our drilling partner DDH1 to commence drilling at the earliest convenience following our planned UK listing.”
Paul Johnson Chief Executive Officer of Power Metal Resources plc commented:
“Without question this is an exciting time for the Power Metal and FDR teams as we close in on listing, an event which will be followed with drilling at Wallal targeting a large-scale gold-copper discovery.
From day one to date, FDR have demonstrated their intention to deploy capital immediately into the ground to improve the understanding of the various targets across their project portfolio. This is a mindset that I expect to continue after the planned UK listing.”
FURTHER INFORMATION
FIGURE 1: Paterson Province Tenement Map
FIGURE 2: Wallal Geophysical Anomaly Map
FIGURE 3: 3D View to the North of the Eastern Anomaly
The diagrams and images presented above may be viewed on FDR’s website and may be reached through the following link:
https://firstdevelopmentresources.com/project/wallal-project/
Further photographs and videos are and will be available on FDR’s website gallery section, through the following link:
https://firstdevelopmentresources.com/investor-centre/gallery/
WALLAL HERITAGE CLEARANCE SURVEY
The Heritage Clearance Survey (the “Survey”) was completed at Wallal between 12-15 September 2022. The original Survey request which included a detailed description of the Phase I diamond core drilling programme and site-specific maps was submitted to Yamatji Marlpa Aboriginal Corporation (“YMAC”) by the Company’s appointed Exploration Manager on 31 January 2022. The Survey is a required precursor to the planned Phase I diamond core drilling programme at the company’s Wallal project located in the Paterson Province of Western Australia.
The Survey was completed in accordance with Section 18 of the Aboriginal Heritage Act 1972 and in accordance with the terms of the Heritage Agreement in place with YMAC as agent for the Nyangumarta Warrarn Aboriginal Corporation. The Survey was undertaken with the full involvement of Nyangumarta representatives. As native title holders the Nyangumarta possess rights and interests according to traditional law and custom including the right to be fully informed about activities on their country and to speak about their country.
The Survey team, appointed by YMAC, included representatives from Nyangumarta, a YMAC archaeologist, a consulting anthropologist, and members of FDR senior management team. Two 400m x 400m areas were surveyed covering the two planned drill locations designed to initially test the Eastern anomaly (“Area A”) and the secondary target, the Border anomaly (“Area B”). In addition to the drill sites, the Survey also covered the route of new tracks necessary to access the drill locations. At both drill locations additional east-west orientated survey grids (measuring 2.73km x 4km at Area A and 1.27km x 4km at Area B) were delineated to facilitate potential future on-ground geophysical surveys.
Following the Survey, the Nyangumarta representatives asserted that the work programme proposed at Area A and Area B, was clear of ethnographic and archaeological sites or concerns and that the proposed works programme could proceed.
SITE ESTABLISHMENT AND ACCESS
Following receipt of the Heritage Clearance Survey Report a team led by the FDR’s Exploration Manager has been mobilised to Wallal to prepare the site in preparation for drilling which is scheduled to commence immediately following FDR’s proposed UK listing.
To enable site works to proceed efficiently, the existing access track which links the drilling sites to the well-maintained Nyangumarta Highway, will require minor earthwork improvements and the drill pads and camp accommodation areas will be levelled and prepared ahead of drill contractor mobilisation
Both the access and the drill pad location were surveyed during the recent Heritage Clearance Survey. Site clearance is expected to take approximately three days to complete.
WALLAL PHASE I DIAMOND CORE DRILLING PROGRAMME
FDR’s Phase I diamond core drilling programme has been designed in conjunction with Perth based consultancy Resource Potentials Pty Ltd (“Resource Potentials”). The programme is targeting the Proterozoic basement rocks below the Permian Grant Group which are believed to host the sources of the magnetic bullseye anomalies identified during the completion of an in-depth review of all geological and geophysical data associated with the Wallal project area.
Three magnetic bullseye anomalies were identified in the review, the Western, Eastern and Border anomalies. The magnetic bullseye anomalies are of particular interest due to their possible geological similarities to the regionally significant Havieron discovery (Greatland Gold – Newcrest Joint venture).
The Havieron deposit is coincident with a magnetic bullseye anomaly detected by an airborne magnetic survey and has a similar amplitude to Wallal, approximately 100nanoTesla (“nT”) for the Eastern Anomaly and 80nT for Havieron.
The Phase I diamond core drilling programme has been designed to initially test the Eastern Anomaly. The Eastern Anomaly is interpreted to consist of two lobes which result in a distinct target area of approximately 2.5km x 2.5km. An estimate of depth of the cover sequence has been used to constrain the modelled depth of approximately 800 metres to the top of the Eastern magnetic source body.
The Phase I diamond core drilling programme will consist of a minimum of two sub-vertical boreholes totalling approximately 2,720 metres, which will be drilled using rotary open hole to about 150 metres downhole depth and then full core drilling techniques there onwards.
Depending on ground conditions encountered, it is expected that the holes will be commenced using reverse circulation drilling techniques, followed by 83mm (PQ3) or 61.1mm (HQ3) diameter core with a 50.5mm (NQ2) tail to total depth. The parameters for the planned boreholes are set out in Table 1:
Table 1: Planned Wallal Phase I diamond core drillhole parameters
|
DRILLHOLE ID |
EASTING |
NORTHING |
AZIMUTH (°) |
DIP (°) |
NOMINAL DEPTH (m) |
|
DH1 |
260325 |
7780690 |
90 |
80 |
1,220 |
|
DH2 |
259850 |
7780772 |
270 |
80 |
1,500 |
QUALIFIED PERSON STATEMENT
The technical information contained in this disclosure has been read and approved by Mr Nick O’Reilly (MSc, DIC, MIMMM, MAusIMM, FGS), who is a qualified geologist and acts as the Qualified Person under the AIM Rules – Note for Mining and Oil & Gas Companies. Mr O’Reilly is a Principal consultant working for Mining Analyst Consulting Ltd which has been retained by Power Metal Resources PLC to provide technical support.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.
For further information please visit https://www.powermetalresources.com/ or contact:
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Power Metal Resources plc |
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Paul Johnson (Chief Executive Officer) |
+44 (0) 7766 465 617 |
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SP Angel Corporate Finance (Nomad and Joint Broker) |
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Ewan Leggat/Charlie Bouverat |
+44 (0) 20 3470 0470 |
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SI Capital Limited (Joint Broker) |
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Nick Emerson |
+44 (0) 1483 413 500 |
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First Equity Limited (Joint Broker) |
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David Cockbill/Jason Robertson |
+44 (0) 20 7330 1883 |
#POW Power Metal Resources PLC – Molopo Farms Complex Project Update
Power Metal Resources PLC (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces an update in relation to the Molopo Farms Complex Project (“Molopo Farms” or the “Project”) targeting a large-scale nickel-copper-platinum group element (“PGE”) discovery in southwestern Botswana.
On 28 September 2022 the Company announced an update regarding the delineation of a second major conductor at target area T2-3, as well as an update regarding its ongoing geophysics programme. The link to this announcement is below:
https://www.londonstockexchange.com/news-article/POW/molopo-farms-complex-project-update/15647138
The above update noted that further analyses in respect of target (T1-3) were ongoing, the results of which are now covered below.
KEY HIGHLIGHTS
T1-3 Major Drill Target
– Final compilation and analyses of the ground-based moving loop electromagnetic (“MLEM”) and magnetic geophysical surveys over target area T1-3 are now complete.
– Geophysical inversion of the MLEM data has highlighted a significant ‘jelly-bean’ shaped, geophysical conductor at target area T1-3. This conductor remains open to the east-west and sits within a magnetic trough observed in both the ground and airborne magnetic surveys. No drilling has ever been completed over this target area.
– Historical airborne electromagnetic (“AEM”) data over T1-3 have been further analysed with results showing the MLEM conductor may extend out to 1.6km in an east-west direction, based on coincident airborne/ground survey anomalies.
– The T1-3 conductor has been given a high-priority (A+) ranking by the Company, the same priority attributed to the conductor at T1-6 (where drilling is ongoing) as well as the new conductor identified at T2-3.
– A planned 450m diamond core drillhole, DDH1-3A, has been designed to intersect the T1-3 conductor at approximately 300m downhole depth. The Company has added this hole to the list of holes to be drilled during the ongoing 2022 campaign. Considering the proximity of T1-3 to ongoing drilling at T1-6 (33km southwest), it is possible that T1-3 will be drilled after holes DDH1-6B and DDH1-6C complete, with drilling at T2-3 to follow (see map for relative locations).
Paul Johnson, Chief Executive Officer of Power Metal Resources commented:
“The inventory of high priority A+ ranked drill targets at Molopo are building and we now have the third, T1-3, added to the list. We plan to drill all three high priority targets during the current drill programme.
Our review has also identified further targets which we believe could become additional priority drill targets subject to additional technical work over those areas.
Each priority conductor identified to date, including T1-6, T1-3 and T2-3, are located proximal to a geological feeder zone but each possess unique size and scale dimensions. By drilling all of these targets, the Project becomes inherently de-risked, and the prospect of a discovery or discoveries increases.
Our attention is principally focused on drilling, with our first drill hole into the T1-6 conductor underway and I look forward to providing further updates at the earliest opportunity.”
GEOPHYSICAL SURVEY – OVERVIEW
– Spectral Geophysics have now completed the 2022 Phase I & II exploration programmes which included four MLEM and four magnetic geophysics surveys over targets T1-6, T1-14 and T2-3 and T1-3. The MLEM and magnetic survey results are assisting the company in refining further drill collar locations for the ongoing 2022 diamond drilling campaign.
– To date, the MLEM survey results have now highlighted:
o T2-3 (A+): A flat-lying, slightly concave (downward), conductor which remains open in all directions. Drilling is planned at this target.
o T1-6 (A+): A large, southerly dipping conductor which remains open towards the south, east and west. Drilling is ongoing over this target.
o T1-3 (A+): A ‘jelly-bean’ shaped conductor which remains open towards the east and west. Drilling is planned at this target.
o T1-14 (B): A conductor which is near-to the contact zone with known Transvaal carbonaceous mudstones. Due to the estimated depth required to reach this conductor (approx. 650m) and the geological complexity associated with this area, it has been given a lower priority ranking than T2-3, T1-6 and T1-3.
– The Company has also completed an in-depth review of a historical AEM report covering the majority of the Molopo Farms Complex Project. Considering priority areas T1-6, T2-3 and T1-3 were originally identified by the historical AEM survey results, it was decided that further investigation of the targets identified by this report were warranted. Significantly, five of the strong AEM conductors, including T1-2, T1-4, T1-5, T1-10 and T1-11 have been upgraded and are now classified as priority airborne targets by the Company. At T1-11, a 2020/2021 drillhole (KKME1-11) completed by the previous operator was determined to not have adequately targeted this conductor. The Company is in ongoing discussions with its geophysical contractor to determine next steps over these target areas.
FURTHER INFORMATION
Figure 1 – Molopo Farms Complex Project Plan Map: A plan map of the Project area, including the location of various elements mentioned above is outlined in Figure 1 below.
Figure 2 – Priority Target Area T1-3 3D View: A 3D view showing the location of the planned drillhole DDH1-3A and the MLEM results (new conductor in blue). The red-pink block model are magnetic inversion results showing the new ‘jelly-bean’ shaped conductor sits within a magnetic trough.
The diagrams and image presented above may also be viewed on the Company’s website through the following link:
https://www.powermetalresources.com/molopo-farms-major-drill-target-t1-3/
Further photographs and videos from the drill programme are and will be available on the Company’s website gallery section, through the following link:
https://www.powermetalresources.com/investors/gallery/molopo-farms-complex-botswana/
PROJECT BACKGROUND AND OWNERSHIP
Power Metal currently has a current circa 53% effective economic interest in Molopo, held through a direct project interest and a shareholding in partner Kalahari Key Mineral Exploration (Pty) Ltd (“KKME”). On 18 May 2022 Power Metal announced a conditional transaction that would see its interest in Molopo Farms increasing to 87.71% (the “Transaction”). The announcement may be viewed through the following link:
https://www.londonstockexchange.com/news-article/POW/kalahari-key-botswana-acquisition/15458701
As part of the Transaction, Power Metal will become the Project operator and in advance of completion the Company is working with the team at KKME to maintain momentum with regard to Project exploration.
Work streams are also in process to secure Botswana regulatory approvals enabling the Transaction to complete.
QUALIFIED PERSON STATEMENT
The technical information contained in this disclosure has been read and approved by Mr Nick O’Reilly (MSc, DIC, MIMMM, MAusIMM, FGS), who is a qualified geologist and acts as the Qualified Person under the AIM Rules – Note for Mining and Oil & Gas Companies. Mr O’Reilly is a Principal consultant working for Mining Analyst Consulting Ltd which has been retained by Power Metal Resources PLC to provide technical support.
REFERENCES
1: Power Metal PLC announcement, Molopo Farms Complex Project, Botswana – Major Drill Target T2-3
(https://www.londonstockexchange.com/news-article/POW/molopo-farms-complex-project-update/15647138)
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.
For further information please visit https://www.powermetalresources.com/ or contact:
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Power Metal Resources plc |
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Paul Johnson (Chief Executive Officer) |
+44 (0) 7766 465 617 |
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SP Angel Corporate Finance (Nomad and Joint Broker) |
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Ewan Leggat/Charlie Bouverat |
+44 (0) 20 3470 0470 |
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SI Capital Limited (Joint Broker) |
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Nick Emerson |
+44 (0) 1483 413 500 |
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First Equity Limited (Joint Broker) |
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David Cockbill/Jason Robertson |
+44 (0) 20 7330 1883 |
Alan Green CEO of Brand Communications talks about: i3 Energy #I3E Cranswick #CWK Tertiary Minerals #TYM Open Orphan #ORPH
Cadence Minerals #KDNC – Macarthur Minerals (TSX-V: MMS) JV Partner FE Limited Commences Drilling Program at Hillside Project in the Pilbara Targeting Copper, Gold and Manganese.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the announcement today from Macarthur Minerals (TSX-V: MMS) (“Macarthur”) that its Joint Venture Partner Fe Limited (“FEL”) has commenced a Reverse Circulation (RC) drilling campaign at the Hillside Project in the Pilbara Region of Western Australia where high-grade copper and manganese results were returned in recent sampling, as reported by Macarthur on October 9, 2019.
Cadence Minerals Holding in Macarthur
Cadence holds approximately 9.8% 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.
FE Limited Drilling Program Highlights:
- Road access and site earthworks at the Hillside Project have been completed.
- Programme of Works approvals have been received from the Western Australian Department of Mines, Industry, Resources and Safety (DMIRS).
- Heritage clearance obtained from the Native Title Claimants.
- Mobile Camp and RC drill rig has been mobilised to site.
- Drilling planned to commence today
Drilling has been planned to test potential supergene and hypogene mineralisation above and below the water table along the majority of the 14-kilometre Gossan line. This program will also test outcropping quartz vein mineralisation identified through prospecting activities.
Additional follow-up exploration will also be conducted in the vicinity of the high-grade manganese outcrop identified during recent field work.
FE Limited Earn-in with Macarthur
Macarthur Lithium Pty Ltd (“MLi”), a wholly owned subsidiary of Macarthur entered into an exclusive option agreement (“Option Agreement”) with FEL as announced on May 14, 2019, to earn up to 75% in its Pilbara lithium and gold projects in respect of 18 tenements in the Pilbara ranging from south of Nullagine to north of Pilgangoora.
The full release can be found at: https://web.tmxmoney.com/article.php?newsid=4745802456957360&qm_symbol=MMS
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 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) JV Partner FE Limited Expands Hillside Copper, Gold and Manganese Drilling Program at Hillside in the Pilbara.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the announcement yesterday from Macarthur Minerals (TSX-V: MMS) (“Macarthur”) that its Joint Venture Partner Fe Limited (“FEL”) has announced the company is fully funded for upcoming drilling at the Hillside Project in the Pilbara Region of Western Australia where high-grade copper and manganese results were returned in recent sampling, as reported by Macarthur on October 9, 2019.
Cadence Minerals Holding in Macarthur
Cadence holds approximately 9.8% 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.
Highlights:
- Fe Limited’s (ASX: FEL) cash balance has been boosted by the September quarter iron ore royalty payment of $645,775 from mining conducted by Mineral Resources Ltd at the Deception Iron Ore Mine in WA.
- The Q3 payment is 2.5 times the June quarter payment with further increased quarterly royalty payments expected as mining at Deception ramps-up.
- This payment will allow FEL to ramp-up exploration at the Hillside earn-in project in WA’s Pilbara region where recent sampling produced copper results of up to 18.8% as well as a surprising manganese oxide result of 59.4%.
Macarthur Minerals Executive Chairman Cameron McCall commented; “I am pleased to report that Fe Limited is expanding its drilling program at the Hillside Project in the Pilbara. FEL has raised over $1.2m since commencement of the Joint Venture which will be used to fund exploration and drilling activities across the tenements. FEL has obtained exciting rock chip samples containing high grade copper, manganese and gold at the Hillside Project. We look forward to reporting further positive results from the drilling program.”
The full release can be found at: https://web.tmxmoney.com/article.php?newsid=4571037186219115&qm_symbol=MMS
Cadence CEO Kiran Morzaria commented; “FEL’s announcement yesterday will allow the company to ramp-up exploration activities at the Hillside Project and, following the assay results announced earlier this month, is both great news for Macarthur Minerals and for Cadence as a major shareholder in Macarthur. We look forward to further drilling results from the Hillside project.”
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 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.
IMC Exploration Group Plc (IMC) Final Results for Year Ended 30-6-2019
Chairman’s Statement for the year ended 30th June 2019
The Directors of IMC Exploration Group plc (“IMC” or the “Group”) are pleased to present the audited financial results for IMC for the twelve months to 30th June 2019. The consolidated financial statements appearing below (which do not form the full statutory Report and Accounts of the Group) are taken from the Directors’ Report and Financial Statements for the year ended 30th June 2019 being posted to shareholders, a copy of which is available from IMC’s website at https://www.imcexploration.com/.
Highlights of year ended 30th June 2019
During the year under review, the Group continued the drilling programme and evaluation work on PL 3849 in Avoca, Co Wicklow, the drilling programme on the Gold Mine River project on PL 3857 located on the Gold Mine River in Co. Wicklow and the drilling programme on the North Wexford gold project on PL 2551. IMC was pleased to have been in the financial position to carry out a six-month long drilling programme on its licence areas in County Wexford and County Wicklow. Additionally, work continued on the Group’s previously-announced application for the admission of its share capital to the standard segment of the United Kingdom Official List and to trading on the main market of the London Stock Exchange.
Resulting from its activities during the financial year ended 30th June 2019, including the preparation by CSA Global of a Mineral Resource Estimate on the historic Avoca mine site project in Co. Wicklow and the drilling carried out at the North Wexford gold project, a number of significant achievements have crystallised in the first months of the current financial year, ending 30th June 2020. These are detailed below under “Post-Balance Sheet Events”.
Post- Balance Sheet Events
Work undertaken during the financial year ended 30th June 2019 and previous periods has led, during the first half to date of the current year, to some of the most positive and exciting developments for IMC since its incorporation in 2011. On 8th July 2019, the share capital of IMC was admitted to the standard segment of the Official List of the Financial Conduct Authority and to trading on the Main Market of the London Stock Exchange. The admission of the Group to trading on the London Stock Exchange, one of the most influential and prestigious global stock exchanges, significantly enhances the status and profile of the Group.
Since the end of the financial year ended 30th June 2019, IMC has received the Mineral Resource Estimate in accordance with the JORC Code (2012) on its Avoca historic mine site project in Avoca, Co. Wicklow. The Mineral Resource Estimate for the Avoca spoils and tailings is hugely significant. There is further potential to increase the tonnage and grade, not only on this site, but also on the other spoils’ heaps within IMC’s licence area and, to this end, the Group is progressing its exploration work on its spoils and tailings project in Avoca, Co. Wicklow and continues its drilling programme on PL 3849 in Avoca, Co. Wicklow.
In County Wexford, IMC has, since the end of the financial year 30th June 2019, been awarded two additional prospecting licences, PL 1200 and PL 1199, by the Department of Communications, Climate Action and Environment. IMC was delighted to have been granted these licences as they adjoin its existing PL 2551 licence, where IMC had previously encountered high gold grades yielding 353g/t gold (=11.38oz/t gold) from drill hole 12/2551/04. The award of the new licences means the Group now holds three abutting exploration licence areas in Co. Wexford, which it believes should significantly enhance the Group’s North Wexford gold project.
Conclusion
The listing of the Group and the admission to the Main Market of the London Stock Exchange are excellent developments. The Directors believe the scale and potential of the spoils and tailings project at Avoca, along with the Mineral Resource Estimate in accordance with the JORC Code (2012), to be truly transformational for IMC and its shareholders. I look forward to informing shareholders of further progress in the Group and with the projects within its licence areas as and when it arises. I wish to thank my fellow Directors and management team for their contributions to the Group’s progress and look forward to further successes for IMC and its shareholders during the current financial year.
Eamon O’Brien,
Chairman
IMC Exploration Group Public Limited Company
Consolidated Statement of Comprehensive Income
for the year ended 30th June 2019
Continuing Operations
| 2019 | 2018 | |
| Administrative expenses | (366,816) | (921,757) |
| Operating Loss for the period | (366,816) | (921,757) |
| Finance Income | – | – |
| Amount written off Intangible Assets | (284,088) | |
| Amount written off investment | – | – |
| __________ | _________ | |
| Loss for period before tax | (366,816) | (1,205,845) |
| Income tax expenses | (2,047) | 10,991 |
| _________ | _________ | |
| Total comprehensive loss for the period | (368,863) | (1,194,854) |
| ========= | ========= | |
| Loss attributable to: | ||
| Equity holders of the Company | (368,863) | (1,194,854) |
| ========= | ========= | |
| Total Comprehensive Loss attributable to: | ||
| Equity holders of the Company | (368,863) | (1,194,854) |
| ========= | ========= | |
| Earnings per share | ||
| From continuing operations | ||
| Basic and Diluted loss per share (cent) | 0.1 | 0.5 |
All activities derived from continuing operations. All losses and total comprehensive losses for the period are attributable to the owners of the Company.
The Company has no recognised gains or losses other than those dealt with in the statement of comprehensive income.
The Financial statements were approved by the Board of Directors on 29th October 2019 and signed on its behalf by:
On behalf of the board
Eamon O’Brien Andrew Laz Fleming
Director Director
IMC Exploration Group Public Limited Company
Consolidated Statement of Financial Position
for the year ended 30th June 2019
| 2019 | 2018 | |
| Assets | ||
| Intangible assets | 471,117 | 332,127 |
| Property, plant and equipment | 1,723 | – |
| Investments | – | – |
| __________ | __________ | |
| Total Non-Current Assets | 472,840 | 332,127 |
| __________ | __________ | |
| Current Assets | ||
| Trade and other receivables | 39,373 | – |
| Cash and cash equivalents | (30,403) | 212,410 |
| __________ | __________ | |
| Total Current Assets | 8,970 | 212,410 |
| __________ | __________ | |
| Total Assets | 481,810 | 544,537 |
| ========= | ========= | |
| Equity | ||
| Share Capital | 293,107 | 278,107 |
| Share premium | 3,645,171 | 3,490,942 |
| Retained deficit | (3,649,179) | (3,280,316) |
| __________ | _________ | |
| Attributable to owners of the Company | 289,099 | 488,733 |
| __________ | __________ | |
| Total Equity | 289,099 | 488,733 |
| __________ | __________ | |
| Liabilities – Current | ||
| Trade and other payables | 190,664 | 55,804 |
| Current tax liabilities | 2,047 | – |
| __________ | __________ | |
| Total Liabilities | 192,711 | 55,804 |
| __________ | __________ | |
| Total Equity and Liabilities | 481,810 | 544,537 |
The Financial statements were approved by the Board of Directors on 29th October 2019 and signed on its behalf by:
On behalf of the board
Eamon O’Brien Andrew Laz Fleming
Director Director
IMC Exploration Group Public Limited Company
Consolidated Statement of Changes in Equity
for the year ended 30th June 2019
| Share Capital € |
Share Premium € |
Retained Losses € |
Total € |
|
| Balance at 30 June 2017 | 166,610 | 2,489,137 | (2,085,462) | 570,285 |
| ___________ | __________ | _________ | _______ | |
| Total comprehensive income for the period | ||||
| Loss for the period | – | – | (1,194,854) | (1,194,854) |
| __________ | ___________ | __________ | _________ | |
| Total comprehensive income for the period | – | (1,194,854) | (1,194,854) | |
| Transactions with owners, recorded directly in equity | ||||
| contributions by and distributions to owners | ||||
| Shares issued | 111,497 | 1,058,515 | – | 1,170,012 |
| Share issue costs | – | (56,710) | – | (56,710) |
| __________ | ___________ | __________ | _________ | |
| Total transactions with owners | 111,497 | 1,001,805 | – | 1,113,302 |
| __________ | ___________ | __________ | _________ | |
| Balance at 30 June 2018 | 278,107 | 3,490,942 | (3,280,316) | 488,733 |
| __________ | ___________ | __________ | _________ | |
| Total comprehensive income for the period | ||||
| Loss for the period | – | – | (368,863) | (368,863) |
| __________ | ___________ | __________ | _________ | |
| Total comprehensive income for the period | – | (368,863) | (368,863) | |
| Transactions with owners, recorded directly in equity | ||||
| contributions by and distributions to owners | ||||
| Shares issued | 15,000 | 165,781 | – | 180,781 |
| Share issue costs | – | (11,552) | – | (11,552) |
| __________ | ___________ | __________ | _________ | |
| Balance at 30 June 2019 | 293,107 | 3,645,171 | (3,649,179) | 289,099 |
| __________ | ___________ | __________ | _________ |
Net equity is attributable to the holder of the ordinary shares in the Group.
The financial statements were approved by the board of Directors on 29th October 2019 and signed on its behalf by:
On behalf of the board
Eamon O’Brien Andrew Laz Fleming
Director Director
IMC Exploration Group Public Limited Company
Consolidated Statement of Cash Flows
for the year ended 30th June 2019
| 2019 | 2018 | |
| Cash flows from operating activities | ||
| Loss for the year | (368,863) | (1,194,854) |
| Adjustments for: | ||
| Intangible Assets Write Off | – | 284,088 |
| Income Tax recognised in profit and loss | 2,047 | (10,991) |
| Depreciation | 431 | – |
| ________ | ________ | |
| Cash from operations before changes in working capital | (366,385) | (921,757) |
| Movement in trade and other receivables | (39,373) | 81,017 |
| Movement in trade and other payables | 134,859 | (12,138) |
| _________ | _______ | |
| Net cash flow from operating activities | (270,899) | (852,878) |
| Cash flows from investing activities | ||
| Interest received | – | – |
| Proceeds from sale of investments | – | – |
| Taxation | – | – |
| Acquisitions and disposals | (141,143) | (28,550) |
| _________ | ________ | |
| Net cash (used in) investing activities | (141,143) | (28,550) |
| _________ | ________ | |
| Cash flows from financing activities | ||
| Proceeds from the issue of new shares | 169,229 | 1,113,302 |
| Finance income/(expense) | – | – |
| _________ | ________ | |
| Net cash generated by financing activities | 169,229 | 1,113,302 |
| _________ | ________ | |
| Movement in cash and cash equivalents | (242,813) | 231,874 |
| Cash and cash equivalents at beginning of year | 212,410 | (19,464) |
| _________ | ________ | |
| Cash and cash equivalents at end of year | (30,403) | 212,410 |
The financial statements were approved by the Board of Directors on 29th October 2019 and signed on its behalf by:
On behalf of the board
Eamon O’Brien Andrew Laz Fleming
Director Director
The Directors of IMC, after due and careful enquiry, accept responsibility for the contents of this announcement.
REGULATORY ANNOUNCEMENT ENDS.
Contact Details:
IMC Exploration Group plc
Kathryn Byrne: +353 85 233 6033
Keith, Bayley, Rogers & Co. Limited
Graham Atthill-Beck: +44 20 7464 4091 / +971 50 856 9408 /Graham.Atthill-Beck@kbrl.co.uk
Brinsley Holman: +44 20 7464 4098 /Brinsley.Holman@kbrl.co.uk
As investors await ECR’s Creswick assay results, Windidda survey confirms potential for Gold.
Anticipation builds on Creswick Assay results
ECR’s investors are eagerly awaiting the remaining assay results to be revealed from the whole-of-bag testing process at the Company’s Creswick Gold project.
If the partial assay results released on the 27th August 2019 are anything to go by, then investors definitely have something to be hopeful about. The 17 samples tested demonstrate a substantial increase in average gold grades.
The remaining 113 samples, which are expected to be released in the near future will provide an important insight into Creswick’s potential million ounce resource. So be sure to keep your eyes peeled for any announcements over the coming weeks.
Windidda Gold Project – Farm-In offer and Positive GeoPhysics survey
It’s not just Creswick grabbing attention though. ECR revealed at the end of September that they had been approached by a listed mineral exploration company to farm into their Windidda Gold Project in Western Australia.
Whilst ECR have decided not to proceed with the farm-in, another company looking to come on board is certainly an encouraging indication of the project potential.
ECR may also be expecting some better offers to come to the table. Given how sought after licenses are in the Yilgarn Craton, not to mention difficult to come by, such a development wouldn’t necessarily come as a surprise given that the area is home to around 30% of the world’s known gold reserves.
The decision to retain 100% ownership is also an indication of ECR’s own strong belief in its value and confidence in its ability to go it alone.
“We were fortunate to get the licences at the Yilgarn Craton, given the area’s excellent reputation” CEO Craig Brown told Mining Maven
“The permissions we have applied for currently are covered by a layer of other rocks, but, most importantly, underneath have significant exposure to that same critical greenstone belt that our peers are utilising successfully. The idea is that we want to drill down through the upper layers into the greenstone, where the large majority of the gold deposits in the Yilgarn Craton are contained. There has been some geophysics completed in the past that boast very positive indications for our work,” he added. 
On the back of this, ECR commisioned Western GeoPhysics to process and interpret existing airborne magnetic and ground gravity data. The survey results announced mid October 2019 noted that the depths to magnetic sources were shallowest on a highly magnetic trend striking NNW-SSE in the western half of the Windidda project area. Added to this, previous gold intersections drilled by North Ltd (NL) in 1998-2000 coincide with the highly magnetic units in the NL Bermuda project area, which lies outside the Windidda project area to the south.
This magnetic and mineralised ‘Bermuda’ trend projects into Windidda exploration licence application E38-3369, and the modelling results indicate shallow feasible drill targets there.
“The results of the study by Western Geophysics are most encouraging and demonstrate real potential for the discovery of gold mineralisation”, said Brown.
“The under-cover greenstone exploration model has been successfully tested to date by Greatland Gold at its Ernest Giles project located approximately 125km east of ECR’s Windidda gold project.”
Gold price rally could continue into the long-term
The push by ECR throughout the year to develop and expand its gold exploration activities could not have been timed better. 2019 has been a fantastic year for the precious metal. The gold spot price has rallied by over 25% during the past year, currently hovering around $1,505 per ounce and predicted to continue delivering long-term growth.
Several geopolitical and economic issues across the world have contributed to this incline and are likely to shape prices further.
From a volatile oil market, escalating concerns regarding the US-China trade war, ongoing Brexit uncertainty, talk of a global recession, negative bond yields and falling interest rates – all these are resulting in investors turning towards gold.
Speaking on Palisade Radio, Resource Maven’s Gwen Preston, discusses how global currencies are in a race to the bottom as countries compete for trade, and central banks continue to cut interest rates. She points to the uncertainty facing investors today, and how, as a result they are seeking a safe haven’ which is likely to be gold.
According to Gwen, “Gold can perform and is performing already against the strong US Dollar. When gold performs against a strong US dollar, it is the mark of a real gold bull market. So I think that is something to grant a lot of confidence to gold moves so far.’
Bloomberg’s October commodity update also expect gold’s rally to long continue, predicting that it will beat other commodities and reach record highs.
“Gold will remain at the top of the precious metals leaderboard, and its performance [will] accelerate into year-end. A definitive reversal in weakening global economic conditions should be needed to reverse this trend, yet further woes in 4Q appear the greater risk,” writes Bloomberg Intelligence senior commodity strategist Mike McGlone.
Looking beyond this, Frank Holmes CEO at US Global Investors predicts that extremely dovish monetary policies around the world and economic conditions could propel gold prices much higher, possibly even reaching $10,000 oz over the long-term.
ECR a potential steal
Such long-term predictions will certainly please the ECR board. Should the remaining assays from their Creswick site prove positive, the company might well undergo a substantial upward re-rating.
Unlike many of its peers though, ECR mitigates risk across a broad and diverse spread of projects. Hopes and aspirations are high for the Windidda Gold Project, as well as their three additional sites in Victoria, all of which are under active exploration.
ECR CEO Craig Brown certainly believes the company is well undervalued. “If ECR was listed on the ASX our market cap would be 3-4 times higher” said Brown after a recent ShareTalk evening. Sat at just 0.77p I’d have to agree with him. Either way, ECR’s story is one to keep an eye on.
Harry Dacres-Dixon
References:
- Brand Communications – ECR Minerals #ECR – Australian Gold – Business Update
- The Motley Fool – Brexit it or not here’s why I’m keeping an eye on the gold market
- Gwen Preston – The Fundamentals for Gold & Gold Stocks are Outstanding
- Kitco – Gold prices to follow palladium to record highs – Bloomberg Intelligence
- Share Talk – Craig Brown Snapshots
ECR Minerals #ECR – Positive Geophysics Update at Windidda Gold Project Australia
ECR Minerals plc (LON:ECR), the precious metals exploration and development company, is pleased to provide an update with regard to the Company’s Windidda gold project located in the Yilgarn region of Western Australia.
The Windidda gold project includes nine licence applications covering approximately 1,600 square kilometres of the Yilgarn region. The application areas were identified as a potential greenstone hosted orogenic gold exploration opportunity with significant potential to contain Archaean greenstones buried beneath cover. The application process for the licences is ongoing at present.
The focus of this announcement, the processing and interpretation of airborne and ground geophysics, is an important element in the determination of high profile drill targets, enabling the rapid assessment of the potential for gold mineralisation.
HIGHLIGHTS
- Processing, analysis and interpretation of gravity and open file airborne geophysics survey data covering the Windidda gold project area in Western Australia has been completed by Western Geophysics Pty Ltd on behalf of
ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”).
- The aim of the work was to process and interpret available airborne magnetic and ground gravity data to determine the depth of Archaean units below overlying Proterozoic Earaheedy Basin sediments.
- The modelling results show the depths to magnetic sources are shallowest on the highly magnetic trend striking NNW-SSE in the western half of the Windidda project area.
- Shallow, altered and mineralised gold intersections drilled by North Ltd in 1998-2000 coincide with the highly magnetic units in their Bermuda project area, which lies outside the Windidda project area to the south.
- The magnetic and mineralised trend (Bermuda trend) projects into Windidda exploration licence application E38-3369 and the modelling results indicate shallow feasible drill targets there.
Craig Brown, Chief Executive Officer, commented: “The results of the study by Western Geophysics are most encouraging and demonstrate real potential for the discovery of gold mineralisation hosted in under-cover Archaean greenstones in the world-class gold mining environment of Western Australia.
The under-cover greenstone exploration model has been successfully tested to date by Greatland Gold at its Ernest Giles project located approximately 125km east of ECR’s Windidda gold project.
We look forward to moving the Windidda gold project forward and reporting back to the market with further developments.”
FURTHER INFORMATION
MGA has nine exploration licence applications located approximately 150km north of Laverton in Western Australia, which comprise the Windidda project. An update on the status of the applications was provided in the Company’s announcement dated 27 September 2019, which may be viewed at the following link:
https://polaris.brighterir.com/public/ecr_minerals_plc/news/rns/story/rm5zl8w
The locations of the exploration licence applications, the regional geology and the gold and base metal (nickel) occurrences in the Gerry Well greenstone belt to the south are shown on Figure 1, which may be viewed at the following link:
https://www.ecrminerals.com/images/2019/10/14/windidda-project-geophreport-wgpx-figure-1.jpg
The Windidda project area is underlain by Proterozoic age sediments of the Earaheedy Basin. The basin rocks unconformably overlie Archaean rocks of the northern margin of the Yilgarn craton.
The geophysical modelling results show the depths to magnetic sources are shallowest on the highly magnetic trend striking NNW-SSE in the western half of the project area. Shallow, altered and mineralised gold intersections from drilling by North Ltd (“North”) in 1998-2000 coincide with the highly magnetic units in their Bermuda project area (labelled “Windidda South” on Figure 1), located outside the Windidda project area to the south. The magnetic and mineralised trend (Bermuda trend) projects into Windidda exploration licence application E38-3369 and the modelling results indicate feasible drill targets there.
The modelling shows increasing depth to the north for central and eastern zones of NNE-SSW striking, strongly magnetic units. Magnetic units at <200 metres BGL (below ground level) are indicated on Lines 2000 and 2001, shown on Figure 18, which may be viewed at the following:
https://www.ecrminerals.com/images/2019/10/14/windidda-project-geophreport-wgpx-figure-18.jpg
In order to advance future exploration, additional geophysics surveys are recommended to lower risk prior to any drilling. These being detailed gravity and high-resolution airborne EM surveys.
Previous work completed by North, located approximately seven kilometres to the south of the southern boundary of Windidda exploration licence application E38-3369, determined the Proterozoic is approximately less than or equal to 100 metres thick with some more shallow areas of Archaean banded iron formation (BIF) and ultramafic formations in subcrop.
A significant amount of work was done there by North (Bermuda project) from 1998 to 2000 including, mapping, drilling, some gravity lines and induced polarisation surveys. Unfortunately, none of the ground geophysics data are lodged in digital format with the West Australian Department of Mines. North concluded: “Significant gold anomalism has been intersected within E38/589. Associated with anomalous gold values are strong alteration zones, major through-going structures and anomalous multi-element geochemistry. All these factors show that E38/589 exhibits significant potential for hosting gold mineralisation and, requires further drilling to test anomalous zones.” The mineralisation is labelled as Windidda South on Figure 1.
MARKET ABUSE REGULATIONS (EU) No. 596/2014
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (MAR). Upon the publication of this announcement via Regulatory Information Service (RIS), this inside information is now considered to be in the public domain.
FOR FURTHER INFORMATION, PLEASE CONTACT:
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ECR Minerals plc |
Tel: +44 (0)20 7929 1010 |
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David Tang, Non-Executive Chairman |
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Craig Brown, Director & CEO |
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Email: |
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Website: www.ecrminerals.com |
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WH Ireland Ltd |
Tel: +44 (0)161 832 2174 |
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Nominated Adviser |
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Katy Mitchell/James Sinclair-Ford |
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SI Capital Ltd |
Tel: +44 (0)1483 413500 |
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Broker |
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Nick Emerson |
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ABOUT ECR MINERALS PLC
ECR is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd has 100% ownership of the Avoca, Bailieston, Creswick, Moormbool and Timor gold exploration licences in central Victoria, Australia and the Windidda gold project in the Yilgarn region, Western Australia.
ECR has earned a 25% interest in the Danglay epithermal gold project, an advanced exploration project located in a prolific gold and copper mining district in the north of the Philippines. An NI43-101 technical report was completed in respect of the Danglay project in December 2015 and is available for download from ECR’s website.
ECR’s wholly owned Argentine subsidiary Ochre Mining has 100% ownership of the SLM gold project in La Rioja, Argentina. Exploration at SLM has focused on identifying small tonnage mesothermal gold deposits which may be suitable for relatively near-term production.
Cadence Minerals (KDNC) Macarthur Minerals (TSX-V: MMS) Joint Venture Partner FE Limited Releases Hillside Copper and Gold Results and Discovers New Manganese Prospect up to 59.4% MnO.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the announcement today from Macarthur Minerals (TSX-V: MMS) (“Macarthur”) that its Joint Venture Partner Fe Limited (“FEL”), has released further significant copper and gold assays including a new manganese oxide area sample recording 59.4% MnO result from a recent field trip to the Hillside Project in the Pilbara Region of Western Australia.
Cadence Minerals Holding in Macarthur
Cadence holds approximately 9.8% 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.
Highlights:
- High grade copper, gold, silver and base metals assays received from outcrop sampling of Gossan over a 14km strike.
- Newly discovered manganese deposit in sub parallel outcrop to the gossan line.
Significant results include:
- 1.2ppm Au, 18.8% Cu, 77ppm Ag, 0.17% Zn, 0.057% Co
- 0.77ppm Au, 3.7% Cu, 187ppm Ag, 0.5% Zn, 0.06% Co
- 1.06ppm Au, 13.9% Cu, 79ppm Ag, 0.44% Zn
- 0.31ppm Au, 4.5% Cu, 76ppm Ag, 0.35% Zn, 0.05% Co
- 0.28ppm Au, 1.3%Cu, 14ppm Ag, 0.17% Zn, 0.04% Co
- 0.45ppm Au, 3.1% Cu, 50ppm Ag, 0.49% Zn
- 0.34ppm Au, 3.0% Cu, 22ppm Ag
- 0.83ppm Au, 7.2% Cu, 78ppm Ag, 0.93% Zn, 0.095% Co
- 59.4% MnO (>46% Mn)
Drilling planned and ready for mobilisation in late October (pending approvals)
Macarthur Minerals Executive Chairman Cameron McCall commented; “We are pleased to provide an update on the work completed since the Joint Venture between Macarthur and Fe Limited was entered into on May 14, 2019. FEL’s exploration activities have been focused on the Company’s previously underexplored Pilbara lithium and gold areas and to date, the results have been very encouraging with numerous high-grade results in the Hillside and Strelley Project areas. FEL is currently in the process of planning a drilling program with the areas shaping up to host multiple attractive and untested prospects.”
As previously announced by the Company on August 23, 2019, samples collected by FEL’s geological team from the Hillside Project returned strongly anomalous grades for base metals and gold from several locations.
The assay results are highly encouraging with 8 samples returning copper values over 1% with a peak of 18.8% and often accompanied with elevated gold, silver and zinc values.
Of considerable interest was an assay result of 59.4% MnO (46% Mn) from a sample collected from outcrop of a newly discovered oxide horizon. By comparison, Consolidated Minerals’ Woodie Woodie manganese deposit has a resource grade averaging 31.4% Mn. This prospect will be followed up in due course.”
The full release can be found at: https://web.tmxmoney.com/article.php?newsid=4943880064964348&qm_symbol=MMS
Cadence CEO Kiran Morzaria commented; “Macarthur Minerals continues to make solid progress with the FEL JV at the Hillside Project. In addition to a raft of high grade copper, gold, silver and zinc results, the new high grade manganese prospect has added an additional and potentially valuable dimension to the project.”
This news release is not for distribution to United States Services or for Dissemination in the United States.
– Ends –
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 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.