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Cadence Minerals #KDNC – Macarthur Minerals (TSX-V: MMS) Joint Venture Partner Fe Limited completes sale of Evanston royalty and is now set for exploration at the Hillside Project
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Macarthur Minerals (TSX-V: MMS) (“Macarthur”) Joint Venture Partner, Fe Limited (“FEL”) has announced the completion of the sale of its Evanston royalty interest over a portion of the wider Koolyanobbing iron ore mine in the Southern Yilgarn region of Western Australia.
TRR Services Australia Pty Ltd, a wholly owned subsidiary of Trident Resources PLC (LSX: TRR), has purchased the royalty for $7 million. FEL has received the first payment of $3.5 million with a further instalment of $3m payable in 12 months. FEL now has cash in the bank of $5.2 million and fully funded to commence exploration work at the Hillside Copper and Gold Project in the Pilbara region of Western Australia.
FEL is currently finalising plans to conduct a Fixed Loop Electromagnetic Survey (FLEM) ground survey at the Hillside project. The survey will cover a section of the previously identified gossan line as well as a series of individual FELM surveys over previously identified high priority SkyTEM electromagnetic targets across the wider project area.
Results are expected to better indicate any massive sulphide mineralisation which may exist to assist targeting the next drilling campaign which is expected to occur later this year.
Macarthur President and Executive Chairman Cameron McCall commented: “We are excited by the news that Fe Limited is adding $7 million to its bank balance and will be fully funded for further exploration activities on Macarthur’s Pilbara tenements encompassing the Hillside, Panorama, and Strelley projects. All results so far have been very encouraging.”
The full release can be found at: https://web.tmxmoney.com/article.php?newsid=5901381898498103&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.
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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, ASX: MIO) Joint Venture Partner Fe Limited announces FIRB approval for sale of Iron Ore royalty
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Macarthur Minerals (TSX-V: MMS) (“Macarthur”) Joint Venture Partner, Fe Limited (“FEL”) has announced that the sale of its Evanston royalty interest to Trident Resources PLC (LSX: TRR) has been granted approval from Australia’s Foreign Investment Review Board (FIRB).
The transaction has already received approval from FEL’s Shareholders, and the announcement by FEL that FIRB approval has also been granted is another important step. The transaction remains subject to Trident commencing trading on the AIM Market of the London Stock Exchange, which has been targeted to occur by 2 June 2020.
FEL has entered into an earn-in agreement with Macarthur for eight tenements in the Pilbara region of Western Australia, including the Hillside Gold and Copper Project. Under the terms of the earn-in agreement, Macarthur acquired 5.4% of the ordinary shares in FEL in August 2019 as consideration for the stage 1 Option Exercise Fee. The Evanston royalty transaction will provide FEL with the necessary funding to support its ongoing exploration programs, including follow-up works to the recent drilling program completed at the Hillside Gold and Copper Project.
Macarthur President and Executive Chairman Cameron McCall commented: “The confirmation that the sale of FEL’s royalty interest to Trident Resources has cleared a key regulatory approval requirement in Australia with the FIRB is further pleasing news for our joint venture partner FEL and its ability to fund its ongoing exploration programs, including further exploration activities on Macarthur’s Pilbara tenements encompassing the Hillside, Panorama, and Strelley projects. Macarthur looks forward to working with FEL on furthering these opportunities and delivering value to its shareholders.”
The full release can be found at: https://web.tmxmoney.com/article.php?newsid=7644276339781005&qm_symbol=MMS
Cadence Minerals Holding in Macarthur
Cadence holds approximately 4.1% of the issued equity interest in Macarthur, which is an Australian mining exploration company focused primarily on iron ore, nickel, lithium and gold in Western Australia. It also has a lithium project in Nevada, USA.
This news release is not for distribution to United States Services or for Dissemination in the United States.
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For further information:
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Qualified Person
Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School.
Forward-Looking Statements:
Certain statements in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identified by their use of terms and phrases such as ”believe” ”could” “should” ”envisage” ”estimate” ”intend” ”may” ”plan” ”will” or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors’ current expectations and assumptions regarding 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) Joint Venture Partner Fe Limited announces sale of Evanston royalty.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Macarthur Minerals (TSX-V: MMS) (“Macarthur”) Joint Venture Partner, Fe Limited (“FEL”) has announced approval by its Shareholders for the sale of its Evanston royalty interest over a portion of the wider Koolyanobbing iron ore mine in the Southern Yilgarn region of Western Australia.
TRR Services Australia Pty Ltd, a wholly owned subsidiary of Trident Resources PLC (LSX: TRR), has entered into an agreement to purchase the royalty for $7 million. The sale is payable in two instalments, with the first instalment of $4 million payable on completion. The second payment of $3 million is payable on the day after the first anniversary of completion.
This transaction will provide FEL with the necessary funding to support ongoing exploration programs, including follow-up works to the recent drilling program completed at the Hillside Gold and Copper Project in the Pilbara region of Western Australia. Results from the first phase drilling program reported by FEL in its ASX announcement dated February 10, 2020 were very encouraging with three holes positively identified to have intercepted down dip extensions of a surface gossan. The three identified holes showed anomalous intercepts spanning the full length of the 14km strike.
Fe Limited has entered into an earn-in agreement with Macarthur for eight tenements in the Pilbara, including the Hillside Gold and Copper Project.
Macarthur President and Executive Chairman Cameron McCall commented: “We are excited by the news that Fe Limited is adding $7 million to its bank balance and will be fully funded for further exploration activities on Macarthur’s Pilbara tenements encompassing the Hillside, Panorama, and Strelley projects. All results so far have been very encouraging.”
The full release can be found at: https://web.tmxmoney.com/article.php?newsid=8063654181445588&qm_symbol=MMS
Cadence Minerals Holding in Macarthur
Cadence holds approximately 4.1% of the issued equity interest in Macarthur, which is an Australian mining exploration company focused primarily on iron ore, nickel, lithium and gold in Western Australia. It also has a lithium project in Nevada, USA.
This news release is not for distribution to United States Services or for Dissemination in the United States.
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For further information:
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Qualified Person
Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School.
Forward-Looking Statements:
Certain statements in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identified by their use of terms and phrases such as ”believe” ”could” “should” ”envisage” ”estimate” ”intend” ”may” ”plan” ”will” or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors’ current expectations and assumptions regarding 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) announces that further exploration for gold and copper is planned for the Hillside Project.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Macarthur Minerals (TSX-V: MMS) (“Macarthur”) has today provided an update on planned exploration activities at its Hillside Gold and Copper Project by it’s Joint Venture Partner, Fe Limited (“FEL”) .
Cadence Minerals Holding in Macarthur
Cadence holds approximately 3.1% 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.
Highlights:
- Down dip extension of mineralised gossan intercepted in two holes
- Anomalous results received include:
- HRC 001: 1m @ 0.19% Cu, 230ppm Co, 0.14% Zn, 0.07ppm Au from 28m
- HRC 022: 1m @ 0.74% Cu, 349ppm Co, 0.41% Zn, 0.14ppm Au from 83m
- HRC 036: 1m @ 0.18% Cu, 0.12% Zn from 25m, 1m @ 0.27% Cu from 40m
Results from the first phase drilling program reported by FEL in ASX announcement February 10, 2020 were very encouraging with three holes positively identified to have intercepted down dip extensions of a surface gossan. The three identified holes showed anomalous intercepts spanning the full length of the 14 km strike. In a cost saving measure, roughly half of the drilled samples were assayed in the lab where there was a logged record of visible quartz or sulphides in the samples. The remaining samples are now being analysed in the office using a portable XRF in case any anomalous samples were missed. If any are found, these will be sent to the lab for formal assay.
Once the results are received (lab and pXRF), the data will be interpreted using geochemistry to try to differentiate between different flows of basalt as a method of targeting possible sedimentary horizons deposited during volcanic hiatus. It is not yet clear whether outcropping and downhole mineralisation is the result of a volcano-stratigraphic massive sulphide deposit or a hydrothermal shear hosted depositional model.
FEL is planning a field trip in Q2 to conduct similar pXRF testing in the field ahead of further drilling or possible close spaced ground geophysics as well as follow up exploration of promising manganese outcrops in a neighbouring tenement.
The full release can be found at: https://web.tmxmoney.com/article.php?newsid=8918146685053128&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) announces encouraging initial drill results at the Pilbara Hillside Project.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note today’s update from Macarthur Minerals (TSX-V: MMS) (“Macarthur”), that it’s Joint Venture Partner, Fe Limited (“FEL”) has received encouraging results from its first phase preliminary drilling at the Hillside Project in Western Australia targeting underground extensions to the periodically outcropping mineralised gossan identified during previous reconnaissance. A total strike length of 14km was mapped and sampled at outcrop resulting in high grade rock chip results as reported in ASX announcement October 9, 2019.
Cadence Minerals Holding in Macarthur
Cadence holds approximately 6% 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:
- Encouraging results received from recent Hillside drilling.
- Results demonstrate support for mineralised gossan model.
- Down dip extension of mineralised gossan intercepted in two holes.
- Anomalous results received include:
- HRC 001: 1m @ 0.19% Cu, 230ppm Co, 0.14% Zn, 0.07ppm Au from 28m.
- HRC 022: 1m @ 0.74% Cu, 349ppm Co, 0.41% Zn, 0.14ppm Au from 83m.
- HRC 036: 1m @ 0.18% Cu, 0.12% Zn from 25m, 1m @ 0.27% Cu from 40m.
- All Intercepts demonstrate down dip extensions to the mineralised gossan at surface.
A total of 1798m from 36 holes were drilled at approximately 1km intervals targeting underground extensions to the periodically outcropping mineralised gossan identified during previous reconnaissance.
Limited historical targeting data was available, and first pass hole locations were chosen using estimated dip and dip direction from the interpreted lineament of the mineralised strike. Supporting information included field observations, a coincident westerly dipping magnetic anomaly with its eastern extent coinciding roughly with the interpreted gossan lineament and the presence of highly leached surface lithologies indicating the possibility of sulphides at depth.
FEL and Macarthur have now received all results of the assays and initial interpretation shows three holes have been positively identified to have intercepted down dip extensions of the surface gossan. These holes span the entire length of the mapped strike length demonstrating down dip extension of the surface mineralisation.
The full release can be found at: https://web.tmxmoney.com/article.php?newsid=6135740381549710&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 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.
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.
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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.