Home » Posts tagged 'mms' (Page 4)
Tag Archives: mms
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.
– Ends –
For further information:
|
Qualified Person
Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School.
Forward-Looking Statements:
Certain statements in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identified by their use of terms and phrases such as ”believe” ”could” “should” ”envisage” ”estimate” ”intend” ”may” ”plan” ”will” or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors’ current expectations and assumptions regarding the Company’s future growth results of operations performance future capital and other expenditures (including the amount. nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reflect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors. Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The Company cannot assure investors that actual results will be consistent with such forward-looking statements.
Macarthur Minerals buoyed by share spike for major shareholder Cadence Minerals on iron ore deal – Proactive Investors
by John Miller. 
Macarthur is also encouraged by a robust iron ore market enhanced by low shipping rates and low oil prices.
Macarthur Minerals Limited (ASX:MIO) (CVE:MMS) remains focused on bringing to production its Western Australia iron ore projects, with the price of the key commodity remaining robust and largely unaffected by the COVID-19 pandemic.
While encouraged by the robust iron ore market, Macarthur is also buoyed by the performance this week of one of its largest shareholders Cadence Minerals PLC (LON:KDNC).
Cadence, an investment group that has a keen interest in opportunities in the iron ore sector, has this week doubled to GB 6.55p after the Amapá Iron Ore Project in Brazil received court approval to start iron ore shipments.
Shared iron ore vision
Macarthur and Cadence share the same vision of producing a high-grade, low-impurity iron ore concentrate and for this reason, Cadence has been a long-term corporate partner and investor in Macarthur.
Both companies are developing profitable and significant iron ore assets globally with Macarthur focused on the Lake Giles Iron Project in Western Australia.
The common ground extends beyond this vision with Cadence chairman Andrew Suckling also a non-executive director of Macarthur and chairman of the company’s Audit Committee.
Feasibility study progress
At Lake Giles, Macarthur is making strong progress on a feasibility study, focusing on the higher-value magnetite resource.
The location of Lake Giles with existing and planned logistics.
XRF assays and David Tube Recovery (DTR) analysis from infill drilling completed at the end of 2019 have confirmed significant intersections of magnetite mineralisation.
These results are being incorporated into an updated mineral resource model being prepared by CSA Global.
Detailed ‘route to market’ studies, including port and rail designs, are underway and remain a key priority as they will form the background of rail access, haulage and port contracts.
Tenders have also been called for metallurgical testing, process and infrastructure design, and mining studies to support a detailed feasibility study.
Large magnetite resource
Lake Giles mineral resources include the Moonshine magnetite resource and the Ularring hematite resource, which is approved for development.
Moonshine has an inferred magnetite resource of 710 million tonnes while Ularring has indicated resources of 54.5 million tonnes at 47.2% iron and inferred resources of 26 million tonnes at 45.4% iron.
Core samples from Lake Giles.
Macarthur’s executive chairman Cameron McCall said the company’s business case remained strong.
“Investor confidence across the board has taken a hit lately but we’re confident that the company is close to receiving a major shot in the arm on the back of an updated resource estimate and how we will get this to market.”
“Resolute” market fundamentals
He said: “On a macro-level, there are supportive market fundamentals that remain resolute; global steel production continues to rise and so does the demand for higher-grade, lower-impurity iron ore feedstock such as magnetite.
“While the prices of most major commodities are wilting in the face of the coronavirus, iron ore has been resilient with the benchmark 62% iron product hovering around a relatively robust $US90 per tonne, that’s up from $US72 in November last year.
“Lower oil prices, lower shipping rates as well as a declining Australian to US dollar should see a rapid rebalancing as all these variables impact positively on corporate returns.”
Ruling a key Amapá milestone
The Amapá ruling from the Commercial Court of São Paulo marks a key milestone for re-starting the Brazilian project.
This project is owned by DEV Mineração SA (DEV) in which Cadence can earn a 20 per cent stake.
Independent surveys of the iron ore stockpiles indicate that 1.39 million tonnes of iron ore in three stockpiles are available for immediate export with an average grade of 62.12% iron.
First shipment could be as early as the end of this quarter, but this depends upon the receipt of permits and any COVID-19 restrictions that may apply.
Cadence CEO Kiran Morzaria said: “For Cadence, this a significant step forward for the redevelopment of the fully integrated Amapá Iron Ore Project.
“We are truly entering the operational phase of the asset, and despite the current turbulent and volatile market conditions, the iron ore prices remain robust.
“Our chairman (Andrew Suckling) has previously referred to Amapá as a ‘company changing’ project for Cadence, and it is now on its way to deliver this goal.”
Low shipping rates
Macarthur and Cadence are also encouraged by low shipping rates due to the decreased supply of iron ore to market and this is enhanced by very low oil prices.
This will also have an impact on existing suppliers as the ongoing need for iron ore pushes up demand, particularly post-COVID-19.
Suckling said: “The ruling from Brazil’s São Paulo court marks a significant milestone for the re-opening of the Amapá iron ore project and its long-term benefits for stakeholders and the region.
“This ruling brings the Amapá project back to life.
“Despite the severe disruption created by COVID-19, management has remained focused on delivering the Amapá project as planned, supported by a robust iron ore market that continues to justify the opportunity.”
“On cusp of transformational change”
The importance of this deal has been recognised by prominent UK-based wealth management and corporate broking company WH Ireland Group PLC (LON:WHI) that states “Cadence is on the cusp of a transformational change”.
In a new research note on Cadence, WH Ireland states: “An easy to ship stockpile of 1.4Mt of 62% iron ore would sell for a current SPOT price of $84/t. Taking in re-handling and port costs (WHIe) of $10/t and ocean freight estimate of $30/t leaves an operating margin of nearly $45/t of iron ore shipped.”
This is “a healthy margin which could be used to pay senior bank creditors (once agreement has been reached) and complete a feasibility study into the reopening of the Amapá mine and pay for some of the new infrastructure required”.
Link here to view the original Proactive article
UK Investor Magazine – Cadence Minerals’ shares spike as “once in a lifetime” iron ore project receives approval
Since evolving from Rare Earth Minerals in early 2017, AIM listed Cadence Minerals (LON:KDNC) has offered investors a proposition largely based on investments into selected lithium and base metal projects around the globe.
Taking cornerstone stakes in projects such as the Cinovec Lithium and Tin Project in the Czech republic and Macarthur Minerals’ Lake Giles Iron Project in Western Australia has provided Cadence with opportunities to invest into acquiring assets directly.
The Company initially acquired lithium assets in Argentina and Australia, but when the iron ore supply squeeze in late 2018 threw up an opportunity to acquire the Amapá iron ore project in Brazil, Cadence management and its core investors jumped in with both feet.
Formerly owned by Anglo American (AAL) and Cliffs Natural Resources, the Amapá iron ore project is a large-scale iron open pit ore mine with associated rail, port and beneficiation facilities. Based in Northern Brazil close to the Atlantic, Amapá commenced operations in December 2007, and prior to its sale in 2012 due to a collapse in iron ore prices, Anglo American valued its 70% stake at $462m. Back then the mine was selling ore globally to Europe, USA and China.
With approx 1.4 million tonnes of iron ore stockpile sitting ready for shipment at the port, Cadence CEO Kiran Morzaria set up a joint venture company Pedra Branca Alliance Pte Ltd (PBA) with Singapore based commodities group IndoSino Pte Ltd to acquire DEV, the Amapá holding company.
A judicial restructuring plan submitted by PBA was approved, which saw Cadence, through PBA, acquire a 27% stake in the Amapá iron ore project for just $6m. And following extensive work with the judicial trustee and creditors committee, a landmark ruling was today delivered by the Commercial Court of São Paulo, approving the shipment of the iron ore stockpiles. The net proceeds of the iron ore sales will be used to pay labour and small creditors, and to bring the Amapá iron ore project back into production.
“Opportunities such as this come along once or twice in a lifetime,” says Morzaria. “To start a project on the scale of Amapá would require little short of $1bn capex. We (Cadence) will own 27% of a project, which when recommissioned should generate over $136m EBITDA per annum for at least 14 years, plus we will have the right and first refusal to acquire up to 49%.”
Rehabilitation of the mine, railway and port is expected to be completed by 2021, with first new production in 2022. A production ramp up will see 5.3 million tonnes of iron ore produced per annum by 2024.
More significantly, mine net revenues after shipping is forecast to be approximately $265m per annum, with EBITDA of approx $136m per annum based on a conservative iron ore price of $61 per tonne. Currently iron ore prices are around $84 per tonne.
Of course there is another benefit in rehabilitating the Amapá mine. The local economy will be rejuvenated, creating hundreds of jobs and employment opportunities, along with new funding for local schools and hospitals.
“Previously Amapá’s output amounted to a sizeable chunk of the local economy,” adds Morzaria.
“Bringing the mine back to life will provide a huge boost to the region.”
AIM listed Cadence currently trades on an asset backed market cap of just £7m. Given this, the opportunity and the numbers are hugely impressive and will be completely transformational once the mine is close to re-opening.
To echo Morzaria’s words, for a micro cap mining company, Amapá surely is a once in a lifetime opportunity.
Link here to read the original article
Cadence Minerals (KDNC) – Macarthur Minerals (TSX-V: MMS, ASX: MIO) seeks Venture Partner to further explore its nickel projects in Western Australia.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note today’s update from Macarthur Minerals (TSX-V: MMS, ASX: MIO) (“Macarthur”) on the potential for cobalt and nickel mineralisation at its Lake Giles Iron Ore Project in Western Australia, following recent rock chip sampling that coincided with the Company’s magnetite infill drilling.
In 2018, a rock chip sampling program across the Snark prospect discovered samples containing the cobalt mineral asbolite with assays returning up to 2.6% cobalt and 2.0% nickel. In May 2018, a Moving Loop Electromagnetic (MLEM) geophysical survey was undertaken across the area that identified two compelling conductors coinciding with surface geochemical anomalies. In October 2019, the Company undertook further rock chip sampling confirming anomalous Nickel, Cobalt and Chromium grades that warrant further exploration.
Macarthur is currently focusing on its Lake Giles Iron Ore Project and is seeking a venture partner to further advance exploration of its nickel projects.
The full release can be found at: https://web.tmxmoney.com/article.php?newsid=7147043172086554&qm_symbol=MMS
Cameron McCall, President and Executive Chairman of Macarthur Minerals commented:
“On the back of the Company’s initial exploration for nickel and base metals, the Company has undertaken a comprehensive review of its previous drilling and soil sample assays and targeted several areas for on-ground exploration. Recent exploration was successful in extending the anomalous nickel and cobalt rock samples along the extent of the bedrock conductor identified in mid-2018. The Company is now in the process of seeking a venture partner interested in furthering this opportunity at Lake Giles.”
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.
– Ends –
For further information:
|
Qualified Person
Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School.
Forward-Looking Statements:
Certain statements in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identified by their use of terms and phrases such as ”believe” ”could” “should” ”envisage” ”estimate” ”intend” ”may” ”plan” ”will” or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors’ current expectations and assumptions regarding the Company’s future growth results of operations performance future capital and other expenditures (including the amount. nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reflect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors. Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The Company cannot assure investors that actual results will be consistent with such forward-looking statements.
Cadence Minerals (KDNC) – Macarthur Minerals (TSX-V: MMS, ASX: MIO) set to advance Moonshine nickel prospect with EIS co-funded drilling
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note yesterday’s update from Macarthur Minerals (TSX-V: MMS) (“Macarthur”), that it has been awarded a grant valued at $85,000 from the Western Australian Government to support drilling of a diamond drill hole at its Moonshine North Nickel Prospect, located within its Lake Giles Iron Project in Western Australia.
The grant is provided under the Exploration Incentive Scheme (EIS) administered by the Department of Mines, Industry Regulation and Safety (DMIRS). The program provides $5 million a year to encourage innovative drilling in greenfields and under-explored areas of the State and offers up to 50 per cent contribution to drilling costs.
Highlights:
- The EIS grant of $85,000 was awarded to Macarthur for a diamond drilling program targeting nickel mineralisation at Moonshine.
- Deep drilling is planned, targeting two prospective targets:
- A ~20,000 Siemens plate conductor (MC02) geophysical anomaly.
- An anomalous nickel horizon found in a nearby drill hole (LGDD_054) close to surface. This hole intersected 19 meters @ 1% Ni (from 8 meters to 27 meters) including 1 meter @ 1.42% Ni (from 13m). This weathered surface expression could be a secondary dispersion of a massive sulphide source at depth
Moonshine Nickel Prospect
The Moonshine North Nickel Prospect lies within the Lake Giles Iron Project located 150 kilometres northwest of Kalgoorlie and 450 kilometres north east of Perth in Western Australia.
The Project area covers part of the Yerilgee Archean Greenstone belt within the Yilgarn craton. The geology consists of volcanic sequences mainly comprising of high magnesium basalts, komatiitic and ultramafic flows with numerous interflow banded iron formations (BIFs). The ultramafic rocks at Lake Giles are considered of Kambalda komatiite type. The extensive komatiite sequences of thick olivine cumulate flow units and felsic-intermediate volcanism indicates that the area fits a regional geological criterion for hosting komatiite nickel sulphide deposits such as those existing nickel mines within the Kalgoorlie Terrane.
The full release can be found at: https://web.tmxmoney.com/article.php?newsid=8222489774114484&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.
– Ends –
For further information:
|
Qualified Person
Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School.
Forward-Looking Statements:
Certain statements in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identified by their use of terms and phrases such as ”believe” ”could” “should” ”envisage” ”estimate” ”intend” ”may” ”plan” ”will” or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors’ current expectations and assumptions regarding the Company’s future growth results of operations performance future capital and other expenditures (including the amount. nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reflect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors. Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The Company cannot assure investors that actual results will be consistent with such forward-looking statements.
Cadence Minerals #KDNC – Macarthur Minerals (TSX-V: MMS) (ASX: MIO) reports strong progress on Feasibility Study for Lake Giles iron project.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note today’s update from Macarthur Minerals (TSX-V: MMS) (“Macarthur”), that is pushing ahead on the Feasiblity Study for its Lake Giles Iron Project in Western Australia, despite strong economic headwinds caused by the coronavirus crisis.
Progress to Date
XRF assays and David Tube Recovery (DTR) analysis from the infill drilling program completed at the end of 2019 have confirmed significant intersections of magnetite mineralisation. Results of these assays were released to the market by Macarthur on January 16, 2020. These results are now being incorporated into an updated mineral resource model currently being prepared by CSA Global.
Meanwhile, detailed ‘route to market’ studies including port and rail designs have commenced and remain a key priority. These studies will form the background of rail access, haulage and port contracts.
Tenders have also been called for metallurgical testing, process and infrastructure design, and mining studies to support a detailed Feasibility Study.
The full release can be found at: https://web.tmxmoney.com/article.php?newsid=5403569500482534&qm_symbol=MMS
Macarthur Executive Chairman Cameron McCall commented: “Investor confidence across the board has taken a hit lately but we’re confident that Macarthur is close to receiving a major shot in the arm on the back of an updated resource estimate and how we will get this to market. While the prices of most major commodities are wilting in the face of the coronavirus, iron ore has been resilient with the benchmark 62% Fe product hovering around a relatively robust $US90 per tonne, that’s up from $US72 in November last year. Lower oil prices, lower shipping rates between China and Australia as well as a declining Australian to United States dollar should see a rapid rebalancing as all these variables impact positively on corporate returns”
Cadence Minerals CEO Kiran Morzaria added: “As markets around the world continue to reel from the human and economical impact from the Coronavirus, a resilient iron ore price continues to support both our investment strategy into Macarthur Minerals and our Amapa Iron ore project investment in Brazil. We look forward to further progress updates from Macarthur.”
This news release is not for distribution to United States Services or for Dissemination in the United States.
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.
– Ends –
For further information:
|
Qualified Person
Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School.
Forward-Looking Statements:
Certain statements in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identified by their use of terms and phrases such as ”believe” ”could” “should” ”envisage” ”estimate” ”intend” ”may” ”plan” ”will” or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors’ current expectations and assumptions regarding the Company’s future growth results of operations performance future capital and other expenditures (including the amount. nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reflect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors. Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The Company cannot assure investors that actual results will be consistent with such forward-looking statements.
Cadence Minerals #KDNC – Macarthur Minerals (TSX-V: MMS) 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.
– Ends –
For further information:
|
Qualified Person
Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School.
Forward-Looking Statements:
Certain statements in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identified by their use of terms and phrases such as ”believe” ”could” “should” ”envisage” ”estimate” ”intend” ”may” ”plan” ”will” or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors’ current expectations and assumptions regarding the Company’s future growth results of operations performance future capital and other expenditures (including the amount. nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reflect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors. Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The Company cannot assure investors that actual results will be consistent with such forward-looking statements.
Cadence Minerals #KDNC CEO Kiran Morzaria discusses the company’s lithium, rare earth and iron ore assets with Vox Markets
Cadence Minerals #KDNC CEO Kiran Morzaria discusses the company’s lithium, rare earth and iron ore assets with Abraham Darwyne at Vox Markets. Link on the image to watch.
Cadence Minerals #KDNC – Macarthur Minerals (TSX-V: MMS) confirms major intersections of magnetite mineralisation at Lake Giles Iron Project
Drilling at the Moonshine North deposit comprised 21 reverse circulation (RC) holes for 3379 metres advance and 9 diamond drill (DD) holes for 1676.2 metres advance totalling 5055.2m. Drilling was completed in December 2019 with final assay results received this week.
Cadence Minerals Holding in Macarthur
Cadence holds approximately 7 % 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
· DD hole LGDD_070 intersected high grade magnetite mineralisation. The interval 73m to 174m (101m) averaged 28.4% Fe.
· DD hole LGDD_071 intersected the interval 78m to 162m (84m) averaging 30.4% Fe (including the interval 106m to 130m with a grade of 41.2% Fe).
· DD hole LGDD_074 intersected the interval 46m to 99m (53m) averaging 32.8% Fe.
Link here for the full announcement: https://web.tmxmoney.com/article.php?newsid=5722202672725413&qm_symbol=MMS
Macarthur Minerals Executive Chairman Cameron McCall said: “This is an outstanding result that builds our confidence to upgrade the resource classification to include Indicated and Measured Mineral Resources. The updated mineral resource, when completed, will underpin the Feasibility Study to be completed for the Lake Giles Iron Project.”
Cadence Minerals CEO Kiran Morzaria commented: “Once again, Cameron McCall and his team have added value to the Macarthur investment proposition. As major shareholders we are delighted to continue to support Macarthur, and we look forward to further developments.”
This news release is not for distribution to United States Services or for Dissemination in the United States.
– Ends –
For further information:
|
Cadence Minerals plc |
+44 (0) 207 440 0647 |
|
Andrew Suckling |
|
|
Kiran Morzaria |
|
|
WH Ireland Limited (NOMAD & Broker) |
+44 (0) 207 220 1666 |
|
James Joyce |
|
|
James Sinclair-Ford |
|
|
Novum Securities Limited (Joint Broker) |
+44 (0) 207 399 9400 |
|
Jon Belliss |
Qualified Person
Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School.
Forward-Looking Statements:
Certain statements in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identified by their use of terms and phrases such as ”believe” ”could” “should” ”envisage” ”estimate” ”intend” ”may” ”plan” ”will” or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors’ current expectations and assumptions regarding the Company’s future growth results of operations performance future capital and other expenditures (including the amount. nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reflect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors. Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The Company cannot assure investors that actual results will be consistent with such forward-looking statements.
Cadence Minerals #KDNC – Macarthur Minerals (TSX-V: MMS) Joint Venture Partner FE Limited Releases Initial Assay Results on the Hillside Project
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 assay results from a recent field trip to the Hillside Gold and Copper Project in the Pilbara Region of Western Australia.
Samples collected by FEL’s geological team during a recent site visit to the Hillside tenements were submitted to the laboratory for analysis in early August. Three of the assays received so far have returned strongly anomalous grades for base metals and gold from different locations.
The base metals results from the gossan outcrop shows similar copper grades to a historical rock chip from a gossan outcrop directly south along strike approximately 6 kilometres away. Both outcrops lie within a strong magnetic anomaly identified in the SkyTEM electromagnetic survey conducted by MLi in 2018. This gossan will be a high priority drilling target in coming months.
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.
About FE Limited
FE Limited (ASX: FEL) is a listed mineral exploration Company that holds or has rights or interests in various projects and tenements prospective for battery metals, copper, iron ore, gold and base metals located in Australia. The Company is focused on the exploration of battery metal projects. In March 2019, FEL entered into an agreement to acquire the Pippingarra Lithium Project and the Marble Bar Lithium Project (Project) from Mercury Resources Group Pty Ltd. These areas complement the tenement portfolio of Macarthur Minerals, establishing an 1800 square kilometre exploration footprint in the important Lithium and Gold region of Western Australia.
On May 14, 2019 Macarthur announced it had entered into an exclusive option agreement with FE Limited (ASX: FEL), for FEL to acquire an interest of up to 75% in the tenements held by Macarthur’s wholly owned subsidiary Macarthur Lithium Pty Ltd (“MLi”).
The full release can be found at: https://web.tmxmoney.com/article.php?newsid=6869424999245667&qm_symbol=MMS
Cadence CEO Kiran Morzaria commented;“Following on from yesterday’s progress report on Lake Giles, we are pleased to note some encouraging early exploration results from the Hillside Gold and Copper Project by Macarthur’s JV partner Fe Limited.”
This news release is not for distribution to United States Services or for Dissemination in the United States.
– Ends –
For further information:
|
Qualified Person
Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School.
Forward-Looking Statements:
Certain statements in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identified by their use of terms and phrases such as ”believe” ”could” “should” ”envisage” ”estimate” ”intend” ”may” ”plan” ”will” or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors’ current expectations and assumptions regarding the Company’s future growth results of operations performance future capital and other expenditures (including the amount. nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reflect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors. Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The Company cannot assure investors that actual results will be consistent with such forward-looking statements.