Cadence Minerals PLC - Macarthur Minerals EIS Grant for Nickel Prospect
("Cadence Minerals", "Cadence" or "the Company")
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
The grant is provided under the Exploration Incentive Scheme (EIS) administered by the
· The EIS grant of
· 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
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 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
This news release is not for distribution to United States Services or for Dissemination in
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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
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