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Macarthur JV Partner Expands Drilling Programme

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RNS Number : 6985R
Cadence Minerals PLC
31 October 2019
 

Cadence Minerals Plc

("Cadence Minerals", "Cadence" or "the Company")

 

Macarthur Minerals (TSX-V: MMS) Joint Venture 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. 

- 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.

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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Quick facts: Cadence Minerals PLC

Price: 7.75

Market: AIM
Market Cap: £8.17 m
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