Cadence Minerals PLC (LON:KDNC) has revealed that Hastings Technology Metals Limited (ASX:HAS), the operator of the Yangibana Rare Earth Project, has announced a final JORC Code Resource for 2017 of 21 million tonnes at 1.17% of Total Rare Earth Oxides.
Cadence has a 30% free carried interest in some of the tenements included in the Yangibana mineral resource which hosts extensive rare earths-bearing ferrocarbontite/ironstone veins that were evaluated by drilling in the 1980s and by Hastings in 2014 and 2015.
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The group said this total resource represents some 36% of the entire mineral resource of Yangibana and importantly has a similar Nd2O3+Pr6O11 grade to the resource in areas not covered by the tenements jointly owned by Cadence.
Kiran Morzaria, Cadence’s chief executive officer commented: “As electrical vehicle manufacturers continue to switch from induction to permanent magnet motors, neodymium (Nd) and praseodymium (Pr) are taking centre stage in the rare earth element suite.
“Yangibana has high grades in these elements, and we believe that this sets it apart from many other rare earth deposits currently under exploration or development.”
He added: “We look forward to the publication of the BFS and the mining plan, so that we can determine when and how much ore will be mined from our jointly owned tenements."
Macarthur Minerals venture to commence exploration
Cadence Minerals also reported that Macarthur Minerals Limited (TSX-V:MMS) has announced that Artemis Resources Limited is to commence exploration for conglomerate hosted gold at the Canadian-listed firm’s two licensed tenements in the Pilbara region of Western Australia.
Cadence has a 15.2% equity interest in Macarthur, which is focused primarily on lithium, iron ore and gold in Pilbara region and also has a lithium project in Nevada, USA.
Kiran Morzaria said: "The discovery of conglomerate hosted gold within the Pilbara region of Western Australia is opening up a potentially significant new gold province, the mineralisation is thought to be analogous to the Witwatersrand gold province in South Africa where approximately 1.6bn ounces of gold have been mined.“
-- Adds statement on Macarthur Minerals --