Update - Macarthur Minerals

RNS Number : 4635P

Cadence Minerals PLC

10 October 2019

 

Cadence Minerals Plc

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

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. 

- Ends -

For further information: Cadence Minerals plc                                                    [phone] Andrew Suckling Kiran Morzaria WH Ireland Limited (NOMAD & Broker)                                 [phone] James Joyce James Sinclair-Ford Novum Securities Limited (Joint Broker)                                 [phone] 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.

 

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