Macarthur Minerals JV Partner - Assay Results

RNS Number : 4970L

Cadence Minerals PLC

06 September 2019

 

Cadence Minerals Plc

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

Macarthur Minerals (TSX-V: MMS) Joint Venture Partner FE Limited Releases High Grade Iron Ore Assay Results for the Strelley Project 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 released assay results from a recent field trip to the Strelley Project in the Pilbara Region of Western Australia.

During FELs recent reconnaissance trip to the Strelley Project in the Pilbara, samples were taken from the outcropping Banded Iron Formation ("BIF") continuing along strike from the previously mined Abydos iron ore project owned by Atlas Iron.

In addition, an aerial review of the geological mapping and photography in the south-eastern corner of the tenement shows a continuation of the marker chert found adjacent to the mineralised outcropping gossan (surface expression of the host VMS mineralogy) in the VentureX Sulphur Springs copper deposit to the south.

Field work has been planned to look for gossans or signs of similar mineralisation occurring within the Strelley Project in the Pilbara in the week beginning 9th September 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.

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=8859988162115155&qm_symbol=MMS

Cadence CEO Kiran Morzaria commented; "Macarthur's JV partner Fe Limited has returned significant iron ore results from rock chip sampling at the Strelley Project. We look forward to further developments."

This news release is not for distribution to United States Services or for Dissemination in the United States. 

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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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