Last checked at 30 Jun 2021 10:37
Cadence Minerals Plc
("Cadence Minerals", "Cadence")
Macarthur Minerals (TSX-V: MMS, ASX: MIO) makes application for additional tenure adjacent to flagship Lake Giles Iron Project to support planned DSO operation.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Macarthur Minerals (TSX-V: MMS) (ASX: MIO) (the "Company" or "Macarthur") has advised that it has made an application for a Miscellaneous Licence covering an area of 74 hectares adjacent to its flagship Lake Giles Iron Project in the Yilgarn region of Western Australia.
The tenure, which is adjacent to the Snark deposit of the Ularring Hematite Project, will support Macarthur's non-process infrastructure for its planned direct-shipping iron ore ("DSO") campaign, initially targeting mining of the Snark and Drabble Downs deposits at Lake Giles.
A figure accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/55cc022b-92db-4bf9-898f-1862e15aad8d
Macarthur recently executed an Access Agreement to support the Application over this ground with its long-term associate, local prospector Mel Dalla-Costa. Macarthur intends to advance the Application as quickly as possible to allow the Company to target commencement of DSO production at the earliest available opportunity. The tenure will accommodate the mining operations centre that includes support infrastructure such as vehicle workshops, water storage, site offices, fuel supply and product stockpiling and loadout facilities.
Macarthur Minerals CEO Andrew Bruton commented: "Macarthur continues to advance mine and transport planning for a DSO mining operation at Ularring. This tenure application is another important step towards that objective.
The earliest commencement of revenue generating activities remains one of the Company's key priorities. With a clear view of the transport logistics challenges that are always evident in a heated commodity market, Management has been taking time over the last several months to ensure that this objective can be optimised in its delivery, to enable the Company to take advantage of current iron ore prices.
The market has been patiently awaiting further details on our progress, and as we continue to advance arrangements for the mining of DSO at Ularring, we expect to provide further updates on this and other planned product export activities shortly."
Link here for the full Macarthur announcement:
https://finance.yahoo.com/news/lake-giles-ularring-dso-macarthur-120000697.html?guccounter=1
Cadence Minerals Holding in Macarthur
Cadence holds approximately 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 Western Australia. It also has a lithium project in Nevada, USA.
This news release is not for distribution to United States Services or for Dissemination in the United States.
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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:
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