Last checked at 6 May 2020 07:00
Cadence Minerals Plc
("Cadence Minerals", "Cadence" or "the Company")
Macarthur Minerals (TSX-V: MMS) announces that Assays have been completed for infill drilling of the Lake Giles Iron Project.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Macarthur Minerals (TSX-V: MMS) ("Macarthur") has recently received the final XRF and Davis Tube Recovery (DTR) assays for the infill drilling program completed at its Lake Giles Iron Project near Kalgoorlie in Western Australia. The DTR assays confirm significant intersections of magnetite mineralisation with DTR concentrate grades up to 68.9% Fe.
Cadence Minerals Holding in Macarthur
Cadence holds approximately 4.1% 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.
Highlights:
Drilling at the Moonshine North deposit comprised 21 reverse circulation (RC) holes for 3379 metres and 9 diamond drill (DD) holes for 1676.2 metres, totalling 5055.2m. A weighted average DTR concentrate grade of 66.6% Fe and weighted average mass recovery of 31.2% was recorded. A total of 25 holes were submitted for XRF and DTR analysis.
Macarthur has now engaged CSA Global to complete an updated resource model and classification.
The full release can be found at: https://web.tmxmoney.com/article.php?newsid=5771056257152729&qm_symbol=MMS
Macarthur Executive Chairman Cameron McCall said; "The assay results for the infill drilling confirmed good intersections of magnetite. This has been a successful program, and these intersections will form the basis of a revised mineral resource estimate that will underpin the Feasibility Study. Macarthur has been working hard on progressing key components of the Lake Giles Iron Project, and is well underway in advancing discussions to achieve a contracted position with port and rail service providers. We look forward to informing investors about the outcomes of the updated resource classification that is anticipated to include Indicated and Measured Mineral Resources, and to further advising on progress on the Company's march toward securing its route to market."
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:
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.