Last checked at 25 Mar 2020 14:10
Cadence Minerals Plc
("Cadence Minerals", "Cadence" or "the Company")
Macarthur Minerals (TSX-V: MMS, ASX: MIO) seeks Venture Partner to further explore its nickel projects in Western Australia.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note today's update from Macarthur Minerals (TSX-V: MMS, ASX: MIO) ("Macarthur") on the potential for cobalt and nickel mineralisation at its Lake Giles Iron Ore Project in Western Australia, following recent rock chip sampling that coincided with the Company's magnetite infill drilling.
In 2018, a rock chip sampling program across the Snark prospect discovered samples containing the cobalt mineral asbolite with assays returning up to 2.6% cobalt and 2.0% nickel. In May 2018, a Moving Loop Electromagnetic (MLEM) geophysical survey was undertaken across the area that identified two compelling conductors coinciding with surface geochemical anomalies. In October 2019, the Company undertook further rock chip sampling confirming anomalous Nickel, Cobalt and Chromium grades that warrant further exploration.
Macarthur is currently focusing on its Lake Giles Iron Ore Project and is seeking a venture partner to further advance exploration of its nickel projects.
The full release can be found at: https://web.tmxmoney.com/article.php?newsid=7147043172086554&qm_symbol=MMS
Cameron McCall, President and Executive Chairman of Macarthur Minerals commented:
"On the back of the Company's initial exploration for nickel and base metals, the Company has undertaken a comprehensive review of its previous drilling and soil sample assays and targeted several areas for on-ground exploration. Recent exploration was successful in extending the anomalous nickel and cobalt rock samples along the extent of the bedrock conductor identified in mid-2018. The Company is now in the process of seeking a venture partner interested in furthering this opportunity at Lake Giles."
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.
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.