Last checked at 29 Apr 2020 16:02
Cadence Minerals Plc
("Cadence Minerals", "Cadence" or "the Company")
Macarthur Minerals (TSX-V: MMS) announces that further exploration for gold and copper is planned for the Hillside Project.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Macarthur Minerals (TSX-V: MMS) ("Macarthur") has today provided an update on planned exploration activities at its Hillside Gold and Copper Project by it's Joint Venture Partner, Fe Limited ("FEL") .
Cadence Minerals Holding in Macarthur
Cadence holds approximately 3.1 % 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:
· Down dip extension of mineralised gossan intercepted in two holes
· Anomalous results received include:
o HRC 001: 1m @ 0.19% Cu, 230ppm Co, 0.14% Zn, 0.07ppm Au from 28m
o HRC 022: 1m @ 0.74% Cu, 349ppm Co, 0.41% Zn, 0.14ppm Au from 83m
o HRC 036: 1m @ 0.18% Cu, 0.12% Zn from 25m, 1m @ 0.27% Cu from 40m
Results from the first phase drilling program reported by FEL in ASX announcement February 10, 2020 were very encouraging with three holes positively identified to have intercepted down dip extensions of a surface gossan. The three identified holes showed anomalous intercepts spanning the full length of the 14 km strike. In a cost saving measure, roughly half of the drilled samples were assayed in the lab where there was a logged record of visible quartz or sulphides in the samples. The remaining samples are now being analysed in the office using a portable XRF in case any anomalous samples were missed. If any are found, these will be sent to the lab for formal assay.
Once the results are received (lab and pXRF), the data will be interpreted using geochemistry to try to differentiate between different flows of basalt as a method of targeting possible sedimentary horizons deposited during volcanic hiatus. It is not yet clear whether outcropping and downhole mineralisation is the result of a volcano-stratigraphic massive sulphide deposit or a hydrothermal shear hosted depositional model.
FEL is planning a field trip in Q2 to conduct similar pXRF testing in the field ahead of further drilling or possible close spaced ground geophysics as well as follow up exploration of promising manganese outcrops in a neighbouring tenement.
The full release can be found at: https://web.tmxmoney.com/article.php?newsid=8918146685053128&qm_symbol=MMS
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.