Last checked at 26 Mar 2021 16:01
Cadence Minerals Plc
("Cadence Minerals", "Cadence")
Macarthur Minerals (TSX-V: MMS) (ASX: MIO) applies for additional tenements to support groundwater drilling campaign following completion of AEM Survey.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Macarthur Minerals (TSX-V: MMS) (ASX: MIO) (the "Company" or "Macarthur") has made applications for tenements to support a groundwater search drilling programme following the successful completion by CGG Aviation of a Tempest airborne electromagnetic (AEM) survey of palaeovalleys adjacent to the Lake Giles Iron Project.
Highlights:
· Macarthur continues to work with consulting hydrogeologists from Rockwater Pty Ltd ("Rockwater") to define a source for process water requirements for magnetite processing at its Lake Giles Iron Project.
· The Goldfields region contains numerous buried palaeovalleys that are likely to contain large volumes of groundwater. Such systems are currently exploited to supply process water demands for other Goldfields operations such as BHP's Nickel West, Glencore's Murrin Murrin Nickel Project and Gold Road's Gruyere Gold Project.
· The western limb of the Rebecca palaeovalley is located approximately 15 to 40 km east of the Lake Giles Iron Project and extends over 160 km North to South. This system is expected to contain abundant groundwater and is currently not exploited by other operators.
· Macarthur recently completed an airborne AEM survey covering an area of 970 km2 across the Rebecca palaeovalley. Preliminary results have been obtained with additional data processing ongoing to generate detailed information to map the palaeovalley geometry. Macarthur has now made applications for two groundwater search miscellaneous licences covering an area of 553 km2 across the prospective zone interpreted from the AEM survey. The Company is now preparing to undertake a groundwater exploration program targeting approximately 30 holes to obtain detailed information on water flows and water quality.
· The Tempest AEM system is suited to conductivity mapping and has previously been utilised for mapping the location, extent and basement topography of palaeodrainage systems. Interpretation of the data collected will be undertaken by hydrogeologists from Rockwater, who are experts in the application of hydrogeological surveys, to define suitable drill targets for groundwater exploration
The full announcement can be viewed here: https://finance.yahoo.com/news/lake-giles-feasibility-study-macarthur-120000645.html
Commenting on the new appointments, Andrew Bruton, Chief Executive Officer of Macarthur
Minerals stated: "Macarthur's applications for two Miscellaneous Licences to support planned groundwater search activities is another important step forward for the Lake Giles Iron Project Feasibility Study. Following completion of analysis of the AEM survey data, Macarthur will work with consulting hydrologists from Rockwater, to identify suitable drill targets.
The Company plans to commence groundwater exploration activities as soon as possible following the grant of the relevant tenements. This important programme of work will enable the Company to test the quantity and quality of water required to support its magnetite processing requirements, and it will form part of a much broader scope of site-based activities planned by the Company at Lake Giles this year.
Step by step, the Macarthur team is working through every aspect of the Lake Giles Iron Project to ensure the delivery of a robust Feasibility Study that has the potential to deliver a valuable and sustainable high-grade magnetite project for its shareholders. We look forward to providing many more updates on progress in the coming months."
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.
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