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Cadence Minerals #KDNC – Macarthur Minerals (TSX-V: MMS, ASX: MIO) – Arrow Land Tenure Agreement and Applications Lodged for Haul Road and Rail Siding for Lake Giles Iron Project

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Macarthur Minerals (TSX-V: MMS) (“Macarthur”) has announced the completion of an agreement with Arrow Minerals Limited (ASX: AMD) (“Arrow”), for the grant of rights to apply for tenements which will support the development of infrastructure associated with a proposed magnetite processing circuit at Lake Giles.

Cadence also notes that on 25 June 2020, Macarthur lodged applications with the Department of Mines, Industry, Regulation and Safety (“DMIRS”) to develop a 93km haul road from its Lake Giles Iron Project to a proposed rail siding adjacent to the Perth to Kalgoorlie rail line in the Yilgarn region of Western Australia

Arrow Land Tenure Agreement

Pursuant to the Agreement, originally entered into in December 2019, (“Agreement”), Arrow will permit Macarthur to apply for and obtain a general purpose lease and a miscellaneous licence over a site within the boundary of Arrow’s exploration licences E30/393 and E30/394, to support the development of infrastructure associated with its planned magnetite processing circuit for its Lake Giles Iron Project (“Project”).  The substantial package of land covers approximately 4,950ha and is adjacent to the Moonshine magnetite deposit. The tenure will be used for constructing supporting infrastructure for the mine including a processing plant, camp, airstrip, tailings storage facility and waste rocks dumps.

The terms upon which Arrow agreed to permit Macarthur’s application included a cash payment of A$250,000 (paid in December 2019) (“Cash Payment”) and a share payment comprising the issue of Macarthur shares to Arrow to the value of A$250,000 (exclusive of GST) at an issue price per share equivalent to a 20% discount to the average VWAP of the shares trading on ASX for the 5 trading days preceding the issue date, and on which trades for the shares were recorded (“Share Payment”).  Macarthur made the Share Payment on 23 June 2020, resulting in the issue of 1,702,997 shares at an issue price of A$0.1468 per share.

The full Arrow Land Tenure release can be found at: https://web.tmxmoney.com/article.php?newsid=6417845063071316&qm_symbol=MMS

Road and Rail Links

Subject to obtaining required approvals and completion of construction, the proposed haul road and rail siding will provide optionality for the transport of iron ore by rail to either Esperance Port or the Port of Kwinana.

This key infrastructure is intended to support the development of Macarthur’s flagship Moonshine magnetite deposits at Lake Giles, targeting a +65% Fe beneficiated magnetite concentrate, and opens up the opportunity to exploit Direct Shipping Ore (“DSO”) from the Ularring hematite deposits.

In 2012, the Company completed a Pre-Feasibility Study for the mining of iron ore from its Ularring hematite deposits targeting a +60% Fe beneficiated fines sinter product. Given the current robust iron ore market, the Company is currently examining the opportunity to accelerate operations for the mining of DSO (as Stage 1) from its Ularring hematite deposits with the objective of generating early revenue flows. The development of new road and rail siding infrastructure has the potential to facilitate this, in addition to supporting the development of the Company’s flagship Moonshine magnetite resource (Stage 2) following completion of a successful Feasibility Study for the Lake Giles Iron Project which is currently being progressed.

The full Haul Road and Rail Siding Application release can be found at: https://web.tmxmoney.com/article.php?newsid=7029129052456326&qm_symbol=MMS

Macarthur President and Executive Chairman Cameron McCall commented: “The completion of the agreement with Arrow has secured the rights necessary to enable the design and location of critical inf rastructure associated with the magnetite processing plant which will be finalised as part of the Feasibility Study for the Lake Giles Iron Project.”

“Defining route-to-market infrastructure has been the core focus for the Company throughout 2020. Completion of the Lake Giles Iron Project Feasibility Study will require Macarthur to have engineering designs and tenure for a haul road from the Lake Giles Iron Project to a rail siding with access to the existing rail network. The proposed haul road and rail siding also creates the opportunity to support Stage 1 hematite mining operations at Lake Giles ahead of the commencement of Stage 2 commercial magnetite mining operations. The Board considers that advancing early-revenue generating operations would support re-rating of Macarthur as a producer and will complement the announced pathway for the development of its flagship high-grade Moonshine magnetite resource at Lake Giles.”

Cadence CEO Kiran Morzaria commented: “We are pleased to note that Macarthur is steadily advancing the Lake Giles Iron Project, and backed by a robust iron ore market is looking to accelerate operations for the mining of DSO. In our results announcement earlier today, our Chairman noted our ‘timely focus’ on iron ore opportunities. Certainly the developments announced today further validates our investment strategy, both in regard to a potential re-rating of Macarthur as a producer and into our own efforts in developing the Amapá iron ore project.”

Cadence Minerals Holding in Macarthur

Cadence holds approximately 3% 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.

– Ends –

 

For further information:

Cadence Minerals plc                                                    +44 (0) 207 440 0647
Andrew Suckling
Kiran Morzaria
WH Ireland Limited (NOMAD & Broker)                                 +44 (0) 207 220 1666
James Joyce
James Sinclair-Ford
Novum Securities Limited (Joint Broker)                                 +44 (0) 207 399 9400
Jon Belliss

 

 

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.

Cadence Minerals #KDNC – Macarthur Minerals (TSX-V: MMS) Joint Venture Partner Fe Limited completes sale of Evanston royalty and is now set for exploration at the Hillside Project

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Macarthur Minerals (TSX-V: MMS) (“Macarthur”) Joint Venture Partner, Fe Limited (“FEL”) has announced the completion of the sale of its Evanston royalty interest over a portion of the wider Koolyanobbing iron ore mine in the Southern Yilgarn region of Western Australia.

TRR Services Australia Pty Ltd, a wholly owned subsidiary of Trident Resources PLC (LSX: TRR), has purchased the royalty for $7 million. FEL has received the first payment of $3.5 million with a further instalment of $3m payable in 12 months. FEL now has cash in the bank of $5.2 million and fully funded to commence exploration work at the Hillside Copper and Gold Project in the Pilbara region of Western Australia.

FEL is currently finalising plans to conduct a Fixed Loop Electromagnetic Survey (FLEM) ground survey at the Hillside project. The survey will cover a section of the previously identified gossan line as well as a series of individual FELM surveys over previously identified high priority SkyTEM electromagnetic targets across the wider project area.

Results are expected to better indicate any massive sulphide mineralisation which may exist to assist targeting the next drilling campaign which is expected to occur later this year.

Macarthur President and Executive Chairman Cameron McCall commented: “We are excited by the news that Fe Limited is adding $7 million to its bank balance and will be fully funded for further exploration activities on Macarthur’s Pilbara tenements encompassing the Hillside, Panorama, and Strelley projects.  All results so far have been very encouraging.”

The full release can be found at: https://web.tmxmoney.com/article.php?newsid=5901381898498103&qm_symbol=MMS

Cadence Minerals Holding in Macarthur

Cadence holds approximately 3% 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.

– Ends –

 

For further information:

Cadence Minerals plc                                                    +44 (0) 207 440 0647
Andrew Suckling
Kiran Morzaria
WH Ireland Limited (NOMAD & Broker)                                 +44 (0) 207 220 1666
James Joyce
James Sinclair-Ford
Novum Securities Limited (Joint Broker)                                 +44 (0) 207 399 9400
Jon Belliss

 

 

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.

 

Cadence Minerals #KDNC – Macarthur Minerals (TSX-V: MMS, ASX: MIO) Joint Venture Partner Fe Limited announces FIRB approval for sale of Iron Ore royalty

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Macarthur Minerals (TSX-V: MMS) (“Macarthur”) Joint Venture Partner, Fe Limited (“FEL”) has announced that the sale of its Evanston royalty interest to Trident Resources PLC (LSX: TRR) has been granted approval from Australia’s Foreign Investment Review Board (FIRB).

The transaction has already received approval from FEL’s Shareholders, and the announcement by FEL that FIRB approval has also been granted is another important step. The transaction remains subject to Trident commencing trading on the AIM Market of the London Stock Exchange, which has been targeted to occur by 2 June 2020.

FEL has entered into an earn-in agreement with Macarthur for eight tenements in the Pilbara region of Western Australia, including the Hillside Gold and Copper Project. Under the terms of the earn-in agreement, Macarthur acquired 5.4% of the ordinary shares in FEL in August 2019 as consideration for the stage 1 Option Exercise Fee. The Evanston royalty transaction will provide FEL with the necessary funding to support its ongoing exploration programs, including follow-up works to the recent drilling program completed at the Hillside Gold and Copper Project.

Macarthur President and Executive Chairman Cameron McCall commented: “The confirmation that the sale of FEL’s royalty interest to Trident Resources has cleared a key regulatory approval requirement in Australia with the FIRB is further pleasing news for our joint venture partner FEL and its ability to fund its ongoing exploration programs, including further exploration activities on Macarthur’s Pilbara tenements encompassing the Hillside, Panorama, and Strelley projects.  Macarthur looks forward to working with FEL on furthering these opportunities and delivering value to its shareholders.”

The full release can be found at: https://web.tmxmoney.com/article.php?newsid=7644276339781005&qm_symbol=MMS

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.

– Ends –

 

For further information:

Cadence Minerals plc                                                    +44 (0) 207 440 0647
Andrew Suckling
Kiran Morzaria
WH Ireland Limited (NOMAD & Broker)                                 +44 (0) 207 220 1666
James Joyce
James Sinclair-Ford
Novum Securities Limited (Joint Broker)                                 +44 (0) 207 399 9400
Jon Belliss

 

 

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.

Cadence Minerals #KDNC – Macarthur Minerals (TSX-V: MMS) Joint Venture Partner Fe Limited announces sale of Evanston royalty.

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Macarthur Minerals (TSX-V: MMS) (“Macarthur”) Joint Venture Partner, Fe Limited (“FEL”) has announced approval by its Shareholders for the sale of its Evanston royalty interest over a portion of the wider Koolyanobbing iron ore mine in the Southern Yilgarn region of Western Australia.

TRR Services Australia Pty Ltd, a wholly owned subsidiary of Trident Resources PLC (LSX: TRR), has entered into an agreement to purchase the royalty for $7 million. The sale is payable in two instalments, with the first instalment of $4 million payable on completion. The second payment of $3 million is payable on the day after the first anniversary of completion.

This transaction will provide FEL with the necessary funding to support ongoing exploration programs, including follow-up works to the recent drilling program completed at the Hillside Gold and Copper Project in the Pilbara region of Western Australia. Results from the first phase drilling program reported by FEL in its ASX announcement dated 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 14km strike.

Fe Limited has entered into an earn-in agreement with Macarthur for eight tenements in the Pilbara, including the Hillside Gold and Copper Project.

Macarthur President and Executive Chairman Cameron McCall commented: “We are excited by the news that Fe Limited is adding $7 million to its bank balance and will be fully funded for further exploration activities on Macarthur’s Pilbara tenements encompassing the Hillside, Panorama, and Strelley projects. All results so far have been very encouraging.”

The full release can be found at: https://web.tmxmoney.com/article.php?newsid=8063654181445588&qm_symbol=MMS

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.

– Ends –

 

For further information:

Cadence Minerals plc                                                    +44 (0) 207 440 0647
Andrew Suckling
Kiran Morzaria
WH Ireland Limited (NOMAD & Broker)                                 +44 (0) 207 220 1666
James Joyce
James Sinclair-Ford
Novum Securities Limited (Joint Broker)                                 +44 (0) 207 399 9400
Jon Belliss

 

 

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.

 

Cadence Minerals #KDNC – 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.

– Ends –

 

For further information:

Cadence Minerals plc                                                    +44 (0) 207 440 0647
Andrew Suckling
Kiran Morzaria
WH Ireland Limited (NOMAD & Broker)                                 +44 (0) 207 220 1666
James Joyce
James Sinclair-Ford
Novum Securities Limited (Joint Broker)                                 +44 (0) 207 399 9400
Jon Belliss

 

 

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.

Macarthur Minerals buoyed by share spike for major shareholder Cadence Minerals on iron ore deal – Proactive Investors

by John Miller. 

Macarthur is also encouraged by a robust iron ore market enhanced by low shipping rates and low oil prices.

Macarthur Minerals Limited (ASX:MIO) (CVE:MMS) remains focused on bringing to production its Western Australia iron ore projects, with the price of the key commodity remaining robust and largely unaffected by the COVID-19 pandemic.

While encouraged by the robust iron ore market, Macarthur is also buoyed by the performance this week of one of its largest shareholders Cadence Minerals PLC (LON:KDNC).

Cadence, an investment group that has a keen interest in opportunities in the iron ore sector, has this week doubled to GB 6.55p after the Amapá Iron Ore Project in Brazil received court approval to start iron ore shipments.

Shared iron ore vision

Macarthur and Cadence share the same vision of producing a high-grade, low-impurity iron ore concentrate and for this reason, Cadence has been a long-term corporate partner and investor in Macarthur.

Both companies are developing profitable and significant iron ore assets globally with Macarthur focused on the Lake Giles Iron Project in Western Australia.

The common ground extends beyond this vision with Cadence chairman Andrew Suckling also a non-executive director of Macarthur and chairman of the company’s Audit Committee.

Feasibility study progress

At Lake Giles, Macarthur is making strong progress on a feasibility study, focusing on the higher-value magnetite resource.

The location of Lake Giles with existing and planned logistics.

XRF assays and David Tube Recovery (DTR) analysis from infill drilling completed at the end of 2019 have confirmed significant intersections of magnetite mineralisation.

These results are being incorporated into an updated mineral resource model being prepared by CSA Global.

Detailed ‘route to market’ studies, including port and rail designs, are underway and remain a key priority as they will form the background of rail access, haulage and port contracts.

Tenders have also been called for metallurgical testing, process and infrastructure design, and mining studies to support a detailed feasibility study.

Large magnetite resource

Lake Giles mineral resources include the Moonshine magnetite resource and the Ularring hematite resource, which is approved for development.

Moonshine has an inferred magnetite resource of 710 million tonnes while Ularring has indicated resources of 54.5 million tonnes at 47.2% iron and inferred resources of 26 million tonnes at 45.4% iron.

Core samples from Lake Giles.

Macarthur’s executive chairman Cameron McCall said the company’s business case remained strong.

“Investor confidence across the board has taken a hit lately but we’re confident that the company is close to receiving a major shot in the arm on the back of an updated resource estimate and how we will get this to market.”

“Resolute” market fundamentals

He said: “On a macro-level, there are supportive market fundamentals that remain resolute; global steel production continues to rise and so does the demand for higher-grade, lower-impurity iron ore feedstock such as magnetite.

“While the prices of most major commodities are wilting in the face of the coronavirus, iron ore has been resilient with the benchmark 62% iron product hovering around a relatively robust $US90 per tonne, that’s up from $US72 in November last year.

“Lower oil prices, lower shipping rates as well as a declining Australian to US dollar should see a rapid rebalancing as all these variables impact positively on corporate returns.”

Ruling a key Amapá milestone

The Amapá ruling from the Commercial Court of São Paulo marks a key milestone for re-starting the Brazilian project.

This project is owned by DEV Mineração SA (DEV) in which Cadence can earn a 20 per cent stake.

Independent surveys of the iron ore stockpiles indicate that 1.39 million tonnes of iron ore in three stockpiles are available for immediate export with an average grade of 62.12% iron.

First shipment could be as early as the end of this quarter, but this depends upon the receipt of permits and any COVID-19 restrictions that may apply.

Cadence CEO Kiran Morzaria said: “For Cadence, this a significant step forward for the redevelopment of the fully integrated Amapá Iron Ore Project.

“We are truly entering the operational phase of the asset, and despite the current turbulent and volatile market conditions, the iron ore prices remain robust.

“Our chairman (Andrew Suckling) has previously referred to Amapá as a ‘company changing’ project for Cadence, and it is now on its way to deliver this goal.”

Low shipping rates

Macarthur and Cadence are also encouraged by low shipping rates due to the decreased supply of iron ore to market and this is enhanced by very low oil prices.

This will also have an impact on existing suppliers as the ongoing need for iron ore pushes up demand, particularly post-COVID-19.

Suckling said: “The ruling from Brazil’s São Paulo court marks a significant milestone for the re-opening of the Amapá iron ore project and its long-term benefits for stakeholders and the region.

“This ruling brings the Amapá project back to life.

“Despite the severe disruption created by COVID-19, management has remained focused on delivering the Amapá project as planned, supported by a robust iron ore market that continues to justify the opportunity.”

“On cusp of transformational change”

The importance of this deal has been recognised by prominent UK-based wealth management and corporate broking company WH Ireland Group PLC (LON:WHI) that states “Cadence is on the cusp of a transformational change”.

In a new research note on Cadence, WH Ireland states: “An easy to ship stockpile of 1.4Mt of 62% iron ore would sell for a current SPOT price of $84/t. Taking in re-handling and port costs (WHIe) of $10/t and ocean freight estimate of $30/t leaves an operating margin of nearly $45/t of iron ore shipped.”

This is “a healthy margin which could be used to pay senior bank creditors (once agreement has been reached) and complete a feasibility study into the reopening of the Amapá mine and pay for some of the new infrastructure required”.

Link here to view the original Proactive article

Cadence Minerals #KDNC – Macarthur Minerals (TSX-V: MMS) (ASX: MIO) reports strong progress on Feasibility Study for Lake Giles iron project.

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note today’s update from Macarthur Minerals (TSX-V: MMS) (“Macarthur”), that is pushing ahead on the Feasiblity Study for its Lake Giles Iron Project in Western Australia, despite strong economic headwinds caused by the coronavirus crisis.

Progress to Date

XRF assays and David Tube Recovery (DTR) analysis from the infill drilling program completed at the end of 2019 have confirmed significant intersections of magnetite mineralisation.  Results of these assays were released to the market by Macarthur on January 16, 2020.  These results are now being incorporated into an updated mineral resource model currently being prepared by CSA Global.

Meanwhile, detailed ‘route to market’ studies including port and rail designs have commenced and remain a key priority. These studies will form the background of rail access, haulage and port contracts.

Tenders have also been called for metallurgical testing, process and infrastructure design, and mining studies to support a detailed Feasibility Study.

The full release can be found at: https://web.tmxmoney.com/article.php?newsid=5403569500482534&qm_symbol=MMS

Macarthur Executive Chairman Cameron McCall commented: “Investor confidence across the board has taken a hit lately but we’re confident that Macarthur is close to receiving a major shot in the arm on the back of an updated resource estimate and how we will get this to market. While the prices of most major commodities are wilting in the face of the coronavirus, iron ore has been resilient with the benchmark 62% Fe product hovering around a relatively robust $US90 per tonne, that’s up from $US72 in November last year. Lower oil prices, lower shipping rates between China and Australia as well as a declining Australian to United States dollar should see a rapid rebalancing as all these variables impact positively on corporate returns”

Cadence Minerals CEO Kiran Morzaria added: “As markets around the world continue to reel from the human and economical impact from the Coronavirus, a resilient iron ore price continues to support both our investment strategy into Macarthur Minerals and our Amapa Iron ore project investment in Brazil. We look forward to further progress updates from Macarthur.”    

This news release is not for distribution to United States Services or for Dissemination in the United States.

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.

– Ends –

For further information:

Cadence Minerals plc                                                    +44 (0) 207 440 0647
Andrew Suckling
Kiran Morzaria
WH Ireland Limited (NOMAD & Broker)                                 +44 (0) 207 220 1666
James Joyce
James Sinclair-Ford
Novum Securities Limited (Joint Broker)                                 +44 (0) 207 399 9400
Jon Belliss

 

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.

Cadence Minerals #KDNC – Macarthur Minerals (TSX-V: MMS) confirms major intersections of magnetite mineralisation at Lake Giles Iron Project

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the announcement today from Macarthur Minerals (TSX-V: MMS) (“Macarthur”)  that it has confirmed significant intersections of magnetite mineralisation at its Lake Giles Iron Project near Kalgoorlie in Western Australia following the completion of its infill drilling program.

Drilling at the Moonshine North deposit comprised 21 reverse circulation (RC) holes for 3379 metres advance and 9 diamond drill (DD) holes for 1676.2 metres advance totalling 5055.2m. Drilling was completed in December 2019 with final assay results received this week.

Cadence Minerals Holding in Macarthur

Cadence holds approximately 7 % 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

·      DD hole LGDD_070 intersected high grade magnetite mineralisation. The interval 73m to 174m (101m) averaged 28.4% Fe.

·      DD hole LGDD_071 intersected the interval 78m to 162m (84m) averaging 30.4% Fe (including the interval 106m to 130m with a grade of 41.2% Fe).

·      DD hole LGDD_074 intersected the interval 46m to 99m (53m) averaging 32.8% Fe.

Link here for the full announcement: https://web.tmxmoney.com/article.php?newsid=5722202672725413&qm_symbol=MMS

Macarthur Minerals Executive Chairman Cameron McCall said: “This is an outstanding result that builds our confidence to upgrade the resource classification to include Indicated and Measured Mineral Resources. The updated mineral resource, when completed, will underpin the Feasibility Study to be completed for the Lake Giles Iron Project.”

Cadence Minerals CEO Kiran Morzaria commented: “Once again, Cameron McCall and his team have added value to the Macarthur investment proposition. As major shareholders we are delighted to continue to support Macarthur, and we look forward to further developments.”

This news release is not for distribution to United States Services or for Dissemination in the United States. 

– Ends –

 

For further information:

Cadence Minerals plc

+44 (0) 207 440 0647

Andrew Suckling

Kiran Morzaria

WH Ireland Limited (NOMAD & Broker)

+44 (0) 207 220 1666

James Joyce

James Sinclair-Ford

Novum Securities Limited (Joint Broker)

+44 (0) 207 399 9400

Jon Belliss

 

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.

Cadence Minerals #KDNC – Macarthur Minerals (TSX-V: MMS) Q4 Update & Early 2020 Update on W Australia Projects, “Iron Ore the Commodity for 2020”.

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note today’s Q4 update from Macarthur Minerals (TSX-V: MMS) (“Macarthur”) on it’s flagship Lake Giles Iron Project, along with very positive early exploration results across Macarthur’s iron ore, gold, nickel and cobalt projects in Western Australia.

Cadence Minerals Holding in Macarthur

Cadence holds approximately 7.4% 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:

  • The Lake Giles Iron Project, Feasibility Study (FS), is well underway with the infill drilling program completed in December. Results from the first batch of samples from Reverse Circulation (RC) and Diamond (DD) drilling were reported to the market on December 10, 2019.  Several drill holes intersected a zone of high-grade magnetite mineralisation identified previously at the Moonshine North deposit.
  • Macarthur was admitted to the Official List of Australian Securities Exchange (ASX) on December 4, 2019 and commenced quotation of its securities on ASX on December 6, 2019.
  • The Company successfully closed the Offer under its Replacement Prospectus on 28 November 2019 with subscriptions accepted for 20,032,952 shares at a price of A$0.25 per share for a total consideration of A$5,008,238. Funds from the ASX IPO will be primarily used to advance the Company’s flagship Lake Giles Iron Project.
  • Macarthur entered into a binding agreement with Arrow Minerals Limited (Arrow) to acquire the rights to a substantial package of land covering approximately 4950 ha adjacent to the Moonshine Magnetite deposit. The tenure will be used for constructing supporting infrastructure including the, processing plant, camp, airstrip, waste rocks dumps and a tailings storage facility. The deal with Arrow also paves the way forward to obtain access to tenure to construct a private haul road from the project through to the open access Perth to Kalgoorlie railway owned by Arc Infrastructure.
  • A drilling program was completed at the Hillside project in the Pilbara region of Western Australia to test potential supergene and hypogene mineralisation above and below the water table along the majority of a 14-kilometre Gossan line where previous rock chip sampling identified anomalous copper. This program also tested outcropping quartz vein mineralisation identified through prospecting activities.

Along with key partners, Macarthur will continue to actively advance its iron ore assets in Western Australia.  Infill drilling of the Moonshine Magnetite deposit has been completed with samples submitted to the laboratory. On receipt of assay results, Macarthur will update the geological model of the Moonshine Magnetite deposits in conjunction with completing a Feasibility Study of the Lake Giles Iron Project.  Furthermore, Macarthur will work closely with Fe Limited to advance exploration of its high-quality lithium, gold and base metal tenements in the Pilbara region.

The full release can be found at: https://web.tmxmoney.com/article.php?newsid=8174582862817551&qm_symbol=MMS

Macarthur Executive Chairman Cameron McCall commented: “The strong iron ore price continues to trade in a spot range (for the last quarter) of US$80-$93/tonne for 62% Fe ore and this is creating momentum in the global iron ore industry.  Historically, iron ore prices tend to retract in the lead up to the Chinese New Year period when mills generally reduce production, but this does not appear to be the case this year.

Macarthur’s focus remains on delivering a high-quality, low-impurity magnetite fines product (+65% Fe) which will target Asian steel mills that are focused on producing quality steel products, enhanced furnace efficiencies, reduced consumption of coking coal and improved environment emissions standards.

In reflecting on the 2019 calendar year, it is pleasing to note the Company achieved all of its targeted goals for the year.”

Cadence CEO Kiran Morzaria commented: “While 2019 proved to be a bumper year for Macarthur and its shareholders, the company’s bullish outlook for 2020, along with management comments on the strength of the iron ore price, provides a strong endorsement for Cadence Minerals’ investment strategy, both into Macarthur and into our own iron ore project at Amapa, Brazil.”

This news release is not for distribution to United States Services or for Dissemination in the United States.

– Ends –

 

For further information:

Cadence Minerals plc                                                    +44 (0) 207 440 0647
Andrew Suckling
Kiran Morzaria
WH Ireland Limited (NOMAD & Broker)                                 +44 (0) 207 220 1666
James Joyce
James Sinclair-Ford
Novum Securities Limited (Joint Broker)                                 +44 (0) 207 399 9400
Jon Belliss

 

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.

Cadence Minerals (KDNC) – Macarthur Minerals (TSX-V: MMS) Intersects High Grade Magnetite at its Lake Giles Iron Project, W Australia.

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the update yesterday from Macarthur Minerals (TSX-V: MMS) (“Macarthur”) on the recent infill drilling program at its Lake Giles Iron Project in the Yilgarn region of Western Australia. Infill Drilling has intersected a zone of high-grade magnetite mineralisation identified previously at the Moonshine North deposit and assay results have been received for several Reverse Circulation (RC) drill holes.

Cadence Minerals Holding in Macarthur 

Cadence holds approximately 7.4% 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:

  • Reverse Circulation drilling has successfully intersected the previously identified high grade magnetite mineralisation at Moonshine North.
  • Hole LGRC_2160 intersected an interval 86m to 180m (94m) averaging 40.51% Fe (including the interval 121m to 171m with a grade of 47.52% Fe).
  • Hole LGRC_2166 intersected the interval 95m to 152m (57m) averaging 40.23% Fe (including the interval 129m to 147m with a grade of 60.64% Fe).
  • Diamond drill hole LGDD_071 drilled at Moonshine North has also intersected the high-grade magnetite mineralisation from a down hole depth of 91.5m to 162.74m (71.24m) with strong visual magnetite content.

The drilling programme commenced on 17 August 2019 and concluded on 8 December 2019 with a total of 21 RC holes and nine diamond drill holes completed.

The results of the drilling campaign have shown a successful intersection of high-grade magnetite mineralisation. Previous test work has demonstrated the potential to produce a processed high-grade magnetite concentrate of approximately 68-69%.

The full release can be found at: https://web.tmxmoney.com/article.php?newsid=5886035836892236&qm_symbol=MMS

Macarthur Minerals Executive Chairman Cameron McCall commented: “The Company is extremely pleased with its successful listing on the Australian Securities Exchange (ASX) and the positive market response in the first two days of trading.  Macarthur’s dual listing on the ASX and the TSX-V will provide the Company with increased opportunities in the pre-development stage of its flagship Moonshine Magnetite Project. 

“With Australia as a major exporter of iron ore to the world and the ASX being the home exchange to some of the world’s largest iron ore producing companies, it makes sense for Macarthur to be dual listed in Australia.”

Cadence CEO Kiran Morzaria commented; “As major shareholders in the company, the Cadence board remains enthused by the ongoing potential at the Lake Giles Iron project, and the increased profile Macarthur now enjoys as a dual listed entity. We look forward to further updates.”

This news release is not for distribution to United States Services or for Dissemination in the United States.

– Ends –

 

For further information:

Cadence Minerals plc                                                    +44 (0) 207 440 0647
Andrew Suckling
Kiran Morzaria
WH Ireland Limited (NOMAD & Broker)                                 +44 (0) 207 220 1666
James Joyce
James Sinclair-Ford
Novum Securities Limited (Joint Broker)                                 +44 (0) 207 399 9400
Jon Belliss

 

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.

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