Home » Posts tagged 'kiran morzaria'

Tag Archives: kiran morzaria

Cadence Minerals (KDNC) – 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.

– 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) set to advance Moonshine nickel prospect with EIS co-funded drilling

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note yesterday’s update from Macarthur Minerals (TSX-V: MMS) (“Macarthur”), that it has been awarded a grant valued at $85,000 from the Western Australian Government to support drilling of a diamond drill hole at its Moonshine North Nickel Prospect, located within its Lake Giles Iron Project in Western Australia.

The grant is provided under the Exploration Incentive Scheme (EIS) administered by the Department of Mines, Industry Regulation and Safety (DMIRS). The program provides $5 million a year to encourage innovative drilling in greenfields and under-explored areas of the State and offers up to 50 per cent contribution to drilling costs.

Highlights:

  • The EIS grant of $85,000 was awarded to Macarthur for a diamond drilling program targeting nickel mineralisation at Moonshine.
  • Deep drilling is planned, targeting two prospective targets:
  • A ~20,000 Siemens plate conductor (MC02) geophysical anomaly.
  • An anomalous nickel horizon found in a nearby drill hole (LGDD_054) close to surface. This hole intersected 19 meters @ 1% Ni (from 8 meters to 27 meters) including 1 meter @ 1.42% Ni (from 13m). This weathered surface expression could be a secondary dispersion of a massive sulphide source at depth

Moonshine Nickel Prospect

The Moonshine North Nickel Prospect lies within the Lake Giles Iron Project located 150 kilometres northwest of Kalgoorlie and 450 kilometres north east of Perth in Western Australia.

The Project area covers part of the Yerilgee Archean Greenstone belt within the Yilgarn craton. The geology consists of volcanic sequences mainly comprising of high magnesium basalts, komatiitic and ultramafic flows with numerous interflow banded iron formations (BIFs). The ultramafic rocks at Lake Giles are considered of Kambalda komatiite type. The extensive komatiite sequences of thick olivine cumulate flow units and felsic-intermediate volcanism indicates that the area fits a regional geological criterion for hosting komatiite nickel sulphide deposits such as those existing nickel mines within the Kalgoorlie Terrane.

The full release can be found at: https://web.tmxmoney.com/article.php?newsid=8222489774114484&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 CEO Kiran Morzaria discusses the latest developments at Amapa on the Vox Markets podcast

Kiran Morzaria Chief Executive Officer of Cadence Minerals discusses the latest developments at the Amapa Iron Ore Project in Brazil. Link on Kiran’s image to listen.

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 – CEO Share Purchases

The Company announces that Kiran Morzaria, Director and CEO of the Company, today notified the Company that he purchased 254,741 ordinary shares in the Company (“Common Shares”) at a price of 3.9 pence per Common Share. Further details of this purchase are disclosed in the table below.

Following this notification, Kiran Morzaria has a beneficial holding of 864,312 Common Shares.

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

Hannam & Partners LLP (Joint Broker) +44 (0) 207 907 8500

Neil Passmore

Ingo Hofmaier

Novum Securities Limited (Joint Broker) +44 (0) 207 399 9400

Jon Belliss

1  Details of the person discharging managerial responsibilities/person closely associated 
a Name Kiran Morzaria
2  Reason for the notification 
a Position/status Director & CEO
b Initial notification/ Amendment Initial notification
3  Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor 
a Name Cadence Minerals PLC
b LEI 213800TUZWG9C2GRNO58
4  Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted 
a Description of the financial instrument, type of instrument

Identification code

Ordinary Share

GB00B067JC96

b Nature of the transaction Purchase of Common Shares
c) Price(s) and volume(s) Price(s) Volume(s)

0.039 254,741

d Aggregated information

  • Aggregated volume
  • Price
254,741

0.039

e Date of the transaction 12/03/2020
f Place of the transaction AIM

Cadence Minerals #KDNC – Update on Investment in the Amapá Iron Ore Project, Brazil

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to provide an update on its investment in the Amapá Iron Ore Project, Brazil.

The Amapá Project

The Amapá Project was owned by Anglo American plc and Cliffs Natural Resources and consists of a large-scale iron ore mine, beneficiation plant, railway and private port. Before its sale in 2012, Anglo American valued its 70% stake at US $462m in its 2012 Annual Report (100% US $600m). The Amapá Project is 99.9% owned by DEV Mineração S.A. (“DEV”).

Successful Reinstatement of Railway Concession

Following the approval of the judicial restructuring plan (“JRP”) announced on August 30th, 2019, Cadence along with its partners successfully negotiated the reinstatement of a life of mine railway concession. The grant of this railway concession was an incredible achievement and was announced on December 9th, 2019.

Satisfaction of Final Precondition

Currently, there remains only one major precondition for Cadence to make its investment in the Amapá Project, the sum of US$2.5 million currently held in escrow in a judicial trust account (“Escrow Monies”).

This precondition requires DEV Mineração S.A. (“Dev”) to reach a settlement agreement with the secured bank creditors. Since our last update, Cadence and our joint venture partners Indo Sino Pte. Ltd. (“Indo Sino”) have been in negotiations with the secured bank creditors and we have offered a settlement involving a discount on the amounts owned by Dev.

This settlement is intended to be paid from part of the proceeds from the sale of the iron ore stockpile currently held at Dev’s 100% owned port facility in Santana, Amapá. Alongside our partners, we continue to negotiate with the secured bank creditors, and we will update the market once a binding agreement is reached.

On satisfaction of the preconditions and the release of the Escrow monies, Cadence will become a 20% shareholder in the Amapá Project via our joint venture company which will own 99.9% of DEV. The Escrow Monies will then be used for the payment of former employees and small trade creditors. Once Cadence becomes a shareholder in the Amapá Project, the Government of Amapá will permit Dev to start operations on the asset including the shipment of iron ore from the port.

Cadence Non-Executive Chairman Andrew Suckling commented; “The remarkable progress made by Cadence management, Indo Sino and the Governor of Amapá and his team in bringing the Amapá Project back to life continues. We are moving ever closer to commencing the process of turning Amapá and it’s dormant potential into a key contributor to the regional economy, with all the employment, health and educational  benefits that will bring to this part of Brazil.”

Cadence CEO Kiran Morzaria commented; “Since securing the Railway concessions last December, we have worked tirelessly to reach a settlement with Dev’s secured bank creditors. It is my fervent belief that as referred to previously by our Chairman, Cadence is on the cusp of a company changing event – one that will create a long lasting store of value for our company and shareholders, as well as returning some prosperity to the Amapá region. I look forward to updating our board and investors on progress in the coming days and weeks.”

– 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-lookingstatements.

Alan Green discusses Oil, Corona Virus, Gigafactories, European Metals #EMH & Mirriad #MIRI on the UK Investor Mag Podcast

Alan Green discusses Oil, Corona Virus, Gigafactories, European Metals #EMH & Mirriad #MIRI with Jonathan Roy on the UK Investor Mag Podcast.

Cadence Minerals #KDNC CEO Kiran Morzaria discusses the company’s lithium, rare earth and iron ore assets with Vox Markets

Cadence Minerals #KDNC CEO Kiran Morzaria discusses the company’s lithium, rare earth and iron ore assets with Abraham Darwyne at Vox Markets. Link on the image to watch.

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.

I would like to receive Brand Communications updates and news...
Free Stock Updates & News
I agree to have my personal information transfered to MailChimp ( more information )
Join over 3.000 visitors who are receiving our newsletter and learn how to optimize your blog for search engines, find free traffic, and monetize your website.
We hate spam. Your email address will not be sold or shared with anyone else.