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Cadence Minerals #KDNC – Macarthur Minerals (TSX-V: MMS) Announces Option Agreement on Its Lithium and Gold Tenements in Pilbara Region, W Australia
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the announcement today from Macarthur Minerals (TSX-V: MMS) (“Macarthur”) that Macarthur Lithium Pty Ltd (“MLi”), a wholly owned subsidiary of Macarthur, has entered into an exclusive option agreement with Fe Limited (ASX: FEL) (“FEL”), for FEL to acquire an interest of up to 75% across 19 MLi tenements. These 19 tenements are highly prospective for gold, copper and lithium in proximity to numerous known hard rock lithium and gold deposits in the central and eastern Pilbara.
- MLi has granted FEL a 45-day option to enable FEL to conduct due diligence and secure the required funding to proceed with exercising the option. The Company will pay a non-refundable option fee to MLi of AU$100,000 in cash (Option Fee).
- Should FEL formally elect to exercise the option within the 45-day option period, AU$400,000 will be payable to MLi (Option Exercise Fee).
- Upon payment of the Option Exercise Fee (Exercise Date), FEL will have the right to earn-in up to 75% interest in the Project.
MLi will act as JV manager and be paid a 10% project management fee (excluded from earn-in expenditure) and will be free carried until a pre-feasibility study is completed. FEL can withdraw from the earn-in at any time and without penalty.
Cadence holds approximately 10% 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.
The full release, including full details of the FEL earn-in terms can be found at: https://web.tmxmoney.com/article.php?newsid=6664824274204069&qm_symbol=MMS
Cadence Minerals CEO Kiran Morzaria commented: “As stated by Macarthur Exec Chairman Cameron McCall, this transaction will allow the company to focus its efforts towards bringing Macarthur’s Moonshine Magnetite iron ore projects into production. We at Cadence fully support this strategy given the current environment for the global iron ore market.”
This news release is not for distribution to United States Services or for Dissemination in the United States.
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