Cadence Minerals Plc (AIM/NEX: KDNC; OTC: KDNCY) is pleased to report that Macarthur Minerals in which Cadence currently owns a 20.2% shareholding has announced it will acquire 15% of Yalgoo Exploration Pty Ltd, which owns the Melville Gold Project in Western Australia (Subject to negotiating and entering to formal documentation).
The full Macarthur announcement can be found at: https://web.tmxmoney.com/article.php?newsid=8702507849462927&qm_symbol=MMS
Yalgoo Exploration Pty Ltd
Yalgoo Exploration owns two granted exploration licences (E59/2077 and E59/2140), covering an area of 191 square kilometres (47,161 acres) in the Murchison region of Western Australia (“Yalgoo Tenements”). The Yalgoo Tenements are located approximately 500 km north-east of Perth and 220 km east of Geraldton.
Yalgoo Exploration is a private company which has been focussed on the exploration and development of the Melville Gold Project, which is located on the Yalgoo Tenements.
Melville Gold Project
The Melville Gold Project located on exploration licence E59/2077 was previously owned by Australian Securities Exchange listed Prosperity Resources Limited (ASX:PSP) (“Prosperity Resources”). In 2004 Prosperity Resources defined a mineral resource for the Melville Gold Project in accordance with The Australasian Code for theReporting of Identified Mineral Resources and Ore Reserves (JORC Code), 2004 (the “JORC Code”).
Acquisition of 15% of Yalgoo Exploration Pty Ltd
Macarthur Lithium Pty Ltd (“MLi”) has agreed indicative terms of settlement for its proceedings in the Supreme Court of Western Australia against Mining and Metallurgy Process Solutions Pty Ltd (“MMPS”) regarding the first right of refusal granted to MLi in respect of the shares in Yalgoo Exploration under the Mineral Rights Deed between MLi and Yalgoo Exploration (“MMPS Proceedings”). MMPS currently owns 100% of Yalgoo Exploration.
The acquisition of the 15% interest in Yalgoo Exploration may be subject to regulatory approval.
Yalgoo Lithium Project
In October 2016, MLi conducted a reconnaissance field trip on the Yalgoo Tenements with promising results for lithium. Lithium mineralisation was confirmed in at least two of the pegmatites, with their core quartz zones exposed by small scale mining. Grab rock samples returned up to 3.75% Li2O associated with lepidolite in one of these pegmatites and lithium muscovite containing up to 2% Li2O in another pegmatite. During this visit, several additional pegmatites, largely composed of blocky feldspar and quartz were noted within a corridor some 1.5 km wide and extending over some 5 km in a NNW-SSE direction, located within a broader corridor some 3 km wide and likely extending over 10 km.
Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in thisannouncement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance).
For further information please contact
Cadence Minerals plc
+44 (0) 207 440 0647
WH Ireland Limited (NOMAD & Broker)
+44 (0) 207 220 1666
+44 (0) 207 929 5599
About Cadence Minerals:
Cadence is dedicated to smart investments for a greener world. The planet needs rechargeable batteries on a global scale – upcoming supersized passenger vehicles, lorries and buses – require lithium and other technology minerals to power their cells. Cadence is helping find these minerals in new places and extracting them in new ways, which will meet the demand of this burgeoning market. With over £30 million vested in key assets globally, Cadence is helping us reach tomorrow, today.
Cadence invests across the globe, principally in lithium mining projects. Its primary strategy is taking significant economic stakes in upstream exploration and development assets within strategic metals. We identify assets that have strategic cost advantages that are not replicable, with the aim of achieving lower quartile production costs. The combination of this approach and seeking value opportunities allows us to identify projects capable of achieving high rates of return.
The Cadence board has a blend of mining, commodity investing, fund management and deal structuring knowledge and experience, that is supported by access to key marketing, political and industry contacts. These resources are leveraged not only in our investment decisions but also in continuing support of our investments, whether it be increasing market awareness of an asset, or advising on product mix or path to production. Cadence Mineral’s goal is to assist management to rapidly develop the project up the value curve and deliver excellent returns on its investments.