Home » Cadence Minerals (KDNC) » Cadence Minerals (KDNC) – Macarthur Minerals discovers potential for cobalt, nickel and chromium at Iron Ore Projects

Cadence Minerals (KDNC) – Macarthur Minerals discovers potential for cobalt, nickel and chromium at Iron Ore Projects

Cadence Minerals Plc (AIM/NEX: KDNC; OTC: KDNCY) is pleased to report that Macarthur Minerals in which Cadence currently owns a 20.3% shareholding, has announced it has discovered the potential for cobalt, nickel and chromium at Macarthur Australia Limited’s Iron Ore Projects in Western Australia.

The full Macarthur announcement can be found at: https://web.tmxmoney.com/article.php?newsid=8008144110629996&qm_symbol=MMS .

Review of Samples for Cobalt

Macarthur Iron Ore Pty Ltd (“MIO”), a subsidiary of Macarthur Australia Limited (“Macarthur Australia”) holds 15 granted mining leases, situated in the Eastern Goldfields region of Western Australia. The Company owns approximately 90% of Macarthur Australia, which is currently undertaking an Initial Public Offering (“IPO”) on the Australian Securities Exchange (“ASX”).

MIO recently commenced a review of the historical drilling data to conduct selected assays for the potential for other minerals, including cobalt, nickel and chromium, to occur at the Iron Ore Projects. Since July 2006, MIO has drilled 1,841 reverse circulation percussion drill holes (for 142,443┬ámetres) and 49 diamond drill holes (for 4,170┬ámetres) targeting iron mineralisation associated with banded iron formation (“BIF”) units.

As previous work on the Iron Ore Projects has mainly focussed on the development of the Ularring Hematite Project and the Moonshine Magnetite Project, only a fraction of drilling samples have been assayed for base metals including cobalt. MIO still holds samples from 1,890 drill holes, which allows for re-assay of other minerals including cobalt. MIO has recently dispatched over 2,600 samples to the lab to be assayed for other minerals including cobalt.

Geological Setting

The Iron Ore Projects are the source of iron overlain by a komatiite ultramafic unit with similarities to the Lake Johnston komatiite system hosting the rich nickel Maggie Hays mine operated by Western Areas Ltd.

The majority of the historical drilling for iron is shallow but has identified upper horizons of a channel flow contiguous with a buried nickel sulphide flow. Wide intersections ending at the base of drill holes have identified grades in excess of 0.2% Cobalt (“Co”), 0.7% Nickel (“Ni”) and 1% Chromium (“Cr”).

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).

For further information please contact

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 Bavister

Square1 Consulting

+44 (0) 207 929 5599

David Bick

Brian Alexander


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