Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Macarthur Minerals (TSX-V: MMS) (ASX: MIO) (the “Company” or “Macarthur”) has announced that a geotechnical diamond core drilling programme is presently underway at Lake Giles to support the current Feasibility Study for Macarthur’s high grade magnetite Lake Giles Iron Project, located approximately 115km west of Menzies in Western Australia.
The drilling programme (announced on 6 July 2021 – see announcement here) includes a series of drill holes of between 175 to 220m in depth for a total of 1,560 metres for the purposes of supporting the mine planning work which is necessary for the delivery of the Feasibility Study. The drilling will focus on areas necessary to define the foot wall and the hanging wall parameters of the Moonshine and Moonshine North magnetite pit shells being designed by Orelogy Mine Consulting and Pells Sullivan Meynink.
The Company has engaged iDrilling and Drillwest to undertake the drilling works at locations across Moonshine and Moonshine North. Drill rigs have been mobilised to site and have commenced drilling. The drill programme is expected to take approximately 8 weeks to complete.
Andrew Bruton, CEO of Macarthur Minerals commented: “The geotechnical drilling work is an important component of the current Feasibility Study for Macarthur’s high grade magnetite Lake Giles Iron Project. The Feasibility Study remains on track and this programme of works is another example of the consistent work that is being undertaken by the Company to deliver improved value outcomes for shareholders. We are pleased to be working with iDrilling and Drillwest and look forward to the completion of an efficient and successful programme of works over the coming weeks. Walk with us and discover something big.”
Link here for the full announcement: https://finance.yahoo.com/news/lake-giles-feasibility-study-geotechnical-120000527.html
Cadence Minerals Holding in Macarthur
Cadence holds approximately 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.
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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.
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