Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Macarthur Minerals (“Macarthur”, TSX-V: MMS) has completed the second phase of a stream sediment sampling program at its Bonnie Scot Project in the Pilbara region of Western Australia (“Bonnie Scot”). The results showed a geochemical cluster of anomalous gold up to 45.9 parts per billion (“ppb”) and consistent with the previous survey.
- Macarthur’s Phase 1 sampling program, previously reported on June 13, 2018 concentrated on the contact of the Mount Roe Basalt as a target for conglomerate hosted gold. Results of that survey identified a gold anomaly distal to the contact zone and concentrated on the North Shaw Tonalite.
- Macarthur’s Phase 2 survey collected a further 53 stream sediment samples across the north western area of the tenement and included follow-up sampling near the previously identified gold anomaly.
- Samples were submitted for multi-element analysis with results revealing anomalous gold in close proximity to the previously identified gold anomaly. The original anomaly was known from a cluster of eight samples recorded over a radius of approximately 40m. The current program extends the anomalous zone by approximately 300m to the south and west with gold assays up to 113 ppb.
- This area in the north west of the tenement was previously considered prospective for gold from a historical rock chip sampling program with values recorded up to 3.5 g/t Au. The stream sediment results from both programs support this view and warrant further exploration. The Macarthur team is currently preparing a program to map the geology across the identified anomaly.
Cadence holds approximately 12% of the issued equity interest in Macarthur, which is an Australian mining exploration company focused primarily on lithium, iron ore and gold in the Pilbara region of Western Australia. It also has the lithium project in Nevada, USA.
The full release can be found at:
Cadence Minerals CEO Kiran Morzaria commented: “The progress reported by Cameron McCall and the Macarthur Minerals team at the Bonnie Scot Project is most encouraging. We await further news on the potential for gold mineralization across the target.”
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
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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.
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.
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.
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.