Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the update yesterday from Macarthur Minerals (TSX-V: MMS) (“Macarthur”) on the recent infill drilling program at its Lake Giles Iron Project in the Yilgarn region of Western Australia. Infill Drilling has intersected a zone of high-grade magnetite mineralisation identified previously at the Moonshine North deposit and assay results have been received for several Reverse Circulation (RC) drill holes.
Cadence Minerals Holding in Macarthur
Cadence holds approximately 7.4% 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.
- Reverse Circulation drilling has successfully intersected the previously identified high grade magnetite mineralisation at Moonshine North.
- Hole LGRC_2160 intersected an interval 86m to 180m (94m) averaging 40.51% Fe (including the interval 121m to 171m with a grade of 47.52% Fe).
- Hole LGRC_2166 intersected the interval 95m to 152m (57m) averaging 40.23% Fe (including the interval 129m to 147m with a grade of 60.64% Fe).
- Diamond drill hole LGDD_071 drilled at Moonshine North has also intersected the high-grade magnetite mineralisation from a down hole depth of 91.5m to 162.74m (71.24m) with strong visual magnetite content.
The drilling programme commenced on 17 August 2019 and concluded on 8 December 2019 with a total of 21 RC holes and nine diamond drill holes completed.
The results of the drilling campaign have shown a successful intersection of high-grade magnetite mineralisation. Previous test work has demonstrated the potential to produce a processed high-grade magnetite concentrate of approximately 68-69%.
The full release can be found at: https://web.tmxmoney.com/article.php?newsid=5886035836892236&qm_symbol=MMS
Macarthur Minerals Executive Chairman Cameron McCall commented: “The Company is extremely pleased with its successful listing on the Australian Securities Exchange (ASX) and the positive market response in the first two days of trading. Macarthur’s dual listing on the ASX and the TSX-V will provide the Company with increased opportunities in the pre-development stage of its flagship Moonshine Magnetite Project.
“With Australia as a major exporter of iron ore to the world and the ASX being the home exchange to some of the world’s largest iron ore producing companies, it makes sense for Macarthur to be dual listed in Australia.”
Cadence CEO Kiran Morzaria commented; “As major shareholders in the company, the Cadence board remains enthused by the ongoing potential at the Lake Giles Iron project, and the increased profile Macarthur now enjoys as a dual listed entity. We look forward to further updates.”
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.
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.