Cadence Minerals PLC Macarthur: Additional Tenure for Lake Giles
RNS Number : 6495D
Cadence Minerals PLC
30 June 2021
Cadence Minerals Plc
("Cadence Minerals", "Cadence")
Macarthur Minerals (TSX-V: MMS, ASX: MIO) makes application for
additional tenure adjacent to flagship Lake Giles Iron Project to
support planned DSO operation.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note
that Macarthur Minerals (TSX-V: MMS) (ASX: MIO) (the "Company" or
"Macarthur") has advised that it has made an application for a
Miscellaneous Licence covering an area of 74 hectares adjacent to
its flagship Lake Giles Iron Project in the Yilgarn region of
The tenure, which is adjacent to the Snark deposit of the
Ularring Hematite Project, will support Macarthur's non-process
infrastructure for its planned direct-shipping iron ore ("DSO")
campaign, initially targeting mining of the Snark and Drabble Downs
deposits at Lake Giles.
A figure accompanying this announcement is available at
Macarthur recently executed an Access Agreement to support the
Application over this ground with its long-term associate, local
prospector Mel Dalla-Costa. Macarthur intends to advance the
Application as quickly as possible to allow the Company to target
commencement of DSO production at the earliest available
opportunity. The tenure will accommodate the mining operations
centre that includes support infrastructure such as vehicle
workshops, water storage, site offices, fuel supply and product
stockpiling and loadout facilities.
Macarthur Minerals CEO Andrew Bruton commented: "Macarthur
continues to advance mine and transport planning for a DSO mining
operation at Ularring. This tenure application is another important
step towards that objective.
The earliest commencement of revenue generating activities
remains one of the Company's key priorities. With a clear view of
the transport logistics challenges that are always evident in a
heated commodity market, Management has been taking time over the
last several months to ensure that this objective can be optimised
in its delivery, to enable the Company to take advantage of current
iron ore prices.
The market has been patiently awaiting further details on our
progress, and as we continue to advance arrangements for the mining
of DSO at Ularring, we expect to provide further updates on this
and other planned product export activities shortly."
Link here for the full Macarthur announcement:
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.
- Ends -
For further information: Cadence Minerals plc +44 (0) 7879 584153
WH Ireland Limited (NOMAD
& Broker) +44 (0) 207 220 1666
Novum Securities Limited
(Joint Broker) +44 (0) 207 399 9400
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
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including references to assumptions. These forward-looking
statements are not based on historical facts but rather on the
Directors' current expectations and assumptions regarding Cadence
Minerals Plc'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 re ect
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
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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 Cadence
Minerals Plc. Although any forward-looking statements contained in
this announcement are based upon what the Directors believe to be
reasonable assumptions. Cadence Minerals Plc cannot assure
investors that actual results will be consistent with such
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(END) Dow Jones Newswires
June 30, 2021 05:37 ET (09:37 GMT)
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