Cadence Minerals PLC Macarthur Lake Giles Geotech Drill Programme
RNS Number : 4952I
Cadence Minerals PLC
12 August 2021
Cadence Minerals Plc
("Cadence Minerals", "Cadence")
Macarthur Minerals (TSX-V: MMS, ASX: MIO) Lake Giles Feasibility
Update - Geotechnical Drill Programme advancing.
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
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:
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
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 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
August 12, 2021 09:39 ET (13:39 GMT)
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