DJ Cadence Minerals PLC Macarthur Minerals Lake Giles Iron Project Update
RNS Number : 0780G
Cadence Minerals PLC
13 March 2020
Cadence Minerals Plc
("Cadence Minerals", "Cadence" or "the Company")
Macarthur Minerals (TSX-V: MMS) (ASX: MIO) reports strong progress on Feasibility Study for Lake Giles iron project.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note today's update from Macarthur Minerals (TSX-V: MMS) ("Macarthur"), that is pushing ahead on the Feasiblity Study for its Lake Giles Iron Project in Western Australia, despite strong economic headwinds caused by the coronavirus crisis.
Progress to Date
XRF assays and David Tube Recovery (DTR) analysis from the infill drilling program completed at the end of 2019 have confirmed significant intersections of magnetite mineralisation. Results of these assays were released to the market by Macarthur on January 16, 2020. These results are now being incorporated into an updated mineral resource model currently being prepared by CSA Global.
Meanwhile, detailed 'route to market' studies including port and rail designs have commenced and remain a key priority. These studies will form the background of rail access, haulage and port contracts.
Tenders have also been called for metallurgical testing, process and infrastructure design, and mining studies to support a detailed Feasibility Study.
The full release can be found at: https://web.tmxmoney.com/article.php?newsid=5403569500482534&qm_symbol=MMS
Macarthur Executive Chairman Cameron McCall commented: "Investor confidence across the board has taken a hit lately but we're confident that Macarthur is close to receiving a major shot in the arm on the back of an updated resource estimate and how we will get this to market. While the prices of most major commodities are wilting in the face of the coronavirus, iron ore has been resilient with the benchmark 62% Fe product hovering around a relatively robust $US90 per tonne, that's up from $US72 in November last year. Lower oil prices, lower shipping rates between China and Australia as well as a declining Australian to United States dollar should see a rapid rebalancing as all these variables impact positively on corporate returns"
Cadence Minerals CEO Kiran Morzaria added: "As markets around the world continue to reel from the human and economical impact from the Coronavirus, a resilient iron ore price continues to support both our investment strategy into Macarthur Minerals and our Amapa Iron ore project investment in Brazil. We look forward to further progress updates from Macarthur."
This news release is not for distribution to United States Services or for Dissemination in the United States.
Cadence Minerals Holding in Macarthur
Cadence holds approximately 4.1% 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.
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For further information: Cadence Minerals plc +44 (0) 207 440 0647 Andrew Suckling Kiran Morzaria WH Ireland Limited (NOMAD & Broker) +44 (0) 207 220 1666 James Joyce James Sinclair-Ford Novum Securities Limited (Joint Broker) +44 (0) 207 399 9400 Jon Belliss
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 identi ed 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 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 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.
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(END) Dow Jones Newswires
March 13, 2020 05:36 ET (09:36 GMT)