Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note yesterday’s update from Macarthur Minerals (TSX-V: MMS) (“Macarthur”), that it has been awarded a grant valued at $85,000 from the Western Australian Government to support drilling of a diamond drill hole at its Moonshine North Nickel Prospect, located within its Lake Giles Iron Project in Western Australia.
The grant is provided under the Exploration Incentive Scheme (EIS) administered by the Department of Mines, Industry Regulation and Safety (DMIRS). The program provides $5 million a year to encourage innovative drilling in greenfields and under-explored areas of the State and offers up to 50 per cent contribution to drilling costs.
Highlights:
- The EIS grant of $85,000 was awarded to Macarthur for a diamond drilling program targeting nickel mineralisation at Moonshine.
- Deep drilling is planned, targeting two prospective targets:
- A ~20,000 Siemens plate conductor (MC02) geophysical anomaly.
- An anomalous nickel horizon found in a nearby drill hole (LGDD_054) close to surface. This hole intersected 19 meters @ 1% Ni (from 8 meters to 27 meters) including 1 meter @ 1.42% Ni (from 13m). This weathered surface expression could be a secondary dispersion of a massive sulphide source at depth
Moonshine Nickel Prospect
The Moonshine North Nickel Prospect lies within the Lake Giles Iron Project located 150 kilometres northwest of Kalgoorlie and 450 kilometres north east of Perth in Western Australia.
The Project area covers part of the Yerilgee Archean Greenstone belt within the Yilgarn craton. The geology consists of volcanic sequences mainly comprising of high magnesium basalts, komatiitic and ultramafic flows with numerous interflow banded iron formations (BIFs). The ultramafic rocks at Lake Giles are considered of Kambalda komatiite type. The extensive komatiite sequences of thick olivine cumulate flow units and felsic-intermediate volcanism indicates that the area fits a regional geological criterion for hosting komatiite nickel sulphide deposits such as those existing nickel mines within the Kalgoorlie Terrane.
The full release can be found at: https://web.tmxmoney.com/article.php?newsid=8222489774114484&qm_symbol=MMS
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.
This news release is not for distribution to United States Services or for Dissemination in the United States.
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Qualified Person
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.
Forward-Looking Statements:
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.