Cadence Minerals PLC Macarthur Lake Giles Project Feasibility Update (7271V)
April 16 2021 - 3:51AM
UK Regulatory
TIDMKDNC
RNS Number : 7271V
Cadence Minerals PLC
16 April 2021
Cadence Minerals Plc
("Cadence Minerals", "Cadence")
Feasibility Study Update: Macarthur Minerals (TSX-V: MMS) (ASX:
MIO) moves ahead with mine design for Lake Giles Iron Project.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note
that Macarthur Minerals (TSX-V: MMS) (ASX: MIO) (the "Company" or
"Macarthur") has updated on the progress made on the mining and
haulage components of the Feasibility Study for the Lake Giles Iron
Project. Macarthur has been working with Orelogy Mining Consultants
("Orelogy") and Pells Sullivan Meynink ("PSM") on the mine design
and road haulage aspects of the Project.
Highlights:
-- Macarthur engagement of Orelogy and PSM on mine design,
geotechnical design and road haulage pricing.
-- Request for Budget Pricing ("RFBP") submitted to contract
mining and road haulage operators to establish contractor pricing
for operations.
-- Geotechnical drilling program defined for the Moonshine and
Moonshine North pits to establish geotechnical parameters for final
pit designs.
Macarthur has been working with mining consultants Orelogy and
geotechnical engineers from PSM on the mine design for the Lake
Giles Iron Project. Orelogy has completed preliminary pit
optimisations, designs, scheduling and project layouts to support
an operation targeting production of 3 Mtpa (dry) magnetite
concentrate. Additionally, PSM has been supporting the mine design
through a geotechnical review of drill core and project
geology.
A request for budget pricing (RFBP) has been submitted to
several local mining contractors for contract mining and road
haulage services including:
-- Site establishment
-- Site preparation
-- Drill and Blast
-- Excavate, load and haul
-- Road haulage to the railhead
-- Road maintenance
-- Loading of rail wagons
PSM has designed a diamond drill program to obtain detailed
geotechnical parameters for final pit designs. Macarthur is
currently engaging with drilling contractors to undertake this
drill program as soon as possible.
The full announcement can be viewed here:
https://macarthurminerals.com/wp-content/uploads/2021/04/MMS-NR-FS-update-Mine-Design_15-April-2021.pdf
Macarthur Minerals CEO Andrew Bruton commented: "Macarthur is
pleased to be working with Orelogy and PSM on this important
component of the Feasibility Study for the magnetite mining
operations at Lake Giles. An extensive body of work is being
undertaken on the mine design and geotechnical design and securing
contractor pricing for mining and road haulage costs is important
to ensure that mining operations can be optimised. This budget
pricing information will help inform the next phase of work that
Orelogy and PSM will be undertaking.
The Macarthur feasibility study team continues to make
significant progress and is critically examining options for mine
design that will maximise the value of the project for the benefit
of shareholders. You can see from the preliminary design diagram
that the mine pits and scale of the operation is huge. The area of
the pits stretch over 6 kilometres and we are only currently
focused on the first 20 plus years of mine and plant life. The
scale of a billion-tonne magnetite resource in such close proximity
to existing rail and port infrastructure is very unique globally. I
am ensuring that the project steps are incremental so that
Macarthur has the capacity and internal resources to bring the
first stage into production.
We look forward to updating the market as the Feasibility Study
continues to progress."
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
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
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
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 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
forward-looking statements.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCKZGMDRVGGMZG
(END) Dow Jones Newswires
April 16, 2021 04:51 ET (08:51 GMT)
Cadence Minerals (LSE:KDNC)
Historical Stock Chart
From Mar 2024 to Apr 2024
Cadence Minerals (LSE:KDNC)
Historical Stock Chart
From Apr 2023 to Apr 2024