TIDMKDNC
RNS Number : 9408Z
Cadence Minerals PLC
26 May 2021
Cadence Minerals Plc
("Cadence Minerals", "Cadence")
Macarthur Minerals (TSX-V: MMS) (ASX: MIO) Targets Acceleration
of Lake Giles DSO Campaign With Mine Planning Work to Commence at
Ularring.
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 it is advancing mine planning work
to support intended hematite mining operations at Lake Giles in
Western Australia.
The Company has commenced work to prepare a mine plan for a
direct shipment ore (DSO) product under a mining campaign which
will initially target the Snark and Drabble Downs deposits of the
Lake Giles Ularring Hematite Project.
In 2012 the Company completed a Pre-Feasibility Study (PFS) of
the Ularring Hematite Project ("Project") that included
beneficiation of low-grade iron mineralisation. Given the current
strength of the global iron ore market, the Company considers there
is scope for development of a simple DSO operation with mobile
crushing and screening equipment. The Company's mine planning work
will be premised on this basis, targeting a low capital, rapid
development scenario.
This low-cost approach does not diminish the potential for a
beneficiated sinter fines product as envisaged in the original 2012
PFS.
The Snark and Drabble Downs deposits are located in close
proximity to the Evanston-Menzies road that is currently being used
for ore haulage by local gold mining operators. This road provides
direct access to sealed highways to both Geraldton and Esperance
ports as well as open access rail networks.
The Company has engaged with road haulage contractors and has
identified rail and export options utilising existing regional
infrastructure. Additionally, the Company has made applications for
miscellaneous licences to support the development of a mining camp
and mining services infrastructure and is in discussions with
neighbouring tenement holders for access to water bores.
Highlights:
-- NI 43-101 Technical Report filed October 1, 2012, titled "NI
43-101 Technical Report, Macarthur Minerals Limited,
Pre-Feasibility Study, Ularring Hematite Project, Western
Australia."
-- The detailed mine planning work focuses on the hematite
deposits located at the Snark and Drabble Downs prospects where
direct shipment ore (DSO) product has been defined. The work to be
undertaken will support regulatory approval of a Mining Proposal
and tendering of contract mining services, and will include:
o project optimization;
o mine design and layout;
o mine scheduling of DSO;
o mining cost estimation; and
o implementation planning.
The mine planning and associated geotechnical assessment work is
expected to be completed by the end of June, and Macarthur intends
to lodge a mining proposal with the Department of Mines, Industry
Regulation and Safety (DMIRS) during Q3 this year.
The Company has identified options for an export pathway to
support planned DSO mining operations and is aiming to complete
arrangements for its preferred product transport and export
solution shortly.
Following approval of the mine plan by DMIRS and subject to
securing remaining project development approvals and closing
project financing, the Company intends to target commencement of
DSO production at Ularring at the earliest available
opportunity.
Andrew Bruton, Chief Executive Officer of Macarthur Minerals
commented: "Iron ore is experiencing one of the largest price
surges in decades, and our shareholders have been eagerly
anticipating the Company's advancement of early hematite mining
operations at Ularring. The current market has presented both
opportunities and challenges over the last several months as the
Company navigates an increase in competitive demand for transport
infrastructure and port access. Macarthur's Management team has
risen to the challenge and has worked to advance a solution which
aims to take advantage of the current strength in iron ore prices
by advancing early mining operations.
Early mining operations will also support the Company's aim of
commencing high grade magnetite mining operations at its Moonshine
and Moonshine North deposits following the completion of the
current Feasibility Study process. We are pleased to finally
provide the market with the details of the next step towards this
much anticipated corporate milestone being completed, and I look
forward to keeping investors informed of the exciting developments
along the pathway towards achieving our first shipment of iron ore.
Further announcements on progress will follow in the coming
weeks."
The full announcement can be viewed here:
https://finance.yahoo.com/news/macarthur-targets-acceleration-lake-giles-120000075.html
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.
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Minerals Plc's future growth results of operations performance
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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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