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Macarthur Minerals JV Partner - $7m Royalty Sale
Macarthur Minerals JV Partner - $7m Royalty Sale.
About this update from Cadence Minerals Plc
[{"type":"text","content":"\n \n \n RNS Number : 9716N\n Cadence Minerals PLC\n 26 May 2020\n \n \n \n \n Cadence Minerals Plc\n \n \n (\"Cadence Minerals\", \"Cadence\" or \"the Company\")\n \n \n \n \n \n Macarthur Minerals (TSX-V: MMS) Joint Venture Partner Fe Limited announces sale of Evanston royalty.\n \n \n \n \n \n Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Macarthur Minerals (TSX-V: MMS) (\"Macarthur\") Joint Venture Partner, Fe Limited (\"FEL\") has announced approval by its Shareholders for the sale of its Evanston royalty interest over a portion of the wider Koolyanobbing iron ore mine in the Southern Yilgarn region of Western Australia. \n \n \n \n \n \n TRR Services Australia Pty Ltd, a wholly owned subsidiary of Trident Resources PLC (LSX: TRR), has entered into an agreement to purchase the royalty for $7 million. The sale is payable in two instalments, with the first instalment of $4 million payable on completion. The second payment of $3 million is payable on the day after the first anniversary of completion. \n \n \n \n \n \n This transaction will provide FEL with the necessary funding to support ongoing exploration programs, including follow-up works to the recent drilling program completed at the Hillside Gold and Copper Project in the Pilbara region of Western Australia. Results from the first phase drilling program reported by FEL in its ASX announcement dated February 10, 2020 were very encouraging with three holes positively identified to have intercepted down dip extensions of a surface gossan. The three identified holes showed anomalous intercepts spanning the full length of the 14km strike.\n \n \n \n \n \n Fe Limited has entered into an earn-in agreement with Macarthur for eight tenements in the Pilbara, including the Hillside Gold and Copper Project.\n \n \n \n \n \n \n Macarthur President and Executive Chairman Cameron McCall commented:\n \n \n \"We are excited by the news that Fe Limited is adding $7 million to its bank balance and will be fully funded for further exploration activities on Macarthur's Pilbara tenements encompassing the Hillside, Panorama, and Strelley projects. All results so far have been very encouraging.\"\n \n \n \n \n \n \n The full release can be found at: https://web.tmxmoney.com/article.php?newsid=8063654181445588&qm_s...