Business
Update - Macarthur Minerals
Update - Macarthur Minerals.
About this update from Cadence Minerals Plc
[{"type":"text","content":"\n \nRNS Number : 6414Z Cadence Minerals PLC 13 January 2020 \n\nCadence Minerals Plc\n(\"Cadence Minerals\", \"Cadence\" or \"the Company\")\n \nMacarthur Minerals (TSX-V: MMS) Q4 Update & Early 2020 Update on W Australia Projects, \"Iron Ore the Commodity for 2020\".\n \nCadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note today's Q4 update from Macarthur Minerals (TSX-V: MMS) (\"Macarthur\") on it's flagship Lake Giles Iron Project, along with very positive early exploration results across Macarthur's iron ore, gold, nickel and cobalt projects in Western Australia.\n \nCadence Minerals Holding in Macarthur\n \nCadence holds approximately 7 % 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.\n \nHighlights:\n· The Lake Giles Iron Project, Feasibility Study (FS), is well underway with the infill drilling program completed in December. Results from the first batch of samples from Reverse Circulation (RC) and Diamond (DD) drilling were reported to the market on December 10, 2019. Several drill holes intersected a zone of high-grade magnetite mineralisation identified previously at the Moonshine North deposit.\n· Macarthur was admitted to the Official List of Australian Securities Exchange (ASX) on December 4, 2019 and commenced quotation of its securities on ASX on December 6, 2019. \n· The Company successfully closed the Offer under its Replacement Prospectus on 28 November 2019 with subscriptions accepted for 20,032,952 shares at a price of A$0.25 per share for a total consideration of A$5,008,238. Funds from the ASX IPO will be primarily used to advance the Company's flagship Lake Giles Iron Project.\n· Macarthur entered into a binding agreement with Arrow Minerals Limited (Arrow) to acquire the rights to a substantial package of land covering approximately 4950 ha adjacent to the Moonshine Magnetite deposit. The tenure will be used for constructing supporting infrastructure including the, processing plant, camp, airstrip, waste rocks dumps and a tailings storage facility. The deal...