has told investors that its Lake Giles Iron Project in Western Australia now has the sufficient mineral resources in order to progress its Feasibility Study.
Macarthur Minerals has unveiled an updated Mineral Resource estimate for the magnetite deposits at Lake Giles which has been completed by mining consultancy CSA Global.
Cadence holds around 2.2% interest in Australian mining exploration company Macarthur, which is focused primarily on iron ore, nickel, lithium and gold in Western Australia.
The updated estimates incorporated recent drill assays and indicated an increase in the size of the Moonshine mineral resources including resource category upgrades, Cadence noted.
This includes both Measured and Indicated resources with around 30% of the Moonshine resource now classified as Indicated and around 7.5% classified in the Measured category.
Shares in Cadence Minerals have more than doubled since June and were trading 8.79% higher at 11.45p this morning following the announcement.
As a result, Cadence said the Mineral upgrade has now delivered ‘the sufficient resources in the appropriate categories’ to underpin the current Lake Giles Iron Project Feasibility Study.
Macarthur’s President and Executive Chairman, Cameron McCall, said the completion of the updated estimate represents “a major milestone” for the company, adding that the company is “edging closer than ever to making this Project real for shareholders.”
He added, “The Company's Board and Management are singularly focused on progressing through the key gateways to deliver the Project to maximise the opportunities presented in the current commodity cycle.”
Cadence’s CEO Kiran Morzaria added, "This new updated Mineral Resource estimate for the magnetite deposits at Lake Giles marks an important development for Macarthur as an emerging Australian iron ore producer, and adds material value for shareholders.”
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