Cadence notes Fe Limited’s $7 million sale of its Evanston royalty interest
The minerals firm said FEL, an ASX-listed mineral exploration company, has finalised the sale to TRR Services Australia, a wholly owned subsidiary of Trident Resources, who purchased the royalty for $7 million.
The group confirmed to investors that FEL has now received the first payment of $3.5 million with a further instalment of $3m payable in 12 months.
FEL now has $5.2m cash in the bank and as a result is fully funded to commence a Fixed Loop Electromagnetic Survey (FLEM) ground survey at the Hillside project which forms part of Macarthur's Pilbara tenements.
Shares in Cadence Minerals opened flat at 11.2p on Friday morning.
KDNC price chartThe survey will cover a section of the previously identified gossan line as well as a series of individual FELM surveys over previously identified high priority SkyTEM electromagnetic targets across the wider project area, the company detailed.
Results are expected to better indicate any massive sulphide mineralisation which may exist to assist targeting the next drilling campaign, which is expected to occur later this year.
Macarthur President and Executive Chairman of Cadence, Cameron McCall, said “All results so far have been very encouraging.”
He added, “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.”
Cadence holds around 3% interest in Macarthur, which is an Australian mining exploration company focused primarily on iron ore, nickel, lithium and gold in Western Australia.
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