Cadence Minerals PLC - Auroch Minerals - Update London Stock Exchange
RNS Number : 9010V
Cadence Minerals PLC
08 November 2017
 

 

Cadence Minerals Plc

 

("Cadence Minerals", "Cadence" or "the Company")

 

Auroch Minerals - Update

 

More Cobaltite Identified in Drilling Tisova Project, Czech Republic

 

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to report that Auroch Minerals, in which Cadence currently owns a 7.7% equity stake, has announced that all drill holes to date have intersected multiple zones of massive to semi-massive sulphide mineralisation within a wider sulphide halo as predicted in the 3D geology model. Hole TIDD003 intersected visible cobalt and copper minerals within a 130m thick zone containing 1-5% disseminated sulphides.

 

The full release can be found at: http://clients3.weblink.com.au/pdf/AOU/01919087.pdf

 

Highlights from the Auroch Minerals Release

 

·      Third hole (TIDD001) intersects multiple zones of semi-massive, disseminated and vein hosted sulphide mineralisation above target zone

·      Sulphides include cobaltite (Co), chalcopyrite (Cu), sphalerite (Zn) and pyrrhotite (Fe)

·      TIDD001 drilled to 79.1m after intersecting historic void and underground scrap preventing further drilling - hole to be redrilled

·      Fourth hole (TIDD004) commenced, completion expected by end of November

·      Samples from first two holes despatched to ALS in Romania

·      Auroch's 3D model confirmed:

o   Sulphide halos more than 100m true thickness

o   Multiple lenses of massive semi massive sulphides within target halo

·     Existing infrastructure of 30 Km + of underground development, including a 400m shaft down to 9 level (400m below surface) is present at Tisová

·      Auroch's best results for Cobalt, Copper, Gold and Silver at Tisová:

o   0.69% Cobalt, 17.1% Copper, 3.7 ppm Gold and 178 ppm Silver

 

Kiran Morzaria, Chief Executive Officer of Cadence, commented:

"We are very encouraged by these latest drill results from the Tisova Project and look forward to a further update before the end of this year.

- Ends -

 

For further information, please contact.




Cadence Minerals plc

+44 (0) 207 440 0647

Andrew Suckling


Kiran Morzaria

 

 




WH Ireland Limited (NOMAD & Broker)

+44 (0) 207 220 1666

James Joyce


James Bavister

 




Hannam & Partners LLP (Joint Broker)

+44 (0) 207 907 8500

Neil Passmore


Giles Fitzpatrick

 




Square1 Consulting

+44 (0) 207 929 5599

David Bick


 

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.

 

About Cadence Minerals:

 

Cadence is dedicated to smart investments for a greener world. The planet needs rechargeable batteries on a global scale - upcoming supersized passenger vehicles, lorries and buses - require lithium and other technology minerals to power their cells. Cadence is helping find these minerals in new places and extracting them in new ways, which will meet the demand of this burgeoning market. With over £30 million vested in key assets globally, Cadence is helping us reach tomorrow, today.

 

Cadence invests across the globe, principally in lithium mining projects. Its primary strategy is taking significant economic stakes in upstream exploration and development assets within strategic metals. We identify assets that have strategic cost advantages that are not replicable, with the aim of achieving lower quartile production costs. The combination of this approach and seeking value opportunities allows us to identify projects capable of achieving high rates of return.

 

The Cadence board has a blend of mining, commodity investing, fund management and deal structuring knowledge and experience, that is supported by access to key marketing, political and industry contacts. These resources are leveraged not only in our investment decisions but also in continuing support of our investments, whether it be increasing market awareness of an asset, or advising on product mix or path to production. Cadence Mineral's goal is to assist management to rapidly develop the project up the value curve and deliver excellent returns on its investments.

 

 


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