Cadence Minerals PLC - Bacanora Minerals Update London Stock Exchange
RNS Number : 9088V
Cadence Minerals PLC
08 November 2017
 

Cadence Minerals Plc

 

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

 

Bacanora Minerals Update

 

Mining Licence Granted for the Zinnwald Project in Germany

 

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) reports that Bacanora Minerals (AIM: BCN, TSXV: BCN) has announced that its jointly controlled entity, Deutsche Lithium GmbH ("Deutsche Lithium"), has been granted a mining licence (the "Licence") covering 256.5 hectares of its Zinnwald Lithium Project ("Zinnwald") which is located in southern Saxony, Germany, close to the key German automotive and downstream lithium chemical industries.  The 30-year Licence has been issued by the Saxony State Mining Authority (Sächsisches Oberbergamt) in accordance with §8 of the German Mining Act (Bundesberggesetz).

 

The following work has been completed or is ongoing:

 

●  A resource infill drilling programme to upgrade the existing resource model in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects

 

  Four of out of 15 planned infill drilling holes have been completed - the remaining holes are scheduled for completion by January 2018

 

●  Collection of a 100 tonne bulk ore sample from the legacy mine at Zinnwald to provide samples for metallurgical testwork

 

  Material has been crushed and sent to metallurgical laboratories in Germany

 

  Grinding, magnetic separation and concentration testwork programmes will be carried out over the next four months to develop the final flowsheet to produce a lithium rich concentrate

 

●  On completion of the concentration testwork, hydrometallurgical testwork for downstream processing will be undertaken, focusing on the production of higher value lithium battery chemical products

Bacanora is a lithium exploration and development company. Cadence has a 9.3% of Bacanora's equity and a 30% stake in the Mexalit S.A. de CV ("Mexalit") joint venture which forms part of the Sonora Lithium Project in Northern Mexico.

The full release can be found at: https://www.investegate.co.uk/bacanora-minerals-ld--bcn-/rns/mining-licence-issued-for-lithium-project--germany/201711080700058491V/

 

Kiran Morzaria, Chief Executive Officer of Cadence, commented:

"We are very pleased to see the grant of the mining licence for the Zinnwald Project. Like the Sonora Project in Mexico, Zinnwald has the characteristics of a world class asset, which has the potential to provide significant supplies of lithium products to the strategically important European and Asian lithium markets."

- 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 £25 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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