Cadence Minerals PLC - Auroch Minerals Update London Stock Exchange
RNS Number : 9056J
Cadence Minerals PLC
03 July 2017
 

Cadence Minerals Plc

 

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

 

Auroch Minerals Update

Cadence (AIM/NEX: KDNC; OTC: REMMY) reports that Auroch Minerals ("Auroch") in which Cadence currently owns a 7.7% stake has announced that it has entered into option agreements giving it the right to acquire 100% of the historic Tisová copper mine and 3 exploration licence applications (subject to approval by relevant authorities) in the Czech Republic.  The full Auroch release is available at: http://clients3.weblink.com.au/pdf/AOU/01870742.pdf .

Highlights

·      The Tisová underground mine has a long history, being mined intermittently since the end of the 12th century and more recently operated from 1959 to 1973 when it produced 560kt of ore containing 0.68% Cu

 

·      Deposit style is volcanogenic massive sulphide (VMS) with copper being confined to specific horizons of chalcopyrite-rich ore within a much broader sequence of massive, semi-massive and disseminated sulphides

 

·      Sampling of the broader sulphide envelope produced significant grades of cobalt, copper and gold

Grades of up to 0.68% Co and 3.5% Cu (with potential gold by-product between 0.2-3.7g/t Au) were returned from assay of recent grab samples

 

·      Previous exploration and mining at Tisová focussed on the copper-rich VMS, and did not regularly sample for cobalt and, and hence these opportunities were not exploited nor evaluated

 

·      Extensive underground development has been completed at Tisová which will be examined to determine the most efficient method to progress mine exploration and subsequent development

 

·      The Tisová project comprises a granted exploration licence which includes the historic Tisová mine and 3 exploration licence applications in the Czech Republic

 

·      Deposit is open along strike and down-dip and through the deal Auroch has secured a significant ground holding which provides scope to prove up a substantial deposit

 

·      Drilling to commence in 3rd Quarter 2017

 

- 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




Square1 Consulting

+44 (0) 207 929 5599

David Bick


Brian Alexander


 

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 £35 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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