Cadence Minerals PLC - Excellent Drill Results at Yangibana
RNS Number : 3105Z
Cadence Minerals PLC
17 September 2020
 

Cadence Minerals Plc

 

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

 

Hastings Technology Metals (ASX: HAS) - Excellent Drill Results Confirm High Grade Extensions To Frasers Open Pit.

 

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Hastings Technology Metals (ASX:HAS) ("Hastings"), Cadence's joint venture partner at the Yangibana Rare Earth Project in the Gascoyne region of Western Australia ("Yangibana" "Yangibana Project"), has announced the first set of results from the 2020 Exploration Drilling Program, concentrated in the Fraser's area.

Highlights:

·      First 9 holes from 2020 Exploration Drilling Program all hit economic mineralisation.

·      High-grade and shallow intersections from Yangibana's highest grade deposit (Fraser's) extensional drilling included:

4m @ 1.31% TREO % TREO from 4m

4m @ 1.24% TREO from 11m, and

5m @ 1.28% TREO from 52m.

·      Significant increase in (Nd2O3+Pr6O11 as % of TREO) from the 9 holes averaging 48% compared to 41% for the Frasers mineral resource.

·      New intersections sit outside but proximal to the current mineral resource at Fraser's of 1.32 million tonnes grading 1.35% TREO including 0.56% Nd2O3+Pr6O11 highlighting the outstanding potential to increase both the size and tonnages at Fraser's.

·      Mineralisation continues to remain open to the north and south and down dip.

·      Further assays remain pending from multiple holes in this area.

·      New results have provided important information for additional discoveries with high-grade strike extensions to these results now interpreted. Drilling to the north is linking the Fraser's and Simon's Find mineralised trends.

·      Drilling density is sufficient to allow future mineral resource estimation into measured and indicated JORC categories allowing for possible mine life extensions to be calculated.

Drilling results have confirmed the Company's conceptual modelling for a large coherent zone extending from Fraser's in the south to Bald Hill in the north, a distance of 7-8 kilometres, with efforts to rapidly expand and define mineralisation in the newly interpreted and discovered mineralised zones.

The very shallow depths of the mineralised intercepts and proximity to the existing Fraser's Open Pit demonstrate the high probability for mine life extension at Fraser's with excellent grades and thickness encountered in every hole of assays received. Fraser's currently has the highest NdPr (Nd2O3+Pr6O11) grades at 0.56% of any of the Yangibana defined deposits.

The high NdPr grades and corresponding Nd2O3+Pr6O11:TREO ratios are a unique feature not found in any other rare earth project, except for Yangibana.

The Fraser's Mineral Resource has a calculated Nd2O3+Pr6O11:TREO ratio of 41% (see announcement 18% Increase in Ore Reserve Mine Life Extended by 2 years to 13 years, November 2019), however assays received forming this announcement had Nd2O3+Pr6O11:TREO ratios ranging from 44 - 50%, representing a substantial increase over existing results from Frasers.

Samples were sent to Genalysis Intertek in Perth for analysis using techniques considered appropriate for the style of mineralisation. Samples were analysed for the range of rare earths, rare metals (Nb, Ta, Zr), thorium and uranium and a range of common rock-forming elements (Al, Ca, Fe, Mg, Mn, P, S, Si, Sr).

The full HAS release including detailed tables and graphics can be found at: https://www.investi.com.au/api/announcements/has/841a448e-dbc.pdf

Hastings COO, Andrew Reid commented: "These results have exceeded our expectations, which are an excellent first step in defining what appears to be a significant new zone of mineralisation. With this initial shallow program, we have confirmed the presence of broad mineralised widths and extended known extents of Mineral Resources. All the deepest holes confirm mineralisation continues at depth."

Cadence Minerals CEO Kiran Morzaria commented: "These excellent early results and high grades from Hastings drilling programme potentially bode well for the Yangibana and Yangibana North joint venture areas, and once again provide additional validation for our investment strategy into this project. We look forward to further developments."   

Cadence Minerals Yangibana Holding:

Cadence owns 30% of 3 Mining Leases, 6 Exploration Licences which form part of the Yangibana Rare Earth Deposit. Hastings Technology Metals owns the remaining 70% ("Hastings"). Further details of our ownership the mineral resources and reserves on our jointly held leases can be found at:

https://www.cadenceminerals.com/projects/yangibana-rare-earth-project-2/

The current mine plan anticipates production to start from our joint venture areas (Yangibana and Yangibana North) in year 6 and continue to the end of mine life (year 13). Further details can be found in the Hastings 2019 Annual Report

 

- Ends -

For further information:

Cadence Minerals plc

+44 (0) 7879 584153

Andrew Suckling

 

Kiran Morzaria

 

 

 

WH Ireland Limited (NOMAD & Broker)

+44 (0) 207 220 1666

James Joyce

 

James Sinclair-Ford

 

 

 

Novum Securities Limited (Joint Broker)

+44 (0) 207 399 9400

Jon Belliss

 

 

 

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.

 

Forward-Looking Statements:

Certain statements in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identified by their use of terms and phrases such as ''believe'' ''could'' "should" ''envisage'' ''estimate'' ''intend'' ''may'' ''plan'' ''will'' or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth results of operations performance future capital and other expenditures (including the amount. nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.  Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The Company cannot assure investors that actual results will be consistent with such forward-looking statements.

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