Cadence Minerals PLC - Update - European Metals Holdings London Stock Exchange
RNS Number : 2582O
Cadence Minerals PLC
28 January 2019
 

Cadence Minerals Plc

 

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

 

European Metals (AIM: EMH) Cinovec Drill Programme Update.

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the Cinovec Project drilling update published today by European Metals Holdings Limited ("European Metals" or "EMH"). Initial results from its current eight core-hole resource drilling programme announced by the Company on 5 November 2018 confirms that drilling of five of the eight holes has been completed.  Drilling activities have been suspended and will resume after the end of the snow season.  Analytical results for four of the drill holes from the Cinovec South deposit are reported.

Key Points:

·   Resource drill holes CIS-10, CIS-11, CIS-12 and CIS-13 have been completed including analytical reports.

·      Resource drill hole CIS-14 has been drilled with analytical results pending.

Hole CIS-11 returned 129.3m averaging 0.51% Li2O, incl. 2m @ 0.93% Li2O, 2m @0.93% Li2O; 5m @ 0.56% Sn and 0.11% W, 5m @ 0.21% Sn, and 7m @ 0.11% Sn.

Hole CIS-13 returned 108m averaging 0.45% Li2O and 0.11% Sn, incl. 4m @ 0.99% Li2O; 6m @ 0.29% Sn, 5m @ 0.34% Sn, 3m @ 0.77% Sn and 0.12% W, and 2m @ 1.03% Sn, incl. 1m @ 1.92% Sn.

Hole CIS-10 returned 89m averaging 0.47% Li2O, incl. 6m @ 1.02% Li2O and 6m @ 0.91% Li2O; 5m @ 0.26% Sn, 5m @ 0.14% Sn, and 7m @ 0.077% W.

Hole CIS-12 returned 93m averaging 0.48% Li2O, incl. 2m @ 1.32% Li2O, 2.4m @ 1.17% Li2O and 3m @ 1.08% Li2O; 8m @ 0.83% Li2O and 0.18% Sn, 4m @ 0.13% Sn, and 5m @ 0.16% W..

Cadence holds approximately 19.1% of the equity in European Metals, which, through its wholly owned Subsidiary, Geomet s.r.o., controls the mineral exploration licenses awarded by the Czech State over Cinovec.

The full release can be found at: https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/EMH/13947894.html

Cadence Minerals CEO Kiran Morzaria commented: "As stated in EMH's announcement, Cinovec is the largest lithium deposit in Europe, the fourth largest non-brine deposit in the world and a globally significant tin resource. To quote EMH CEO Keith Coughlan 'the initial drill results confirm confidence in the robustness of the ore body and we are particularly encouraged by the higher than expected tin grades in hole CIS-13.' From the Cadence perspective, and given Cinovec's strategic significance in the future of the European electric vehicle market, these early results fully validate our investment strategy into this project, and our participation in the recent fundraising. We look forward to further progress and the updated PFS results."

- Ends -

For further information:

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 Sinclair-Ford

 

 

 

Hannam & Partners LLP (Joint Broker)

+44 (0) 207 907 8500

Neil Passmore

 

Giles Fitzpatrick

 

 

 

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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