Cadence Minerals PLC - Update - Auroch Minerals London Stock Exchange
RNS Number : 4732H
Cadence Minerals PLC
15 November 2018
 

Cadence Minerals Plc

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

 

Auroch Minerals (ASX: AOU) Drilling Programme Identifies Large Sedex Zinc Potential at Arden.

 

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the update published today by Auroch Minerals (ASX:AOU) 'Auroch' that it has successfully completed its maiden drilling programme at the Arden Project, in South Australia, with all ten drill-holes encountering horizons of Sedimentary Exhalative (SEDEX) zinc and/or copper mineralisation.

Highlights:

·      Maiden drill programme at Arden intercepts base-metals mineralisation in all 10 drill-holes.

·      Up to 3 horizons of SEDEX zinc mineralisation identified at the Ragless Range Prospect within the Arden Project, extending over 3km of strike and open in every direction.

·      Best intersection was from drill-hole RRDD-007:

8.15m @ 7.52% Zn & 0.02% Pb from 57.65m, including 3.65m @ 15.47% Zn & 0.02% Pb from 62.15m.

·      Additional mineralised bands up to 24% Zn identified in drill-hole RRDD-007 by portable XRF subsequent to initial assay results - laboratory assays are pending.

Assays are pending from additional intervals of drill-core sampled subsequent to re-logging of zones surrounding mineralisation at Ragless Range. Auroch's geology team will continue to use pXRF, surface mapping and surface sampling techniques to build the geological database, with a focus on areas where large interpreted structures meet the projected location of the mineralised SEDEX horizons. These focussed target areas will be tested with ground geophysical surveys with the intent of defining target areas for the next phase of drilling at the Arden Project in the first half of 2019.

Cadence currently owns 6.6% of the equity in Auroch Minerals, which is an exploration company targeting principally zinc, cobalt and lithium.

The full release can be found at: https://www.investi.com.au/api/announcements/aou/8d48f77d-f8b.pdf

 

Cadence Minerals CEO Kiran Morzaria commented: "This is a positive initial drilling result from Auroch's Arden project. As CEO Aidan Platel says, the company has exceeded its objectives in the maiden drill programme, not only confirming previously defined SEDEX mineralisation, but (a) identifying concentrated mineralisation that potentially improves the economic grades of the metal inventory and (b) discovering another two SEDEX zinc mineralised horizons that had not previously been identified. Most importantly, this result increases the potential scale of the Arden SEDEX base-metal system, and further validation for our investment into Auroch Minerals.

We look forward to assay results and further news from Auroch as the project develops."

 

As at the 12 October 2018 Cadence had the following key investments: 19.7% of the equity in European Metal Holdings, which, through its wholly owned Subsidiary, Geomet s.r.o., controls the mineral exploration licenses awarded by the Czech State over Cinovec; 6.95% of the equity in Bacanora Lithium Plc and 30% of Mexalit and Megalit joint venture companies. Mexalit is the owner of the El Sauz, El Sauz 1, El Sauz 2, Fleur and Fleur 1 mineral concessions, which forms part of the 20-year mine plan of the Sonora Lithium Project in Northern Mexico; 6.6% of Auroch Minerals Ltd; 4.5% of Clancy Exploration Ltd; 12.1% of Macarthur Minerals Ltd; 4% of the San Luis lithium exploration project in Argentina; 30% free carried interest in one mining lease and six exploration license in part of the the Yangibana Rare Earth Mineral deposit and a 100% interest in and exploration license on the eastern boundary of boundaries of Greenland Minerals and Energy Limited's licences that encompass the world-class Kvanefjeld, Sørenson, Zone 3 and Steenstrupfjeld Rare Earth Element deposits.

- 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.

 

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.

 

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.

 

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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