Cadence Minerals PLC Update - European Metals Holdings (3704V)
02 November 2017 - 7:54PM
UK Regulatory
TIDMKDNC
RNS Number : 3704V
Cadence Minerals PLC
02 November 2017
Cadence Minerals Plc
("Cadence Minerals", "Cadence" or "the Company")
Significant Lithium Grades and Widths Intersected at the Cinovec
Lithium Project
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to
announce that European Metals Holdings Limited ("European Metals")
(ASX & AIM: EMH) has completed a six core-hole infill drilling
program at the Cinovec Project. A total of 2,697.1m was completed
on time and without loss time accidents. Analytical results for
three drillholes in the eastern and for two drillholes on the
western sector of the of the Cinovec South deposit are reported,
results for hole CIS-4 have previously been reported.
Cadence has a 20 % equity stake in European Metals. The full
release can be found at
http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/EMH/13417491.html
Highlights from the European Metals Release
* All six holes planned infill core drillholes
completed for a total of 2,697.1m drilled.
* Analytical results confirmed the expected lithium,
tin and tungsten contents and mineralization widths.
* The results for the two infill drillholes in the
western part of the Cinovec South deposit exceed
expectations.
* Drillhole CIS-9 returned one of the best results of
the Company's drilling program to date: 204.6m
averaging 0.44% Li2O, (and within it 70m@0.58%Li2O;
13m@0.19%Sn, 6m@0.58%Sn, 3m@1.02%Sn and 0.179%W)
* Drillhole CIS-8 returned a continuous relatively
high-grade lithium mineralization interval that
includes multiple zones of tin and tungsten
mineralization: 152.5m averaging 0.41% Li2O, (and
within it 3m@0.52%Sn, 6m@0.12%Sn and 0.077%W,
7m@0.14%Sn).
* In the eastern part, the best results are from CIS-7,
with 45.5 m averaging 0.37% Li2O, and 102m averaging
0.31%Li2O, with string tin and tungsten credits
(11m@0.24%Sn and second interval includes 12m@0.17%Sn
and 13m@0.16%W).
Czech Election Results
European Metals also noted the results of the recent elections
held in the Czech Republic and the debate regarding development of
lithium assets within the country leading into the elections. As
the sole holder of exploration permits and preliminary mining
permits with the preferential right of mining over the Cinovec
Project, the Company looks forward to continuing the previous
positive engagements with the new Government, once formed, and to
rapidly advance development of the project to the mutual benefit of
all stakeholders.
Kiran Morzaria, Chief Executive Officer of Cadence,
commented:
"The team at European Metals have continued to make good
progress in the development of the Cinovec asset. These latest set
of drill results show excellent polymetallic mineralisation and
will allow the company to update it geological models and mineral
resources, which will in turn feed into the ongoing feasibility
studie. We look forward seeing the progress that will be made over
the coming months at the Cinovec Project."
- 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 GBP25 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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