Cadence Minerals PLC Update - Auroch Minerals (9027X)
15 August 2018 - 8:45PM
UK Regulatory
TIDMKDNC
RNS Number : 9027X
Cadence Minerals PLC
15 August 2018
Cadence Minerals Plc
("Cadence Minerals", "Cadence" or "the Company")
Auroch Minerals (ASX: AOU) Accelerates Exploration Programme
with Commencement of Drilling at Bonaventura.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note
that Auroch Minerals (ASX: AOU) has accelerated its drilling
programme with the commencement of drilling at its Bonaventura
Base-metals Project in South Australia. With Auroch's maiden drill
programme already initiated at the Arden Project, concurrent
drilling is now underway at both projects. DDH1 Drilling Pty Ltd
(DDH1 Drilling) is on-site at the Bonaventura Project with a
Sandvik DE710 drill rig. The first drill-hole has been initiated at
the Dewrang Target, where Auroch's recent IP survey identified a
robust chargeability anomaly (over 5 times background) that sits
between 150 - 200m depth and continues over a strike of at least
1.5km2. The anomaly is located at the convergence of two major
faults identified in the high-resolution aeromagnetics, and is also
coincident with anomalous zinc and lead in historic surface
samples, thus presenting a high priority drill target for the
Auroch team.
Highlights:
-- Drilling at Bonaventura Project has commenced with first hole
at the Dewrang Target underway.
-- Programme to target high-grade zinc, lead and gold
mineralisation at Dewrang, Grainger, Vinco and Kohinoor
targets.
-- Programme comprising initial diamond drilling campaign of up to 2,500 metres.
-- Drilling programme expected to take approximately 8 weeks to complete.
Cadence currently owns approximately 7% of the equity in Auroch
Minerals, which is an exploration company targeting principally
zinc, cobalt and lithium.
The full release can be found at:
http://clients3.weblink.com.au/pdf/AOU/02009582.pdf
Cadence Minerals CEO Kiran Morzaria commented: "Once again
Cadence Minerals are delighted by the rapid progress made by Aidan
Platel and his team. Auroch Minerals is at a pivotal moment in its
history as a company. This is best described by Aidan Platel's
comments today - In just four months we have concurrent drill
programmes underway at both Arden and Bonaventura Projects over
seven target areas, all of which have the ability to deliver the
next major discovery in these respective areas."
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
- 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
Ingo Hofmaier
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 GBP15 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.
Forward-Looking Statements:
Certain statements in this announcement are or may be deemed to
be forward-looking statements. Forward-looking statements are
identi ed 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 re ect
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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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