Cadence Minerals PLC Update - Bacanora Lithium (4172D)
09 October 2018 - 8:19PM
UK Regulatory
TIDMKDNC
RNS Number : 4172D
Cadence Minerals PLC
09 October 2018
Cadence Minerals Plc
("Cadence Minerals", "Cadence" or "the Company")
Bacanora Lithium (BCN) ("Bacanora") announces NI-43-101 lithium
resource estimate at Zinnwald Project, Germany.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note
the announcement today by Bacanora Lithium (AIM:BCN) ("Bacanora")
of NI 43-101 compliant Measured + Indicated resources of 124,974
tonnes of contained lithium ('Li') at its 50% owned Zinnwald
lithium project ('Zinnwald' or 'the Project') in southern Saxony,
Germany, representing a 30% increase from the previous PERC
resource estimate of 96,200 tonnes. The total resource estimate for
the Project (Measure + Indicated + Inferred) is 142,240 tonnes of
contained Li. The mineral resource estimate forms part of the
Feasibility Study ('FS') for a high value lithium product operation
at Zinnwald that will supply the fast-growing European battery and
automotive sectors. The FS remains on course to be completed in Q2
2019..
Highlights:
-- The Bacanora Zinnwald project is located in at Zinnwald SE
Germany, some 35 km from Dresden and adjacent to the border of the
Czech Republic and within 5 km of the town of Altenberg and 50 km
of the town of Freiberg.
-- The Project is in a granite hosted Sn/W/Li belt that has been
mined historically for tin, tungsten and lithium at different times
over the past 300 years.
-- The strategic location of the Project allows immediate access
to the German automotive and downstream lithium chemical
industries.
-- This new NI 43-101 mineral resource estimate upgrades the
PERC compliant report produced in 2014, and is based on 76 surface
holes plus 12 underground holes completed in 2017.
-- The upgraded resource is part of an ongoing FS at Zinnwald.
To date, concentrator and roasting testwork and resource definition
workstreams have been completed. The remaining FS workstreams,
including mine design, hydrometallurgical testwork and engineering
design, are all underway and proceeding on schedule. As a result,
the FS is on course to be completed in Q2 2019.
-- The upgraded resource has been reported in accordance with
National Instrument 43-101 - Standards of Disclosure for Mineral
Projects ("NI 43-101") and was carried out by G.E.O.S.
Ingenieurgesellschaft mbH (G.E.O.S).
Bacanora is a lithium exploration and development company. As at
the 31 August 2018 Cadence held 7.5% of Bacanora's equity 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.
The full release can be found at:
https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/BCN/13820883.html
As at the 31 August 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; 7.5% 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:
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
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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