TIDMKDNC
RNS Number : 2086J
Cadence Minerals PLC
03 December 2018
Cadence Minerals Plc
("Cadence Minerals", "Cadence" or "the Company")
Auroch Minerals (ASX: AOU) drilling intersects veins of
Zinc-Lead mineralization at Bonaventura. Submit questions for Live
Webinar.
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
its 100%-owned Bonaventura Project in South Australia, intercepting
significant base-metal mineralisation at its Dewrang and Grainger
Prospects.
Highlights:
-- Drilling at the Grainger Zinc Prospect (Bonaventura Project)
intersected significant vein sets of zinc-lead mineralisation in
fresh rock at shallow depth, best intercepts include:
o 6.0m at 1.53% zinc and 0.21% lead from 28.3m, including 1.0m
at 4.50% zinc and 0.34% lead from 33.3m.
o 7.0m at 1.65% zinc and 0.26% lead from 64.2m, including 1.0m
at 4.14% zinc and 0.66% lead from 70.2m.
-- Further drilling at the Dewrang Prospect (Bonaventura
Project) intersected significant base-metals mineralisation
coincident to a previously defined 1.5km geophysical IP
anomaly.
Auroch is planning a structural geology study of the Grainger
Prospect in order to better understand the deformational history of
the target area and the structural control over mineralisation in
order to potentially define target areas of thicker mineralisation
and/or higher grades. Samples will also be tested in order to
determine which geophysical survey method might be used to best
define potential zones of base-metal mineralisation and thus locate
possible drill targets for the next phase of drilling at the
Grainger Prospect.
The Dewrang Prospect remains a priority target area for Auroch
since the drilling has demonstrated that the 1.5km long IP
chargeability anomaly appears to correlate with base metals
mineralisation. Additionally, historic surface soil-sampling
highlighted the area as highly-anomalous in both zinc and lead. The
geology team will continue to build the geological database, in
order to develop these targets and define new target areas within
the large tenement package, with the intent of defining targets for
the next phase of drilling at the Bonaventura 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/da1a4983-be2.pdf
Cadence Minerals CEO Kiran Morzaria commented: "The portfolio of
assets owned by Auroch Minerals continue to add value to the
investment proposition. Following from last week's news of the new
license areas at the Lake Torrens IOCG tenement, Auroch has
intersected and confirmed base metals mineralisation at its two
highest-priority targets at Bonaventura. We look forward to further
developments from Grainger and Dewrang prospects following the
report from Auroch's geology team"
Live Webinar; Monday 10 December
Cadence is pleased to announce the Company will be hosting a
live webinar at 10.00am GMT on Monday 10 December 2018. The live
webinar will be available on the following link:
http://webcasting.brrmedia.co.uk/broadcast/5bf432bda05b353a6df23e7f
Listeners are encouraged to submit questions prior to the call
by emailing cadence@brrmedia.co.uk or by clicking on the question
button at the foot of the webcast.
Summary of Investments
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
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
MSCLIFSAFALVIIT
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