Cadence Minerals PLC Auroch Minerals Identifies Potential Targets (8720S)
14 March 2019 - 8:36PM
UK Regulatory
TIDMKDNC
RNS Number : 8720S
Cadence Minerals PLC
14 March 2019
Cadence Minerals Plc
("Cadence Minerals", "Cadence" or "the Company")
Auroch Minerals (ASX: AOU) Identifies Potential Targets at
Torrens East Copper Project.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note
the update published today by Auroch Minerals (ASX:AOU) 'Auroch' on
its recently-acquired Torrens East Copper Project (Torrens East).
Exploration Licence Applications ELA00159 and ELA00163 comprise
1,622km2, and are considered by Auroch to be highly prospective for
IOCG (iron oxide - copper - gold) mineralisation.
An initial review of the South Australian Government's Mineral
Resources aeromagnetic and gravity data, together with available
geological and drilling data over the Torrens East licence area has
identified a likely eastern extension of the Torrens JV gravity
anomaly, which continues into Auroch's application licence.
Highlights:
-- Auroch has completed a review of historical geophysical,
geological and drilling data for its Torrens East Copper Project
(Torrens East), identifying potential target areas for follow-up
exploration.
-- The review identified on Auroch's exploration tenure a likely
eastern extension of the large Torrens JV (70% Aeris Resources Ltd;
30% Argonaut Resources NL) gravity anomaly.
-- Torrens East has the right geological address with peer
exploration encountering IOCG pathfinder minerals, copper sulphides
and alteration halos. Recent exploration in the Eastern Gawler
Craton includes:
o Torrens JV commenced a $20m drilling programme 6-10km to the
west of Torrens East.
o BHP Group's (BHP) Oak Dam West prospect returned best drilling
intercepts: 425.7m @ 3.04% Cu and 0.59g/t Au, including 180m @
6.07% Cu and 0.92g/t Au.
o Cohiba Minerals announced plans for a drilling programme at
its "Horse Well" project 2km from BHP's Oak Dam West prospect.
-- Auroch will continue to advance the Torrens East Project and
will provide updates in the coming months
The Torrens East project is located along the eastern margin of
the Gawler Craton in South Australia, in a similar regional setting
to the Olympic Dam and Carrapateena deposits around the Torrens
Hinge Zone, a continent-scale zone of crustal weakness with the
potential to act as a conduit to release mineralising fluids from
the Earth's mantle. The Torrens East Copper Project is 1,622km2 of
ground considered highly prospective for Iron Oxide Copper-Gold
(IOCG) mineralisation. The large exploration licence applications
(ELAs) are situated adjacent to the Torrens JV (70% Aeris Resources
Ltd; 30% Argonaut Resources NL) approximately 50km from BHP's
recently-announced drilling in the Olympic Dam copper-gold
province, host to the world-class Olympic Dam (BHP Group Ltd) and
Carrapateena (Oz Minerals Ltd) IOCG deposits.
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/8adebe01-e6f.pdf
Cadence Minerals CEO Kiran Morzaria commented: "Aidan Platel and
his team continue to build the Auroch investment case. As stated in
the announcement, recent peer exploration in the region has
provided a blueprint for Auroch's exploration plans, which all
contribute towards refining possible future drill targets at
Torrens East. We look forward to further developments"
- 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.
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.
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END
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