TIDMKDNC
RNS Number : 4814F
Cadence Minerals PLC
16 November 2020
Cadence Minerals Plc
("Cadence Minerals", "Cadence" or "the Company")
Hastings Technology Metals (ASX: HAS) - Yangibana Drilling
Confirms Significant Mineralisation Extension Now Up To 8km
Long.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note
that Hastings Technology Metals (ASX:HAS) ("Hastings"), Cadence's
joint venture partner at the Yangibana Rare Earth Project in the
Gascoyne region of Western Australia ("Yangibana" "Yangibana
Project"), has announced further significant results for the
Simon's Find deposit as part of the 2020 exploration drilling
program for the Yangibana Rare Earths Project in Western
Australia.
Cadence Minerals Yangibana Holding:
Cadence owns 30% of 3 Mining Leases, 6 Exploration Licences,
which form part of the Yangibana Rare Earth Deposit. Hastings
Technology Metals owns the remaining 70%. While the announcement
today involves territory not covered by the JV license areas, the
developments are nonetheless positive indicators for the future of
the joint venture. Further details of our ownership the mineral
resources and reserves on our jointly held leases can be found
at:
https://www.cadenceminerals.com/projects/yangibana-rare-earth-project-2/
The current mine plan anticipates production to start from our
joint venture areas (Yangibana and Yangibana North) in year 6 and
continue to the end of mine life (year 13). Further details can be
found in the Hastings 2019 Annual Report.
Highlights:
-- Results from drilling at Simon's Find confirm a major 2km
long zone of economic mineralisation, significantly expanding the
existing resource base across the Yangibana Rare Earths
Project.
-- Simon's Find and the recently announced Fraser's North and
South drill results form a continuous zone of economic
mineralisation 4km long.
-- The Fraser's - Simon's Find - Bald Hill trend now forms an
8km-long economic mineralised corridor.
-- Simon's Find results contain world-beating quantities of
neodymium (Nd2O3) and praseodymium (Pr6O11) that, when combined,
total 52% of the TREO (total rare earth oxides) values. These
results are significantly higher than the 40-41% values recorded
from the nearby Bald Hill and Frasers deposits.
-- High-grade and shallow intersections from Simon's Find include:
o 2m @ 2.78% TREO from 46m
o 6m @ 1.20% TREO from 43m
-- including 4m @ 1.61% TREO
o 4m @ 1.21% TREO from 46m
o 15m @ 0.72% TREO from 37m
-- including 6m @ 1.11% TREO
-- 2m @ 1.38% TREO from 67m
-- 7m @ 0.89% TREO from 31m
o including 2m @ 1.76% TREO
-- 3m @ 1.40% TREO from 11m
-- 6m @ 0.75% TREO from 39m
o including 2m @ 1.51% TREO
-- 83 out of 96 holes (86%) reported significant intercepts of grades
Simon's Find - Major Mineralised Trend Defined
Hastings can now report that it has successfully delineated, as
a minimum, approximately 2km of economic mineralisation, forming
the Simon's Find resource area through the completion of
close-spaced reverse circulation (RC) drilling.
Recent drilling to target ironstone rocks hosting rare earths
has returned consistent grades and widths of mineralisation over a
2km-long zone, which remains open along strike and down dip.
Results have also confirmed that Simon's Find includes
exceptionally high quantities of neodymium and praseodymium, widely
recognised as the two most important rare earths elements required
over the next decades to satisfy global demand for electric
vehicles, renewable energy projects and industrial automation.
From the results underlying this announcement for Simon's Find,
neodymium and praseodymium (together, "NdPr") represent
approximately 52% of the total rare earths content. This is at
least 25% higher than existing results from the nearby Bald Hill
and Frasers deposits, which have a NdPr:TREO ratio of approximately
40-41% of total rare earths.
A 40-41% ratio is widely acknowledged as world leading when
compared to other known rare earths deposits, which typically
report ratios in the 15-25% range. The 52% recorded at Simon's Find
confirms the special and unique geological properties of Yangibana
and further underpins Hastings' accelerated march to becoming
Australia's next rare earths producer.
These new results are expected to substantially add to the
20.86Mt mineral resource1 (see ASX announcement dated 25 February
2020) already confirmed at Yangibana, with a new mineral resource
and mining reserve estimate expected to be completed over the
coming months.
Simon's Find is located in close proximity to the site of
Yangibana's proposed processing plant. The nature of Simon's Find's
softer geological host rocks means this deposit is expected to play
an important role during the production start-up phase of
Yangibana.
Frasers - Simon's Find Trend
Drill results released during the year have confirmed that
Simon's Find forms the northern portion of a defined and continuous
4km-long zone of economic mineralisation when including the
recently released Fraser's South and Fraser's North drilling
results.
Frasers - Simon's Find - Bald Hill Trend
Hastings has now defined a single, largely coherent zone of
mineralisation commencing at Fraser's South and finishing at Bald
Hill (the largest of Yangibana's rare earths deposits) that is
approximately 8km in length.
Substantial potential exists for continued exploration
throughout this zone, which has demonstrated significant capacity
to host rare earths, while opening up enormous opportunities for
mineral resource expansions and extensions to Yangibana's mine life
within close proximity of the processing plant location.
This zone has been lightly drilled and, on average, only between
40-70m below the surface. Additional opportunities to the north and
south of this trend have been identified by geophysics and ground
mapping. Down-dip extensions remain open along the entire 8km of
defined mineralisation.
Exploring and delineating the mineralisation in this zone was a
key objective of the 2020 exploration drilling program, which has
been successfully delivered.
In fact, the 2020 exploration drilling program has been so
successful that the vast majority of holes reported to date have
delivered intercepts of TREO considered to be economic by the
Company.
The full HAS release including detailed tables and graphics can
be found at:
https://www.investi.com.au/api/announcements/has/986a8ebc-c66.pdf
Hastings Executive Chairman, Charles Lew commented: "Hastings
has delivered and exceeded all of its key objectives for the 2020
exploration drilling program. The results from drilling over the
past several months have shown the magnitude of the resource
potential that exists at Yangibana."
"Hastings has now defined and delivered a single coherent zone
of economic mineralisation trending more than 8km in length from
Fraser's through to Simon's Find and Bald Hill, with further upside
in all areas along this zone to the north, south and at depth."
"Additionally, the ability to replicate the results from the
past few months into other areas of the tenement package remains
high, with similar known geological structures demanding additional
work."
"While the average head grades at Simon's Find results may be
lower than at Yangibana's other deposits, what is important and
makes this deposit such a stand-out - in global terms - are the
very high levels of neodymium and praseodymium - at 52% of total
rare earths reported."
"Hastings will now start the process of collating the drilling
information to define a new mineral resource for Simon's Find.
"The success at Simon's Find comes amid a busy period for
Hastings as we advance Yangibana's development by concluding more
offtake contracts and settling on a coastal site for our project's
hydrometallurgical plant."
Cadence Minerals CEO Kiran Morzaria commented : "As Hastings
Chairman Charles Lew says, the results from drilling over the past
several months have shown the magnitude of the resource potential
that exists at Yangibana, and in particular the very high levels of
neodymium and praseodymium reported from Simon's Find."
"Although the announcement today involves territory not covered
by the JV license areas, the developments are nonetheless positive
indicators for the future of the joint venture and provides
additional validation for our investment strategy into this
project. We look forward to further developments."
- Ends -
For further information:
Cadence Minerals plc +44 (0) 7879 584153
Andrew Suckling
Kiran Morzaria
WH Ireland Limited (NOMAD & Broker) +44 (0) 207 220 1666
James Joyce
James Sinclair-Ford
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"
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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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