Cadence Minerals PLC Update - Auroch Minerals (4732H)
November 15 2018 - 5:02AM
UK Regulatory
TIDMKDNC
RNS Number : 4732H
Cadence Minerals PLC
15 November 2018
Cadence Minerals Plc
("Cadence Minerals", "Cadence" or "the Company")
Auroch Minerals (ASX: AOU) Drilling Programme Identifies Large
Sedex Zinc Potential at Arden.
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
the Arden Project, in South Australia, with all ten drill-holes
encountering horizons of Sedimentary Exhalative (SEDEX) zinc and/or
copper mineralisation.
Highlights:
-- Maiden drill programme at Arden intercepts base-metals
mineralisation in all 10 drill-holes.
-- Up to 3 horizons of SEDEX zinc mineralisation identified at
the Ragless Range Prospect within the Arden Project, extending over
3km of strike and open in every direction.
-- Best intersection was from drill-hole RRDD-007:
o 8.15m @ 7.52% Zn & 0.02% Pb from 57.65m, including 3.65m @
15.47% Zn & 0.02% Pb from 62.15m.
-- Additional mineralised bands up to 24% Zn identified in
drill-hole RRDD-007 by portable XRF subsequent to initial assay
results - laboratory assays are pending.
Assays are pending from additional intervals of drill-core
sampled subsequent to re-logging of zones surrounding
mineralisation at Ragless Range. Auroch's geology team will
continue to use pXRF, surface mapping and surface sampling
techniques to build the geological database, with a focus on areas
where large interpreted structures meet the projected location of
the mineralised SEDEX horizons. These focussed target areas will be
tested with ground geophysical surveys with the intent of defining
target areas for the next phase of drilling at the Arden 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/8d48f77d-f8b.pdf
Cadence Minerals CEO Kiran Morzaria commented: "This is a
positive initial drilling result from Auroch's Arden project. As
CEO Aidan Platel says, the company has exceeded its objectives in
the maiden drill programme, not only confirming previously defined
SEDEX mineralisation, but (a) identifying concentrated
mineralisation that potentially improves the economic grades of the
metal inventory and (b) discovering another two SEDEX zinc
mineralised horizons that had not previously been identified. Most
importantly, this result increases the potential scale of the Arden
SEDEX base-metal system, and further validation for our investment
into Auroch Minerals.
We look forward to assay results and further news from Auroch as
the project develops."
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.
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END
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