TIDMKDNC
RNS Number : 3105Z
Cadence Minerals PLC
17 September 2020
Cadence Minerals Plc
("Cadence Minerals", "Cadence" or "the Company")
Hastings Technology Metals (ASX: HAS) - Excellent Drill Results
Confirm High Grade Extensions To Frasers Open Pit.
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 the first set of results from the 2020
Exploration Drilling Program, concentrated in the Fraser's
area.
Highlights:
-- First 9 holes from 2020 Exploration Drilling Program all hit economic mineralisation.
-- High-grade and shallow intersections from Yangibana's highest
grade deposit (Fraser's) extensional drilling included:
o 4m @ 1.31% TREO % TREO from 4m
o 4m @ 1.24% TREO from 11m, and
o 5m @ 1.28% TREO from 52m.
-- Significant increase in (Nd2O3+Pr6O11 as % of TREO) from the
9 holes averaging 48% compared to 41% for the Frasers mineral
resource.
-- New intersections sit outside but proximal to the current
mineral resource at Fraser's of 1.32 million tonnes grading 1.35%
TREO including 0.56% Nd2O3+Pr6O11 highlighting the outstanding
potential to increase both the size and tonnages at Fraser's.
-- Mineralisation continues to remain open to the north and south and down dip.
-- Further assays remain pending from multiple holes in this area.
-- New results have provided important information for
additional discoveries with high-grade strike extensions to these
results now interpreted. Drilling to the north is linking the
Fraser's and Simon's Find mineralised trends.
-- Drilling density is sufficient to allow future mineral
resource estimation into measured and indicated JORC categories
allowing for possible mine life extensions to be calculated.
Drilling results have confirmed the Company's conceptual
modelling for a large coherent zone extending from Fraser's in the
south to Bald Hill in the north, a distance of 7-8 kilometres, with
efforts to rapidly expand and define mineralisation in the newly
interpreted and discovered mineralised zones.
The very shallow depths of the mineralised intercepts and
proximity to the existing Fraser's Open Pit demonstrate the high
probability for mine life extension at Fraser's with excellent
grades and thickness encountered in every hole of assays received.
Fraser's currently has the highest NdPr (Nd2O3+Pr6O11) grades at
0.56% of any of the Yangibana defined deposits.
The high NdPr grades and corresponding Nd2O3+Pr6O11:TREO ratios
are a unique feature not found in any other rare earth project,
except for Yangibana.
The Fraser's Mineral Resource has a calculated Nd2O3+Pr6O11:TREO
ratio of 41% (see announcement 18% Increase in Ore Reserve Mine
Life Extended by 2 years to 13 years, November 2019), however
assays received forming this announcement had Nd2O3+Pr6O11:TREO
ratios ranging from 44 - 50%, representing a substantial increase
over existing results from Frasers.
Samples were sent to Genalysis Intertek in Perth for analysis
using techniques considered appropriate for the style of
mineralisation. Samples were analysed for the range of rare earths,
rare metals (Nb, Ta, Zr), thorium and uranium and a range of common
rock-forming elements (Al, Ca, Fe, Mg, Mn, P, S, Si, Sr).
The full HAS release including detailed tables and graphics can
be found at:
https://www.investi.com.au/api/announcements/has/841a448e-dbc.pdf
Hastings COO, Andrew Reid commented: "These results have
exceeded our expectations, which are an excellent first step in
defining what appears to be a significant new zone of
mineralisation. With this initial shallow program, we have
confirmed the presence of broad mineralised widths and extended
known extents of Mineral Resources. All the deepest holes confirm
mineralisation continues at depth."
Cadence Minerals CEO Kiran Morzaria commented : "These excellent
early results and high grades from Hastings drilling programme
potentially bode well for the Yangibana and Yangibana North joint
venture areas, and once again provide additional validation for our
investment strategy into this project. We look forward to further
developments."
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% ("Hastings"). 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
- 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"
"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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