Cadence Minerals PLC Auroch Minerals update (5703A)
March 27 2017 - 1:05AM
UK Regulatory
TIDMKDNC
RNS Number : 5703A
Cadence Minerals PLC
27 March 2017
Cadence Minerals Plc
("Cadence Minerals", "Cadence" or "the Company")
Auroch Enters into a Joint Venture Near to the Giant Neves-Corvo
Copper & Zinc Mine in Portugal
Cadence (AIM/NEX: KDNC; OTC: REMMY) is excited to report that
Auroch Minerals ("Auroch") in which Cadence currently owns a 7.7%,
announced a joint venture to earn upto 75% of the "Alcoutin
Project". The Alcoutim Project is immediately along strike from the
giant Neves Corvo Mine in the western half of the Iberian Pyrite
Belt.
The full announcement is available here:
http://clients3.weblink.com.au/pdf/AOU/01842027.pdf
Highlights from the Auroch Release:
-- The Alcoutim Project is immediately along strike and down
plunge from Lundin Mining's - giant Neves Corvo deposit that has
current global resources of (Lundin mining 2016 Resources and
Reserves report):
o Copper zones - 91 Mt @ 2.5% Cu, 1.1% Zn & 116 Moz of Ag @
43 g/t
o Zinc Zones - 118 Mt @ 5.9% Zn, 0.3% Cu & 216 Moz Ag @ 57
g/t
-- Drilling is scheduled to commence within 10 weeks.
-- The IPB is one of the largest and most significant mining
districts in the world, and is renowned for its poly-metallic
(Cu-Zn dominant) Volcanic Massive Sulphide (VMS) deposits with over
eighty (80) known deposits and resources totalling in excess of
1,700 million tons (Mt). It is home to ten (10) Giant deposits
(> 100Mt ore) and three (3) Super Giant deposits (> 200Mt
ore):
o Neves Corvo (8 Mt contained Cu + Zn metal);
o La Zarza (8 Mt contained Cu + Zn metal); and
o the original Rio Tinto mine (>3 Mt contained Cu + Zn
metal)
-- The discovery of Neves Corvo was made in 1977 by drilling
geophysical targets including gravity, magnetic and EM anomalies.
The volcanic host sequence to Neves Corvo continues under younger
rocks into the Alcoutim Licence.
-- The Alcoutim Project has a trinity of similar geophysical
anomalies with coincident magnetic, gravity and EM targets.
-- Recent drill intercepts at Semblana - the most recently
discovered ore-body (2010) within the Neves Corvo Mine include;
o PSN44A-1 11.1m @ 14.6% Cu, 1.61% Sn & 133 g/t Ag
o PSN42 13.6m @ 1.9% Cu, 2.64% Zn, 56 g/t Ag & 1.15 g/t Au
o PSM46B-1 20.5m @ 6.1% Cu, 4.0% Zn, 110 g/t Ag & 0.23 g/t Au
-- Twenty-two (22) geophysical targets, comprising gravity,
magnetic and EM anomalies have now been identified at the Alcoutim
Project.
-- Stage one of exploration program will commence with five (5)
diamond drill holes for approximately 5,600m into the highest
priority geophysical targets.
-- Auroch to spend A$1.4 million to earn a 65% interest in the
Alcoutim Project. Auroch will also have the right, but not the
obligation, to earn a further 10% by spending a further A$1.25
million.
-- Auroch has A$8.3 million in cash and receivables
- Ends -
For further information please
contact
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 Bavister
Square1 Consulting +44 (0) 207 929 5599
David Bick
Brian Alexander
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.
With over GBP35 million vested in key assets globally, Cadence is
helping us reach tomorrow, today.
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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