TIDMKDNC
RNS Number : 1590O
Cadence Minerals PLC
16 August 2017
Cadence Minerals Plc
("Cadence Minerals"or "Cadence")
Drill Results and Appointment of DFS Study Manager
Cadence (AIM/NEX: KDNC; OTC: KDNCY) is pleased to announce that
European Metals Holdings Limited ("EMH" or "the Company") has
reported on its ongoing infill drilling program and announced
analytical results for the first drillhole CIS-4 at the Cinovec
Lithium-Tin Project ("the project" or "Cinovec").
In addition, the Company is pleased to announce the appointment
of Mr Craig Reimer as the Project Manager of its Definitive
Feasibility Study.
The full EMH release is available at:
http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/EMH/13331231.html
In addition and as a result of the announced issue of equity by
EMH of 351,448 new ordinary shares (represented by Chess Depositary
interests or "CDI's") in EMH at a price of AUD0.7327, Cadence now
holds a 20.5% economic interest in Cinovec, via its interest in
EMH.
The full EMH release is available at:
http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/EMH/13331576.html
Highlights - Drill Program Announcement
-- Infill drilling continues in the southwest section of the
deposit, targeting two 'gaps' in the resource model that could
potentially be mined in the initial years.
-- Altogether, five out of 6 planned drillholes have been
completed this year, for a total of 2163.1m.
-- Assays have been received for the first drillhole CIS-4,
which returned a continuous mineralized intercept of 148.30m
averaging 0.40%Li(2) O, starting at 297.7m drill string depth.
-- In addition, the upper section of the main lithium interval
contains significant tin and tungsten mineralization: 15.85 meters
averaging 0.70% Li(2) O, 0.29% tin and 0.073% tungsten.
-- Experienced Project Manager, Craig Reimer has been appointed
to head the Company's Definitive Feasibility study.
Drill Program
The current six-hole drill program at Cinovec South is planned
to focus on infill drilling in two areas where data density is low
and 'gaps' in the resource model occur. There are the expectations
this will add to the high grade resource at Cinovec South in
critical areas where mining will start. It will also assist in the
conversion of resources from Inferred to Indicated category, and
delivery of material for metallurgical testing. So far five diamond
core holes have been completed, and one is underway.
The drill hole information is listed in Table 1 below:
Table 1 - Completed drillholes, Cinovec South
Hole North East Elevation Depth Azimuth Dip Comments
ID (m) (m)
------- ------------- ------------- ---------- ------ -------- ------- -----------
Infill,
CIS-4 -966605.9(1) -778582.9(1) 863 448 16.6 -84.6 completed
------- ------------- ------------- ---------- ------ -------- ------- -----------
Infill,
CIS-5 -966607.8(1) -778585.1(1) 862.8 458.8 271.8 -81.28 completed
------- ------------- ------------- ---------- ------ -------- ------- -----------
Infill,
CIS-6 -966516.0(1) -778544.1(1) 866.2 456 28.8 -86.97 completed
------- ------------- ------------- ---------- ------ -------- ------- -----------
Infill,
CIS-7 -966454.0(1) -778655.3(1) 864.4 450.3 0(3) -90(3) completed
------- ------------- ------------- ---------- ------ -------- ------- -----------
Infill,
CIS-8 -966570.0(2) -779163.0(2) 805 350 340(3) -70(3) completed
------- ------------- ------------- ---------- ------ -------- ------- -----------
CIS-9 -966570.0(2) -779163.0(2) 805 0 25(3) -68(3) ongoing
------- ------------- ------------- ---------- ------ -------- ------- -----------
Hole locations are recorded in the local S-JTSK Krovak grid, (1)
Coordinates surveyed, (2) Coordinates determined by GPS, (3)
Planned, no inclinometry yet
After geological logging, drill core is cut in half with a
diamond saw. Quarter core samples are selected (honouring
geological boundaries) and dispatched to ALS (Romania) for
preparation and assay; the 3/4 of the core is returned to the core
box and stored securely on site. Samples are being prepared and
analysed by ALS using ICP and XRF techniques following standard
industry practice for lithium and tin deposits. Strict QAQC
protocols are observed, including the insertion of a Li standard in
random fashion for every 10 core samples.
Mineralized Intercepts and Lithology in CIS-4
The CIS-4 drill hole is collared in rhyolite in the eastern area
of the Cinovec South deposit. The main characteristics is the
presence of massive greisen/greisenized zone in granite just below
its contact with the overlying rhyolite.
In CIS-4, the Li-mineralized greisen and strongly greisenized
granite start immediately bellow the rhyolite/granite contact at a
depth of 279.7m. Below the contact, variably altered granite with
two major and several minor greisen zones were intersected.
Underlying albite granite with lithium mica starts at 320.6m and
continues to 338.9m drill string depth. The section from 338.9m up
to 426m is formed mostly by greisenized Li-mica rich granite. The
tin and tungsten mineralization is spatially associated with the
strong to pervasive greisen style alteration in the upper 75.3m of
the hole. If no Sn cutoff is applied, the interval grades 0.14% Sn,
0.035%W and 0.42% Li(2) O.
Table 2 below provides summary of the results. According to the
geological and block model the greisen bodies (and the mineralized
zones) dip to the south, although this fact could not be fully
confirmed by core angles observations in the core. The CIS-4
drillhole was angled 16.6 degrees toward NE, with dip -84.6 and the
reported intercepts appear close to true thicknesses.
Table 2 - Mineralised intercepts in CIS-4
CIS-4
----------------------------------------------------------------------------
From To Interval Li2O Sn W (%) Note
(m) (%) (%)
------ ------- --------- ----- ----- ------ --------------------------
incl. 4.6m@0.76%Li2O
(282.4-287m),
5m@0.82%Li2O (289-294m),
5m@0.76%Li2O (313-318m)
and
279.7 428 148.3 0.40 2m@1.01%Li2O (424-426m)
------ ------- --------- ----- ----- ------ --------------------------
279.7 295.55 15.85 0.70 0.29 0.073
------ ------- --------- ----- ----- ------ --------------------------
incl. 0.7m@1.036%W
288.3 294 5.7 0.80 0.40 0.197 (288.3-289m)
------ ------- --------- ----- ----- ------ --------------------------
298.5 303.5 5 0.45 0.10 0.061
------ ------- --------- ----- ----- ------ --------------------------
302.5 305 2.5 0.34 0.23 0.039
------ ------- --------- ----- ----- ------ --------------------------
310.3 313 2.7 0.57 0.27 0.003
------ ------- --------- ----- ----- ------ --------------------------
315 317 2 0.76 0.05 0.188
------ ------- --------- ----- ----- ------ --------------------------
318 325 7 0.32 0.18 0.012
------ ------- --------- ----- ----- ------ --------------------------
329.5 332.5 3 0.32 0.31 0.048
------ ------- --------- ----- ----- ------ --------------------------
331 332.5 1.5 0.34 0.30 0.074
------ ------- --------- ----- ----- ------ --------------------------
342 343 1 0.62 0.03 0.096
------ ------- --------- ----- ----- ------ --------------------------
351 355 4 0.32 0.17 0.002
------ ------- --------- ----- ----- ------ --------------------------
As required under the 2012 JORC Code, details of the current
drill program are appended (Table 1).
Definitive Feasibility Study Project Manager and Team
The Company is pleased to welcome Craig Reimer to the position
of Project Manager. Craig has over 25 years' experience in project
management, engineering management and business management, and has
delivered successful international mining projects for previous
clients. Craig is a Mechanical Engineer, a registered Professional
Engineer and has held senior leadership positions with Jacobs, UGL,
Honeywell International and SNC Lavalin.
He has previously worked on projects for BHP, Vale Inco, Atlas
Iron, ENK, Lynas Rare Earths, Newmont and Alcoa. The projects range
from scoping and feasibility studies, to front-end engineering and
detail design, and on to construction and commissioning. Craig has
previously worked on projects in Australia, UK, USA, Canada,
Indonesia, Phillipines and Malaysia.
The Company is also pleased to have retained the services of
Grant Harman as Metallurgical Consultant to the DFS. Grant is one
of the world's foremost lithium metallurgist and played a
significant role in the Company's successful PFS.
Grant was previously Manager Lithium Chemicals for Talison
Lithium and was involved in the management of the Talison Lithium
Carbonate Plant from Scoping Study to Definitive Feasibility Study.
He was involved in the design and technical direction of the
Talison Test Facility and has more recently been a technical
consultant on the Sonora Lithium Project in Mexico. Grant has had
previous roles with UGL, SNC Lavalin, CleanTeq and Ausenco.
The expertise and experience of Craig and Grant will be
complimented well by the Company's Czech based team, led by
Executive Director Richard Pavlik.
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
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