TIDMKDNC
RNS Number : 7807I
Cadence Minerals PLC
28 November 2018
Cadence Minerals Plc
("Cadence Minerals", "Cadence" or "the Company")
Auroch Minerals (ASX: AOU) Stakes Highly-Prospective IOCG
Project at Lake Torrens
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note
the update published today by Auroch Minerals (ASX:AOU) 'Auroch'
that it has applied for a large exploration tenement package in the
Lake Torrens region of South Australia. Auroch's Torrens East
Copper Project comprises two exploration licence applications
(ELAs) covering a combined area of 1,622km2 and is considered
highly-prospective for IOCG (iron oxide - copper - gold)
mineralisation.
Highlights:
-- Auroch has pegged 1,622km2 of ground considered
highly-prospective for Iron Oxide -Copper - Gold (IOCG)
mineralisation in the Lake Torrens region of South Australia.
-- The large exploration licence applications (ELAs) are
situated adjacent to the Torrens JV (70% Aeris Resources Ltd; 30%
Argonaut Resources NL) and cover the same large gravity
anomaly.
-- The ELAs are located approximately 50km from BHP's
recently-announced drilling in the Olympic Dam copper-gold
province, host to the world-class Olympic Dam (BHP Group Ltd) and
Carrapateena (Oz Minerals Ltd) IOCG deposits.
-- A review of all historical geophysical and geological data is
underway with an exploration programme planned for early 2019.
The Torrens JV (70% Aeris Resources Ltd (ASX:AIS); 30% Argonaut
Resources NL (ASX:ARE)) lies immediately west of Auroch's Torrens
East Copper Project within the Torrens Hinge Zone of the Olympic
Dam copper-gold province. High-resolution aeromagnetic and gravity
geophysical surveys within the Torrens JV has identified a
coincident magnetic and gravity anomaly similar to, but larger than
that of Olympic Dam. The JV intends to commence a drilling
programme to test this geophysical target before the end of this
year. BHP Group Limited (ASX:BHP) has also been actively exploring
for copper in the Olympic Dam copper gold province. Results
announced from their recent drilling programme approximately 50km
from Auroch's Torrens East Copper Project include:
-- 425.7m @ 3.04% Cu and 0.59g/t Au, including 180m @ 6.07% Cu and 0.92g/t Au;
-- 406m @ 0.66% Cu and 0.35g/t Au;
-- 124.5m @ 0.52% Cu and 0.48g/t Au; and
-- 77m @ 2.11% Cu and 0.54g/t Au.
BHP is currently evaluating and interpreting these results and
intends to commence a follow-up drill programme in early 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/697e8de9-fc9.pdf
Cadence Minerals CEO Kiran Morzaria commented: "Following on
from the exciting developments announced recently at Auroch's Arden
project, Aidan Platel and his team continue to add value to the
Auroch investment proposition with the highly prospective Lake
Torrens IOCG tenement. Given the exceptionally strong set of
drilling results from BHP Group at the nearby Olympic Dam copper
gold province, and the encouraging survey data from the adjacent
Torrens JV, we at Cadence believe there is ample evidence to
support Auroch's exploration programme across these new license
areas."
Live Webinar; Wednesday 25 April
Cadence is pleased to announce the Company will be hosting a
live webinar at 10.00am GMT on Wednesday 10 December 2018. The live
webinar will be available on the following link:
http://webcasting.brrmedia.co.uk/broadcast/5bf432bda05b353a6df23e7f
Listeners are encouraged to submit questions prior to the call
by emailing cadence@brrmedia.co.uk or by clicking on the question
button at the foot of the webcasting.
Summary of Investments
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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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