Cadence Minerals PLC European Metals - Strong Locked Cycle Test Results (1829Z)
May 19 2021 - 8:38AM
UK Regulatory
TIDMKDNC
RNS Number : 1829Z
Cadence Minerals PLC
19 May 2021
Cadence Minerals Plc
("Cadence Minerals" or "Cadence")
European Metals (AIM: EMH) - Confirmation of Refining Process -
Strong results from Locked-Cycle Tests.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note
that European Metals Holdings Limited ("European Metals" "EMH") has
today announced results of locked-cycle testwork, a metallurgical
processing assessment conducted on ore concentrate extracted from
the Company's flagship Cinovec lithium project.
Highlights:
-- Successful locked-cycle test ("LCT") results further support
the Cinovec project's credentials to initially produce
battery-grade lithium carbonate.
-- European Metals has demonstrated that Cinovec battery grade
lithium carbonate can be easily converted into lithium hydroxide
monohydrate with a commonly utilised liming plant process.
-- Six LCTs were planned but testwork was stopped after four
cycles as the main process stream compositions had successfully
stabilised.
-- Battery grade lithium carbonate was produced in every LCT
with lithium recoveries of up to 92.0% achieved in the four LCTs
performed.
-- The LCTs tested zinnwaldite concentrate from the southern
part of Cinovec, representative of the first five years of
mining.
-- Improved fluoride removal process step further enhances
project's economic outcomes as a result of the regeneration and
reuse of the ion exchange resins.
-- Further optimisation work in hydrometallurgy processing steps
expected to improve lithium recoveries from concentrate to
>92.0%.
The Cinovec project, located on the German border of the Czech
Republic, is the largest hard-rock lithium resource in Europe,
containing lithium-bearing mica known as zinnwaldite which the
Company intends to refine using a number of processes initially
outlined in a Pre-Feasibility Study ("PFS") (see ASX Announcement
dated: 17 June 2019).
Link here for the full EMH announcement and detailed background
on the locked-cycle tests:
https://www.londonstockexchange.com/news-article/EMH/strong-results-from-locked-cycle-tests/14983163
European Metals Executive Chairman Keith Coughlan commented; "In
a significant vote of confidence for our Pre-Feasibility Study, the
proposed process methodology has been confirmed by excellent
locked-cycle test results which also include new processes
involving recycle streams. The robustness of the process was
further confirmed by the stabilisation of the process streams,
enabling the work to stop after only four of the six test cycles
were completed. The recovery of up to 92% of the lithium in the
zinnwaldite concentrate at this early stage of DFS testwork is very
promising for increased recoveries during the planned process
optimisation work. Further, an improved fluoride removal step which
is cheaper and cleaner represents only the beginning of further
optimisation work which we expect will result in greater lithium
recoveries and even stronger economics for the Cinovec Project.
It is also encouraging to note that the process was as
successful as that conducted during the 2019 PFS on the Central/NW
part of the orebody, further underlying the consistency of the
Cinovec ore body.
We look forward to providing further updates on the Definitive
Feasibility Study work as it unfolds."
Cadence CEO Kiran Morzaria added; "These locked-cycle test
results further highlight Cinovec's potential as a future battery
grade lithium supply hub for Europe and the rest of the world.
Cadence are pleased to remain shareholders and supporters of EMH,
and we look forward to further developments."
Cadence Minerals Holding in EMH
Cadence holds approximately 11% percent of the equity in
European Metals, which, through its wholly owned Subsidiary, Geomet
s.r.o. ("Geomet"), controls the mineral exploration licenses
awarded by the Czech State over Cinovec.
- 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:
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be forward-looking statements. Forward-looking statements are
identi ed by their use of terms and phrases such as "believe"
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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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