Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the update today from Auroch Minerals Limited (ASX: AOU) (“Auroch”) that its maiden drilling programme has commenced at the recently-acquired Saints Nickel Project (Saints), located approximately 65km northwest of Kalgoorlie and 7km east of the Goldfields Highway. A McCulloch DR800 diamond drill rig from Topdrive Drillers Australia (Topdrive) arrived last week and commenced drilling the first hole on Sunday.
- 3,000m diamond drilling programme has commenced at the Saints Nickel Project.
- Drilling will target untested near-resource electromagnetic plates and possible down-plunge extensions to existing high-grade nickel sulphide mineralization.
- Drilling will also focus on confirming historical drilling data and high-grade nickel intersections that comprise the current Saints JORC (2012) resource of 1.05Mt @ 2.00% Ni, 0.20% Cu & 0.06% Co1.
- Down-hole electromagnetic surveys (DHEM) will be completed on all drill-holes aiming to generate further near-resource targets for the next phase of drilling.
Auroch Managing Director Aidan Platel commented: “Topdrive and our exploration team are to be commended on the speed and professionalism with whichthe preparation for the drilling programme was completed. We have commenced the programme to testa compelling EM target down-plunge from high-grade nickel sulphide mineralisation on the WesternContact. Our programme will test similar high-priority targets at the St Patricks and St Andrews prospects,as well as drill deeper and along strike from previous drilling in order to collect valuable DHEM data thatwill be used to generate additional targets for a much larger drilling programme planned for 2020. Witha great market outlook for tier 1 nickel products, this is a very exciting time for the Company, and we lookforward to updating the market with results as they are received.”
The full release can be found at: https://www.investi.com.au/api/announcements/aou/d9e475e6-b01.pdf
Cadence Minerals Holding in Auroch
Cadence currently owns approximately 4.3% of the equity in Auroch Minerals, which is an exploration company targeting principally zinc, cobalt and lithium.
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For further information:
|Cadence Minerals plc||+44 (0) 207 440 0647|
|WH Ireland Limited (NOMAD & Broker)||+44 (0) 207 220 1666|
|Novum Securities Limited (Joint Broker)||+44 (0) 207 399 9400|
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.
Certain statements in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identiﬁed 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 reﬂect 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.