Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the update published today by Auroch Minerals (ASX:AOU) ‘Auroch’ that it has successfully completed its maiden drilling programme at its 100%-owned Bonaventura Project in South Australia, intercepting significant base-metal mineralisation at its Dewrang and Grainger Prospects.
- Drilling at the Grainger Zinc Prospect (Bonaventura Project) intersected significant vein sets of zinc-lead mineralisation in fresh rock at shallow depth, best intercepts include:
- 6.0m at 1.53% zinc and 0.21% lead from 28.3m, including 1.0m at 4.50% zinc and 0.34% lead from 33.3m.
- 7.0m at 1.65% zinc and 0.26% lead from 64.2m, including 1.0m at 4.14% zinc and 0.66% lead from 70.2m.
- Further drilling at the Dewrang Prospect (Bonaventura Project) intersected significant base-metals mineralisation coincident to a previously defined 1.5km geophysical IP anomaly.
Auroch is planning a structural geology study of the Grainger Prospect in order to better understand the deformational history of the target area and the structural control over mineralisation in order to potentially define target areas of thicker mineralisation and/or higher grades. Samples will also be tested in order to determine which geophysical survey method might be used to best define potential zones of base-metal mineralisation and thus locate possible drill targets for the next phase of drilling at the Grainger Prospect.
The Dewrang Prospect remains a priority target area for Auroch since the drilling has demonstrated that the 1.5km long IP chargeability anomaly appears to correlate with base metals mineralisation. Additionally, historic surface soil-sampling highlighted the area as highly-anomalous in both zinc and lead. The geology team will continue to build the geological database, in order to develop these targets and define new target areas within the large tenement package, with the intent of defining targets for the next phase of drilling at the Bonaventura Project in the first half of 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/da1a4983-be2.pdf
Cadence Minerals CEO Kiran Morzaria commented: “The portfolio of assets owned by Auroch Minerals continue to add value to the investment proposition. Following from last week’s news of the new license areas at the Lake Torrens IOCG tenement, Auroch has intersected and confirmed base metals mineralisation at its two highest-priority targets at Bonaventura. We look forward to further developments from Grainger and Dewrang prospects following the report from Auroch’s geology team”
Live Webinar; Monday 10 December
Cadence is pleased to announce the Company will be hosting a live webinar at 10.00am GMT on Monday 10 December 2018. The live webinar will be available on the following link:
Listeners are encouraged to submit questions prior to the call by emailing email@example.com or by clicking on the question button at the foot of the webcast.
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.
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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|
|Hannam & Partners LLP (Joint Broker)||+44 (0) 207 907 8500|
|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.
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.
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.