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Cadence Minerals #KDNC – Result of AGM and Share Consolidation

Cadence announces that at the Annual General Meeting of the Company held today, all resolutions put to shareholders were duly passed.

Consequently, the share capital consolidation on a 1 for 100 basis will come into effect at 8am on 23rd September 2019 (“Admission”). At that time, upon Admission, the Company will have 105,461,968 Ordinary Shares in issue. There are no shares held in treasury. The total voting rights in the Company upon Admission is therefore 105,461,968 and Shareholders may use this figure as the denominator by which they are required to notify their interest in, or change to their interest in, the Company under the Disclosure Guidance and Transparency Rules.

– 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

Novum Securities Limited (Joint Broker)

                                +44 (0) 207 399 9400

Jon Belliss

 

The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014

 

Forward-Looking Statements:

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.

Cadence Minerals #KDNC – Macarthur Minerals (TSX-V: MMS) Progress Update on Infill Resource Drilling at Its Lake Giles Iron Project in Western Australia

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note an update today from Macarthur Minerals (TSX-V: MMS) (“Macarthur”) on the progress of its infill drilling program of the Moonshine Magnetite deposit at its Lake Giles Iron Project in Western Australia.

Moonshine Magnetite Infill Drilling Program

The diamond and reverse circulation (RC) drilling program commenced in August in the central region of the Moonshine deposit.

The majority of the Moonshine and Moonshine North deposits are defined by drill hole spacing of 200m X 200m and classified as an Inferred Mineral Resource of approximately 710 mt of at 30.2% Fe.

The infill drilling program has been designed at closer drill hole spacing to upgrade the resource classification for some of the Moonshine deposit. The drilling program includes a planned total of 21 RC holes and 9 diamond holes for total drilling of 5,190 m.

The drilling program has been designed with the goal of upgrading the resource classification to include Indicated and Measured Mineral Resources. The updated mineral resource will underpin the Bankable Feasibility Study to be completed for the Lake Giles Iron Project.

The first batch of drill samples are being prepared for dispatch to the laboratory.

Drilling Highlights:

  • Diamond drill hole LGDD_066 has intersected the Banded Iron Formation (“BIF”) unit from a down hole depth of 12.6 m and includes a section of 81.1 metres from 49.9m with strong visual magnetite content.
  • Diamond drill hole LGDD_067 has intersected BIF from a down hole depth pf 68.5m with strong magnetite content through to current depth at 136m. Drilling is continuing to a planned depth of 240m.
  • A third diamond hole has been pre-collared to 60m with the RC rig with diamond drilling scheduled to commence today.
  • Reverse Circulation Drilling of hole LGRC_2146 has successfully intersected the western footwall contact of the BIF. Hole LGRC_2147 has intersected strong magnetite BIF from the eastern contact at 89m through to 203m and lower grade magnetite from 203m through to the western footwall contact at 274m downhole depth.

Cadence Minerals Holding in Macarthur

Cadence holds approximately 9.8% of the issued equity interest in Macarthur, which is an Australian mining exploration company focused primarily on iron ore, nickel, lithium and gold in Western Australia. It also has a lithium project in Nevada, USA.

The full release can be found at: https://web.tmxmoney.com/article.php?newsid=4544850112107715&qm_symbol=MMS 

This news release is not for distribution to United States Services or for Dissemination in the United States.

– 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
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:

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.

 

Cadence Minerals #KDNC – Auroch Minerals (ASX: AOU) – Drilling Programme Underway at Saints Nickel Project

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.

Highlights:

  • 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.

– 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
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-LookingStatements:

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.

Alan Green discusses Cadence Minerals #KDNC, Tiziana Life #TILS, JD Sports #JD & Itaconix #ITX on the Vox Markets podcast

Alan Green discusses Cadence Minerals #KDNC Amapa project, Tiziana Life Sciences (AIM: #TILS, Nasdaq: #TLSA), JD Sports #JD and Itaconix #ITX on the Vox Markets podcast. The interview is 14 minutes 28 seconds in.

Kiran Morzaria, CEO of Cadence Minerals #KDNC talks the Amapá Iron Ore Project on Vox Markets

Kiran Morzaria, CEO of Cadence Minerals #KDNC talks about the judicial approval of the restructuring plan for their Amapá Iron Ore Project in Brazil.
(Interview starts at 9 minutes 9 seconds)

Cadence Minerals Plc (KDNC) Approval of Judicial Restructuring Plan Paves the way for the Restart of the Amapá Iron Ore Project

Cadence Minerals (AIM/NEX: KDNC) is pleased to announce that the judicial restructuring plan (“JRP”) submitted to the commercial court of São Paulo to recover and restart operations at the Amapá iron ore project, was approved by over 90% of the credit value at the JRP meeting held in São Paulo and Macapá, Brazil and was homologated by the courts on the 29 August 2019.

Cadence Amapá Project stake

Once the preconditions relating to the railway licenses and bank creditor arrangements have been met, the US$2.5 million investment placed in the judicial trust account will be released, and Cadence will own 20% of the Amapá iron ore project. Cadence’s next stage of investment will be a further investment of US$3.5 million on the grant of all operational and environmental licenses for the Amapá Project, at which point Cadence will own 27%. Cadence also has first right of refusal to increase its stake to 49% in the Amapá Project. 

Amapá Project Operational & Financial Plan Summary   

The approval of the JRP and the fulfilment of the preconditions outlined above, will result in Cadence’s and IndoSino’s joint venture company Pedra Branca Alliance Pte Ltd. (“PBA”) owning 99.9% of DEV Mineração S.A. (“Amapá”). DEV Mineração S.A. is the owner of the Amapá iron project. The JRP approval will also allow Amapá to start operations at the project. 

The approval of the JRP was a key step to Cadence’s investment into the Amapá iron ore project. The project was formerly owned by Anglo American plc (“Anglo American”) and Cliffs Natural Resources (“Cliffs”) and consist of a large-scale iron ore mine, beneficiation plant, railway and private port (“Amapá Project”). Before its sale in 2012 Anglo American valued its 70% stake at US $462m in its 2012 Annual Report (100% US $600m)

As part of the JRP Amapá submitted an outline of an operational and financial plan that Amapá intends to implement to bring the project back into production, which included the following

  • The sale of approximately of 1.39 million tonnes (“Mt”) of stockpiles currently held at the port owned by Amapá. Planned shipment of stockpile commencing in December 2019.
  • It is estimated that these stockpiles have a net realisable value of approximately US$ 60 million, which will be reinvested in the restart of the Amapá Project.
  • Further capital investment of approximately US$168 million, of which it is estimated US$61 million will be spent on port rehabilitation and US$47 million to be spent on plant recommissioning.
  • Rehabilitation to be completed by the end of 2021 with new production in 2022. Full production by 2024 of 5.3 million tonnes (“Mt”) of iron ore per annum.
  • At full production and using US$61 per tonne of 62% Fe Amapá is forecast to have:
    • an average net revenue after shipping of US$266 million per annum,
    •  and an average EBITDA of US$136 million per annum.

Next Steps

Cadence and IndoSino will continue their work to secure all the operating and environment licenses required to operate the Amapá Project. Initially this will focus on the reinstatement of the railway concessions and finalising negotiations with the secured bank creditors. 

At site Amapá will put in place the company structures and controls required to start operations and recruit key personnel to implement the operational plan. Over the next four months our key targets will the start of detailed recommissioning studies and the start shipment of the stockpiles by the end of December 2019.  

Cadence Non-Executive Chairman Andrew Suckling commented; “In my time working with commodity projects around the world, I have rarely if ever seen a lapsed mining project with this sort of potential. The JRP has provided a comprehensive framework to rehabilitate the Amapá Project from milling and crushing to transportation and final export. Without all these elements combined and packaged together by the JRP, rehabilitation would be impossible. On a global comparison, the rehabilitated mine is expected to be competitive and cash generative with conservative assumptions.”

“Cadence management, headed by Kiran have secured an opportunity to return this former Anglo American iron ore mine to production at a level enthusiastically supported by our board and institutional investors. There is a tangible sense of excitement and anticipation around our company and boardroom as we look forward to seeing the Amapá iron ore mine come back to life.”

Cadence CEO Kiran Morzaria commented; “For Cadence this a major step forward in the redevelopment of the fully integrated Amapá iron ore project. The overwhelming approval by the creditors for the operational and financial plan presented by Amapá, IndoSino and Cadence, was both gratifying to our team and a reflection of the strong underlying support experienced at numerous meetings with key stakeholders, creditors and state officials.”

“I would personally like to thank all involved including the legal teams*, engineers, state authorities and creditors who have worked together tirelessly to achieve this incredible first step. Cadence and IndoSino will now work on fulfilling the remaining preconditions, and I look forward to being continually and directly involved day to day as we move towards the restart of operations at the Amapá iron ore project.”

“As part of our desire to attract institutions to our Company and after positive discussions with our current institutional shareholder base, we announced, earlier this week, a proposed consolidation of our share capital”

*For Cadence Hill Dickinson LLP & Thomas Bastos Waisberg Kurzweil, for Amapá Donelli, Abreu Sodré e Martins Advogados and for IndoSino ACPA Advogados.

Details of the JRP

The information, assumptions and financial model, were prepared for the JRP only and are based on historical analysis of the costs and the review of two technical independent engineers reports published 2013 and 2015. It should be noted that this review provides a basis for a preliminary assessment of the project and its potential but further, more detailed reviews and analysis would be required to provide a Feasibility Study level report. This would include amongst other things, providing a current Mineral Resource Estimate and/or Ore Reserves, updated capital and operating costs and an independent assessment of key economic drivers and returns.

Cadence, IndoSino and Amapá submitted a JRP to the Commercial Court of São Paulo in May of this year. This plan set out a financial and operational plan to restart operations at the Amapá Project and under what terms Cadence and IndoSino will invest via its joint venture company in Amapá Project. 

The creditors meeting was held on the 22 August 2019. The creditors approved the JRP and the results o were homologated by the commercial court of São Paulo on the 29 August 2019. The JRP is part of a regulated process under the laws of Brazil, in which the company under judicial review and investors can submit a recovery plan which will allow the company under judicial review, in this case, the Amapá, to trade under a protected status while it recovers from its financial difficulties. 

The JRP has several key preconditions to the investment by PBA into Amapá; the first was the approval of the JRP, the others are the reinstatement of the railway concession to Amapá and the conclusion of an agreement with the secured bank creditors of payments from free cash flow. On the completion of these two remaining preconditions US$2.5 million (deposited by Cadence as part of the investment agreement with IndoSino) will be released from the judicial account to pay historic employee and small trade creditors. These conditions being fulfilled PBA will own 99.9% of the Amapá Project.

The JRP schedule contemplates the majority of the historic liabilities will be paid from free cash flow in years 5 to year 17 of operations, which represents a discounted NPV10 debt value of approximately US$106 million. The JRP also caps the trade creditor liabilities.

JRP Operational Plan

The JRP provides an operational and financial strategy for the redevelopment and restart of operations at the Amapá Project. The plan is based on historical minerals resource estimates and management estimates of operational and capital costs.

The key stages and economics of the redevelopment strategy are summarised below:

Recommissioning Studies

  • Amapá will start the relevant resource, engineering studies required for banking finance of the project.
  • It is anticipated that this will commend in the first quarter or second quarter of 2020 with completion in the second or third quarter of 2020.
  • The commissioning of these studies will commence only after the grant of all operational and environmental licenses.

Reinvestment of Iron Ore Stockpile Sales.

  • Amapá will begin shipping of the iron ore at stockpile as soon as possible. Based Amapá’ s current understandings this is targeted to start by the end of 2019 and take between 18 to 24 months to ship.
  • An independent survey of these stockpiles indicates some 1.39 Mt (+/- 10%) of iron ore in three stockpiles with an average Fe grade of 62.12% (+/ 10%), which based a US$80 per tonne of 62% Fe would net Amapá a forecast US$60 million net of costs.
  • These funds are to be reinvested in the capital development of the Amapá Project

Capital Investment 

  • Amapá’s current estimates of capital costs, which are based on 2013 engineering studies, is anticipated to be a total of US$168 million. This sum includes all the capital investment required to bring the mine, rail and port into full production.
  • A summary of the key capital expenditure centres are outlined below
Capital Item US$ Millions 
Processing Plant 47.0 
Fleet Contract 13.0 
Power (Transmission Line) 5.0 
Overland Conveyor 15.0 
Tailings Dam 7.0 
Railway 4.5 
Port Re-Construction 61.0 
Environment 2.3 
Contingency 13.5 
Total 168.3

 

  • The above capital investment will occur after the completion of the recommissioning studies.
  • The reconstruction is estimated to take approximately 18 months, which based on current estimates would mean the start of full operations in the fourth quarter of 2021 or first quarter of 2022.

Operational Plan

  • Based on available historical mine plans and the independent engineers review the Amapá current mine plan envisages a mine life of 14 years. 
  • As mentioned above before the start of mining, the Amapá Project will also ship the iron ore stockpiles held at the dock by the end of December 2019 and continue for between 18 and 24 months. 
  • The mine is open pit and has a planned strip ratio of 0.9:1. 
  • The beneficiation plant consists of a crushing circuit followed by screening, flotation, thickener and filtering to produce a 65% Fe Pellet Feed and a 62% Fe Spiral Concentrate. 
  • The current mine plan would mean that the Amapá Project would produce at steady-state production an estimated 4.4 Mt of 65% Fe and 0.9 Mt of 62% Fe per annum. Currently steady-state production is expected to be reached in 2024.
  • The intention is that these products would then be transported from the mine to the railhead by on-highway trucks along an unpaved road, a road haul distance of 13km. From the railhead, the products would then be transported 180km by rail to the port facility at Santana. 
  • The products would then be stockpiled at the port facility and mechanically loaded onto “Handymax” vessels which navigate the Amazon River out to sea and then transhipped onto larger “Capesize” vessels before the products are sold to the market. The products produced by the Amapá Project are well known in the market, especially in China where most of the historical production was sold.
  • It is estimated that at steady-state production of 5.3 Mt of iron ore and utilising a 62% Fe price of US$61 / tonne (27/08/2019 price Fe 62% – US$90 / tonne) Amapá will have an average :
    • US$266 million per annum of net revenue after shipping,
    • US$90 million per annum in mine, processing and transport costs
    • US$48 million per annum in environmental, sales and G&A expenses 
    • EBITDA of US$136 million per annum.

Details of the Agreement with Indo Sino

The agreement with Indo Sino is to invest in and acquire up to a 27% of a joint venture company PBA.  The approval of the JRP will result in the transfer of equity of Amapá to the PBA and PBA will own 99.9% of the Amapá Project. Should Indo Sino seek further investors or an investment in PBA the agreement also provides Cadence with a first right of refusal to increase its stake to 49% in PBA.

To acquire its 27% interest Cadence will invest US$ 6 million over two stages in PBA. The first stage is for 20% of the PBA the consideration for which is US$2.5 million. The second stage of investment is for a further 7% of JV Co for a consideration of US$3.5 million. If Cadence is unable to complete the second stage of the investment or not exercise its right of first refusal under the terms of the Agreement, Indo Sino will have a twelve-month option to buy the shares in JV Co held by Cadence for 1.5 (1 ½) times the price paid by Cadence for such shares. 

Cadence’s investment is conditional on several material pre-conditions, which include the grant of key operating licences and the release of bank securities over the asset. On completion of Cadence’s investment (not including the first right of refusal) our joint venture partner Indo Sino will own 73% of JV Co. 

The Agreement also contains security and default clauses which if triggered causes an upwards adjustment mechanism to allow Cadence to either receive cash from JV Co or receive additional shares in JV Co. In the latter case Cadence’s shareholding in the JV Co will not go above 49.9%.

On completion of the US$ 6 million investment Cadence will have the right to appoint two members to a five-member board with the remaining three comprising of one member jointly appointed by Cadence and Indo Sino and two appointed by Indo Sino.

This news release is not for distribution to United States Services or for Dissemination in the United States.

 

– 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  
   
Novum Securities Limited (Joint Broker)                                 +44 (0) 207 399 9400
Jon Belliss  

 

 

The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014

 

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:

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.

 

 

Cadence Minerals #KDNC – Macarthur Minerals (TSX-V: MMS) Joint Venture Partner FE Limited Releases Initial Assay Results on the Hillside Project

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the announcement today from Macarthur Minerals (TSX-V: MMS) (“Macarthur”) that its Joint Venture Partner Fe Limited (“FEL”), has released assay results from a recent field trip to the Hillside Gold and Copper Project in the Pilbara Region of Western Australia.

Samples collected by FEL’s geological team during a recent site visit to the Hillside tenements were submitted to the laboratory for analysis in early August. Three of the assays received so far have returned strongly anomalous grades for base metals and gold from different locations.

The base metals results from the gossan outcrop shows similar copper grades to a historical rock chip from a gossan outcrop directly south along strike approximately 6 kilometres away.  Both outcrops lie within a strong magnetic anomaly identified in the SkyTEM electromagnetic survey conducted by MLi in 2018. This gossan will be a high priority drilling target in coming months.

Cadence Minerals Holding in Macarthur

Cadence holds approximately 9.8% of the issued equity interest in Macarthur, which is an Australian mining exploration company focused primarily on iron ore, nickel, lithium and gold in Western Australia. It also has a lithium project in Nevada, USA.

About FE Limited

FE Limited (ASX: FEL) is a listed mineral exploration Company that holds or has rights or interests in various projects and tenements prospective for battery metals, copper, iron ore, gold and base metals located in Australia. The Company is focused on the exploration of battery metal projects. In March 2019, FEL entered into an agreement to acquire the Pippingarra Lithium Project and the Marble Bar Lithium Project (Project) from Mercury Resources Group Pty Ltd. These areas complement the tenement portfolio of Macarthur Minerals, establishing an 1800 square kilometre exploration footprint in the important Lithium and Gold region of Western Australia.

On May 14, 2019 Macarthur announced it had entered into an exclusive option agreement with FE Limited (ASX: FEL), for FEL to acquire an interest of up to 75% in the tenements held by Macarthur’s wholly owned subsidiary Macarthur Lithium Pty Ltd (“MLi”).

The full release can be found at: https://web.tmxmoney.com/article.php?newsid=6869424999245667&qm_symbol=MMS

Cadence CEO Kiran Morzaria commented;“Following on from yesterday’s progress report on Lake Giles, we are pleased to note some encouraging early exploration results from the Hillside Gold and Copper Project by Macarthur’s JV partner Fe Limited.”

This news release is not for distribution to United States Services or for Dissemination in the United States.

– 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
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:

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.

ShareProphets – Down Under Permission Makes this Car Battery Hunter Worth a Look

by Malcolm Stacey, ShareProphets

Hello Share Swampers. The world is changing. And part of the move is away from fossil fuels, including petrol. So it makes sense for armchair tycoons like us to look for companies in tune with this growing trend. Cadence Minerals (KDNC) is one such firm. 

It looks for lithium and other minerals which are used in electric vehicles. Not just cars, but lorries and buses, too. And the company has just had a bit of good news. It has a joint venture in Australia with an outfit called Hastings Technology Metals.

Hastings has just learned that Steve Dawson, Western Australia’s environment Minister, has granted a permit for the Yangibana Project. And Cadence owns 30% of the Yangibana North, Gossan, Hook, Kanes Gossan, Lions Ear and Bald Hill North Rare Earth Deposit which form part of the Yangibana shebang.

Cadence claims its probable that the deposits have reserves of 2.1 million tonnes containing 1.66% rare earth elements.

With approval given, it probably clears the way for other permits to work nearby fields in which Cadence also has an interest.

 The Yangibana Project includes the development of five open pit mines, an on-site processing plant for the ore, storage facilities, access roads and supporting stuff, such as accommodation, offices and an airstrip.

Should you do some of your own research and buy the shares, you’re not just investing Australia. Cadence also operates in Greenland, Nevada, Mexico and Czecoslvakia.

Now it has to be stressed at this point that my colleague on this beautiful site, Gary Newman points out that lithium is not that rare a mineral. But having said that the batteries it feeds could need loads of the stuff, if electric vehicles using lithium batteries become the norm.

And now let’s talk about it in the Punter’s Return.

Original article here

Cadence Minerals #KDNC – Bacanora Lithium #BCN Update on Strategic Investment by Ganfeng Lithium

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the update published today by Bacanora Lithium (AIM:BCN) (“Bacanora”) on its Investment Agreement and Offtake Agreement (‘the Strategic Investment’ or ‘the Agreements’) with leading global lithium company Ganfeng Lithium Co., Ltd. (“Ganfeng” or “GFL”). As announced on 28 June 2019, the Agreements have been submitted to the relevant authorities in China for approval and completion.

The first of the approvals from the PRC Ministry of Commerce (MOFCOM) was received by Ganfeng at the end of July 2019, and Bacanora has now been informed that the second approval has been processed by NDRC (National Development and Reform Commission) and received by Ganfeng.  It is anticipated that the final approval from SAFE (State Administration of Foreign Exchange) will be received following a Ganfeng board meeting to be held in the coming weeks.  Bacanora will provide further updates once final approval is received.

Cadence Minerals – Holdings in BCN, Mexalit and Megalit:

Bacanora is a lithium exploration and development company. Cadence holds 30% of Mexalit and Megalit joint venture companies and approximately 0.5% of Bacanora’s equity. 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.

Summary of Key Terms of the Ganfeng Strategic Investment:

  • GFL to acquire 29.99% of Bacanora
  • GFL to acquire 22.5% of Sonora Lithium Ltd (“SLL”), the holding company for the Sonora Lithium Project
  • Additional long-term offtake at a market-based price per tonne
    • 50% of Stage 1 lithium production
    • Up to 75% of Stage 2 lithium production

The full release can be found at: https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/BCN/14194708.html

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

– 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
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:

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.

Cadence Minerals #KDNC – Hastings Technology Metals (ASX:HAS) Achieves Significant Milestone With Environmental Approval to Mine & Process Rare Earths at the Yangibana Project

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to announce Hastings Technology Metals (ASX:HAS) (“Hastings”), Cadence’s joint venture partner at the Yangibana Rare Earth Project in the Gascoyne region of Western Australia (“Yangibana Project”), has announced that it has received notification from the Hon. Stephen Dawson, Minister for Environment that he has granted the environmental permit for the Yangibana Rare Earths Project (Yangibana Project).

Cadence Minerals Yangibana Holding:

Cadence owns 30% of the Yangibana North., Gossan, Hook, Kanes Gossan, Lions Ear and Bald Hill North Rare Earth Deposit which form part of the Yangibana Rare Earth Deposit. Probable Ore Reserves of some 2.1 million tonnes at 1.66% total rare earth elements are contained within 30% owned joint venture tenements. Further details of these reserves and pre-feasibility study can be found at: http://irservices.netbuilder.com/ir/cadence/newsArticle.php?ST=REM&id=2688632.

Highlights:

  • WA Minister for Environment has granted the environmental permit for the Yangibana Rare Earths Project.
  • Environmental approval milestone clears the path for remaining permits to be considered leading to construction and development work commencing.

The permit is subject to conditions listed in Statement No. 1110, which has been published on the EPA website. The conditions require on going compliance with additional flora and vegetation surveys and monitoring, groundwater abstraction monitoring and water level monitoring of the nearby stygofauna habitat.

The Yangibana Project includes the development of five open pit mines, groundwater abstraction, on-site processing plant for the ore, tailings storage facilities, access and haul roads and supporting infrastructure such as accommodation facilities, administration buildings and an airstrip.

The full release can be found at: https://www.asx.com.au/asxpdf/20190820/pdf/447mddrkvg9vt2.pdf

Cadence CEO Kiran Morzaria commented:“Today’s announcement marks a significant milestone for the Yangibana Rare Earths Project. We now await the outcome for the remaining permits relating to commencement of construction and development work commencing.”

– 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
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-LookingStatements:

Certain statements in this announcement are or may be deemed to beforward-lookingstatements. Forward-lookingstatements 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-lookingstatements 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 keypersonnel 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-lookingstatements.

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