Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the announcement today from Auroch Minerals Limited (ASX:AOU) (“Auroch”) that the Exploration Licence 6331 (EL 6631) at its Torrens East Copper Project (“Torrens East”) has been granted. The Exploration Licence is the western of the two tenements comprising the Torrens East Project, and covers a likely extension to the gravity anomaly that is currently being drill-tested by the Torrens JV (70% Aeris Resources Ltd; 30% Argonaut Resources NL). The granting of the EL means the Company can now proceed with access agreements in order to initiate exploration work programmes on this highly prospective area.
Auroch continues to collate and interpret available historic geological and geophysical data with a focus on coincident areas of gravity and magnetic anomalies and is currently investigating various options for further exploration including airborne gravity surveys, reprocessing of aeromagnetic data and Magnetotellurics (MT).
The Company is also continuing its intensive exploration programme at the Arden Zinc Project. During the past few months the exploration team has completed detailed mapping and surface geochemistry sampling over large areas of the Arden tenement. The work has been focused on the key prospect areas previously identified, such as the possible extension of the high-grade zinc mineralisation encountered in drill-hole RRDD-0071 in the 2018 drill programme, which included 3.65m @15.47% zinc within 12.80m @4.96% zinc from 53.00m. With the zinc price recently increasing to over 3,000 USD/t2 the Company is working hard towards the next drilling campaign planned for the end of this quarter.
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/2ae11c6c-5fa.pdf
Cadence Minerals CEO Kiran Morzaria commented:“Aidan Platel and his team continue to build the Auroch investment case. In addition to the Torrens East EL grant, we also note the Company’s comments on progress at the Arden Zinc project. We look forward to further developments”
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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.
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.