Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the update published today by Auroch Minerals (ASX:AOU) ‘Auroch’ on its recently-acquired Torrens East Copper Project (Torrens East). Exploration Licence Applications ELA00159 and ELA00163 comprise 1,622km2, and are considered by Auroch to be highly prospective for IOCG (iron oxide – copper – gold) mineralisation.
An initial review of the South Australian Government’s Mineral Resources aeromagnetic and gravity data, together with available geological and drilling data over the Torrens East licence area has identified a likely eastern extension of the Torrens JV gravity anomaly, which continues into Auroch’s application licence.
- Auroch has completed a review of historical geophysical, geological and drilling data for its Torrens East Copper Project (Torrens East), identifying potential target areas for follow-up exploration.
- The review identified on Auroch’s exploration tenure a likely eastern extension of the large Torrens JV (70% Aeris Resources Ltd; 30% Argonaut Resources NL) gravity anomaly.
- Torrens East has the right geological address with peer exploration encountering IOCG pathfinder minerals, copper sulphides and alteration halos. Recent exploration in the Eastern Gawler Craton includes:
- Torrens JV commenced a $20m drilling programme 6-10km to the west of Torrens East.
- BHP Group’s (BHP) Oak Dam West prospect returned best drilling intercepts: 425.7m @ 3.04% Cu and 0.59g/t Au, including 180m @ 6.07% Cu and 0.92g/t Au.
- Cohiba Minerals announced plans for a drilling programme at its “Horse Well” project 2km from BHP’s Oak Dam West prospect.
- Auroch will continue to advance the Torrens East Project and will provide updates in the coming months
The Torrens East project is located along the eastern margin of the Gawler Craton in South Australia, in a similar regional setting to the Olympic Dam and Carrapateena deposits around the Torrens Hinge Zone, a continent-scale zone of crustal weakness with the potential to act as a conduit to release mineralising fluids from the Earth’s mantle. The Torrens East Copper Project is 1,622km2 of ground considered highly prospective for Iron Oxide Copper–Gold (IOCG) mineralisation. The large exploration licence applications (ELAs) are situated adjacent to the Torrens JV (70% Aeris Resources Ltd; 30% Argonaut Resources NL) approximately 50km from BHP’s recently-announced drilling in the Olympic Dam copper-gold province, host to the world-class Olympic Dam (BHP Group Ltd) and Carrapateena (Oz Minerals Ltd) IOCG deposits.
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/8adebe01-e6f.pdf
Cadence Minerals CEO Kiran Morzaria commented: “Aidan Platel and his team continue to build the Auroch investment case. As stated in the announcement, recent peer exploration in the region has provided a blueprint for Auroch’s exploration plans, which all contribute towards refining possible future drill targets at Torrens East. 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.