Cadence Minerals Plc
("Cadence Minerals", "Cadence" or "the Company")
Auroch Enters into a Joint Venture Near to the Giant Neves-Corvo Copper & Zinc Mine in Portugal
Cadence (AIM/NEX: KDNC; OTC: REMMY) is excited to report that Auroch Minerals ("Auroch") in which Cadence currently owns a 7.7%, announced a joint venture to earn upto 75% of the "Alcoutin Project". The Alcoutim Project is immediately along strike from the giant Neves Corvo Mine in the western half of the Iberian Pyrite Belt.
The full announcement is available here: http://clients3.weblink.com.au/pdf/AOU/01842027.pdf
Highlights from the Auroch Release:
· The Alcoutim Project is immediately along strike and down plunge from Lundin Mining's - giant Neves Corvo deposit that has current global resources of (Lundin mining 2016 Resources and Reserves report):
o Copper zones - 91 Mt @ 2.5% Cu, 1.1% Zn & 116 Moz of Ag @ 43 g/t
o Zinc Zones - 118 Mt @ 5.9% Zn, 0.3% Cu & 216 Moz Ag @ 57 g/t
· Drilling is scheduled to commence within 10 weeks.
· The IPB is one of the largest and most significant mining districts in the world, and is renowned for its poly-metallic (Cu-Zn dominant) Volcanic Massive Sulphide (VMS) deposits with over eighty (80) known deposits and resources totalling in excess of 1,700 million tons (Mt). It is home to ten (10) Giant deposits (> 100Mt ore) and three (3) Super Giant deposits (> 200Mt ore):
o Neves Corvo (8 Mt contained Cu + Zn metal);
o La Zarza (8 Mt contained Cu + Zn metal); and
o the original Rio Tinto mine (>3 Mt contained Cu + Zn metal)
· The discovery of Neves Corvo was made in 1977 by drilling geophysical targets including gravity, magnetic and EM anomalies. The volcanic host sequence to Neves Corvo continues under younger rocks into the Alcoutim Licence.
· The Alcoutim Project has a trinity of similar geophysical anomalies with coincident magnetic, gravity and EM targets.
· Recent drill intercepts at Semblana - the most recently discovered ore-body (2010) within the Neves Corvo Mine include;
o PSN44A-1 11.1m @ 14.6% Cu, 1.61% Sn & 133 g/t Ag
o PSN42 13.6m @ 1.9% Cu, 2.64% Zn, 56 g/t Ag & 1.15 g/t Au
o PSM46B-1 20.5m @ 6.1% Cu, 4.0% Zn, 110 g/t Ag & 0.23 g/t Au
· Twenty-two (22) geophysical targets, comprising gravity, magnetic and EM anomalies have now been identified at the Alcoutim Project.
· Stage one of exploration program will commence with five (5) diamond drill holes for approximately 5,600m into the highest priority geophysical targets.
· Auroch to spend ~A$1.4 million to earn a 65% interest in the Alcoutim Project. Auroch will also have the right, but not the obligation, to earn a further 10% by spending a further ~A$1.25 million.
· Auroch has A$8.3 million in cash and receivables
- Ends -
For further information please contact |
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Cadence Minerals plc |
+44 (0) 207 440 0647 |
Andrew Suckling |
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Kiran Morzaria |
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WH Ireland Limited (NOMAD & Broker) |
+44 (0) 207 220 1666 |
James Joyce |
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James Bavister |
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Square1 Consulting |
+44 (0) 207 929 5599 |
David Bick |
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Brian Alexander |
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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.
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. With over £35 million vested in key assets globally, Cadence is helping us reach tomorrow, today.
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.
