Cadence Minerals Plc
("Cadence Minerals", "Cadence" or "the Company")
Update on Austrian Leogang Cobalt-Nickel Sulphide Project
Cadence Minerals Plc (AIM/NEX: KDNC; OTC: KDNCY) reports that Australian listed Clancy Exploration Limited ("Clancy" ASX: CLY), has provided an update on its exploration licences at the Leogang Cobalt-Nickel Sulphide Project in Austria (the "Leogang Project"). Cadence owns a 10% direct interest in these licenses.
As previously announced, Clancy had been granted 200 exploration licences covering approximately 80 km2 at Leogang by the Austrian Federal Ministry of Science, Research and Economy. Clancy has subsequently determined that there are 28 overlapping licences that have preceding priority claimants that predated Clancy's applications by a number of weeks. These overlapping licences cover approximately 12 km2 or about 15% of the project area.
Clancy continues to have priority over the balance of the project area, being 172 licenses covering approximately 68 km2, all of which have not undergone any forms of modern day exploration since the beginning of the 20th century. This includes the areas around, but not immediately surrounding, the historical mines and extensions through the dolomite which was the target mineralisation for the original applications.
Cadence and Clancy have agreed that we will continue to explore the potential of the Leogang Project as planned with the view of identifying a new cobalt mining precinct in the heart of Europe and on the doorstep of the battery and renewable technology sectors. In addition, Cadence and Clancy will work together to identify and acquire additional strategic mineral properties focused on the battery technology sector throughout Europe and in other international jurisdictions.
The full Clancy Exploration announcement can be found at: http://www.asx.com.au//asxpdf/20170905/pdf/43m30v7c1pv885.pdf .
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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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Hannam & Partners LLP (Joint Broker) |
+44 (0) 207 907 8500 |
Neil Passmore |
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Giles Fitzpatrick |
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Square1 Consulting |
+44 (0) 207 929 5599 |
David Bick |
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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 £30 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.
