Cadence Minerals Plc
("Cadence Minerals", "Cadence" or "the Company")
Auroch Minerals Update - Cobalt Minerals Identified in Czech Exploration Project
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) reports that Auroch Minerals is now half way through its Tisová drilling program in the Czech Republic and has intersected the sulphide blanket as predicted in its 3D model. The second hole, TIDD003, intersected multiple zones of sulphide mineralisation with visible cobalt and copper minerals within a 130m thick zone containing 1-5% disseminated sulphides.
Cadence currently owns a 7.7% equity stake in Auroch Minerals, which is an exploration company targeting principally cobalt and lithium.
The full release can be found at: http://clients3.weblink.com.au/pdf/AOU/01913029.pdf .
Highlights from the Auroch Minerals Release:
· Hole TIDD003 intersects multile zones of massive to semi-massive sulphide mineralisation within a disseminated sulphide halo over 100m thick between 333m and 462m including visible cobaltite
· Hole TIDD002 also intersects multiple lenses of vein and disseminated sulphides between 370m and 400m
· Samples are being prepared for dispatch to assay laboratory
· Hole three commenced - program completion expected mid-November
· 3D model confirmed:
o Sulphide halos more than 100m true thickness
o Multiple lenses of massive semi massive sulphides within target halo
o 30 Km plus of underground development, including a 400m shaft down to 9 level (400m below surface) is present at Tisová
· Best historic results for Cobalt, Copper, Gold and Silver at Tisová:
o 0.69% Cobalt, 17.1% Copper, 3.7 ppm Gold and 178 ppm Silver
Kiran Morzaria, Chief Executive Officer of Cadence, commented:
"These are encouraging early results from Auroch Minerals drilling programme at Tisová and start to demonstrate the highly prospective nature of this property."
- 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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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.
