Auroch Minerals Update

RNS Number : 1179F

Cadence Minerals PLC

15 May 2017

 

Cadence Minerals Plc

("Cadence Minerals", "Cadence" or "the Company")

Drilling commences ahead of schedule at Alcoutim Cu-Zn Project in Portugal

Cadence (AIM/NEX: KDNC; OTC: REMMY) reports that Auroch Minerals ("Auroch") in which Cadence currently owns a 7.7% stake has announced that drilling has commenced at the Alcoutim Cu-Zn Project ahead of schedule. The full Auroch release is available at: http://clients3.weblink.com.au/pdf/AOU/01857170.pdf .

Highlights

·      Drilling has commenced at Alcoutim on Friday 12th May on single shift basis, ramping up to double shift operations Monday 15th of May.

·      The first hole is estimated to take between 4 and 6 weeks to complete.

·      The borehole is situated in the Foupana priority target, one of 5 priority targets to be drilled, a large magmatic centre with corresponding EM anomalies potentially representing massive sulphide orebodies.

·      The Alcoutim targets occur along strike of the supergiant Neves Corvo Cu-Zn-Pb-Ag-Au mine operated by Lundin Mining Corporation.

·      Auroch's initial drill program will comprise three to five holes targeting geological environments similar to Neves Corvo in combination with significant geophysical anomalies along the Neves Corvo Trend. 

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For further information please contact
Cadence Minerals plc	[phone]
Andrew Suckling
Kiran Morzaria
WH Ireland Limited (NOMAD & Broker)	[phone]
James Joyce
James Bavister
Square1 Consulting	[phone]
David Bick
Brian Alexander

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.

 

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