Auroch Confirms High Grade Nickel At Saints

RNS Number : 3308R

Cadence Minerals PLC

28 October 2019

 

Cadence Minerals Plc

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

Auroch Minerals (ASX: AOU) - High Grade Nickel Confirmed at Saints Nickel.

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the update today from Auroch Minerals Limited (ASX: AOU) ("Auroch") regarding the first assay results from its maiden drilling programme at its recently-acquired Saints Nickel Project (Saints), located approximately 65km northwest of Kalgoorlie and 7km east of the Goldfields Highway in Western Australia.

Cadence Minerals Holding in Auroch

Cadence currently owns approximately 1% of the equity in Auroch Minerals, which is an exploration company targeting principally zinc, cobalt and lithium.

Highlights:

·      Assay results for drill-hole SNDD005 confirm extremely high-grade nickel sulphide mineralisation:

o  1.77m @ 6.72% Ni, 0.27% Cu and 0.13% Co from 227.31m down-hole, including 0.50m @ 9.98% Ni, 0.24% Cu and 0.20% Co

·      Very strong conductor identified by down-hole electromagnetic (DHEM) surveys of first two drillholes (SNDD001 and SNDD002).

·      DHEM surveys have been completed for first seven drill-holes.

·      Drilling programme ongoing, with assays pending for first six drill-holes.

Results from semi-massive to massive sulphide mineralisation in diamond drill-hole SNDD005 returned extremely high-grade nickel, with 1.77m @ 6.72% Ni, 0.27% Cu and 0.13% Co from 227.31m down-hole, including 0.50m @ 9.98% Ni, 0.24% Cu and 0.20% Co. The drill-hole was infill drilling at the Saint Patricks target area aimed at confirming the continuity of the high-grade nickel sulphide mineralisation intersected in historic drill-holes drilled by WMC in the 1990's. The intersection not only confirmed the existing mineralisation model, but the nickel grade exceeded all previous intersections.

The Company is also pleased to announce that down-hole electromagnetic (DHEM) surveys completed last week have identified a very strong EM conductor in close proximity to drill-holes SNDD001 and SNDD002. The very high conductance (over 13,000S) is typical of that caused by significant massive sulphide mineralisation, and the proximity of the modelled EM plate to the known high-grade nickel mineralisation on the Western Contact increases the probability that such massive sulphides may be nickel-bearing.

Auroch Managing Director Aidan Platel commented: "We are very encouraged by the first assay results from our maiden drilling programme at the Saints Nickel Project. The extremely high grade of the nickeliferous massive sulphides intersected in drill-hole SNDD005 exceeded our expectations and highlight that we are in a very nickel-rich ultramafic system at Saints that is capable of hosting a major nickel sulphide deposit. The initial results from our DHEM surveys completed last week are also very encouraging, with a strong EM conductor on the Western Contact potentially representing extensions to the known high-grade nickel sulphide mineralisation, providing an exciting drill target that we will test as soon as practicable. With drilling ongoing, assay results for the first 6 holes pending, and further DHEM results to come, it is an exciting time for Auroch and the Saints Nickel Project."

The full release can be found at: https://www.investi.com.au/api/announcements/aou/c6dd6c5e-10f.pdf

Cadence Minerals CEO Kiran Morzaria commented: "On behalf of Cadence Minerals, we congratulate Aidan Platel and the Auroch team on this high grade Nickel discovery at the Saints project. With initial DHEM results indicating that a Nickel-rich system could be in place and further assay results to come, today's result provides further ongoing validation for our investment strategy into Auroch."

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For further information:

Cadence Minerals plc	[phone]
Andrew Suckling
Kiran Morzaria
WH Ireland Limited (NOMAD & Broker)	[phone]
James Joyce
James Sinclair-Ford
Novum Securities Limited (Joint Broker)	[phone]
Jon Belliss

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.

Forward-Looking Statements:

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.

 

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