Update - Auroch Minerals

RNS Number : 6307W

Cadence Minerals PLC

02 August 2018

 

Cadence Minerals Plc

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

Auroch Minerals (ASX: AOU) - Drilling Commences at Arden Base Metals Project

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Auroch Minerals (ASX: AOU) has commenced drilling at its Arden Base-metals Project in South Australia. The maiden drill programme was initiated at the first planned drill-hole location at the Ragless Range Target, where the initial drill-hole is targeting the depth extensions of a high-grade zinc sedimentary-exhalative. In addition to the Ragless Range Target, the maiden drilling programme at the Arden Project will also test the base-metals potential at the Radford Creek and Kanyaka prospects, where rock-chip samples assaying as high as 12.4% copper, 2.4% zinc and 0.5% cobalt present exciting drill targets.

Highlights:

·      Maiden drilling programme initiated at the Ragless Range Target at Arden

·      Programme comprising RC and diamond drilling of up to 2,500 metres

·      Drilling to target high-grade zinc, copper and cobalt mineralisation at Ragless Range, Radford Creek and Kanyaka targets

·      Drilling programme expected to take approximately 6 weeks to complete

Cadence currently owns approximately 7% of the equity in Auroch Minerals, which is an exploration company targeting principally zinc, cobalt and lithium.

The full release can be found at: http://clients3.weblink.com.au/pdf/AOU/02005812.pdf

Cadence Minerals CEO Kiran Morzaria commented: "Along with Aidan Platel and the Auroch team, myself and the staff at Cadence are wholly enthused by the sheer potential of the Arden base-metals project.

Drilling is expected to take around 6 weeks to complete, with results published as soon as they become available."

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

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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 Hannam & Partners LLP (Joint Broker) [phone] Neil Passmore Ingo Hofmaier Square1 Consulting [phone] David Bick

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 £20 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.

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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