Update - Auroch Minerals

RNS Number : 9027X

Cadence Minerals PLC

15 August 2018

 

Cadence Minerals Plc

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

Auroch Minerals (ASX: AOU) Accelerates Exploration Programme with Commencement of Drilling at Bonaventura.

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Auroch Minerals (ASX: AOU) has accelerated its drilling programme with the commencement of drilling at its Bonaventura Base-metals Project in South Australia. With Auroch's maiden drill programme already initiated at the Arden Project, concurrent drilling is now underway at both projects. DDH1 Drilling Pty Ltd (DDH1 Drilling) is on-site at the Bonaventura Project with a Sandvik DE710 drill rig. The first drill-hole has been initiated at the Dewrang Target, where Auroch's recent IP survey identified a robust chargeability anomaly (over 5 times background) that sits between 150 - 200m depth and continues over a strike of at least 1.5km2. The anomaly is located at the convergence of two major faults identified in the high-resolution aeromagnetics, and is also coincident with anomalous zinc and lead in historic surface samples, thus presenting a high priority drill target for the Auroch team.

Highlights:

·      Drilling at Bonaventura Project has commenced with first hole at the Dewrang Target underway.

·      Programme to target high-grade zinc, lead and gold mineralisation at Dewrang, Grainger, Vinco and Kohinoor targets.

·      Programme comprising initial diamond drilling campaign of up to 2,500 metres.

·      Drilling programme expected to take approximately 8 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/02009582.pdf

Cadence Minerals CEO Kiran Morzaria commented: "Once again Cadence Minerals are delighted by the rapid progress made by Aidan Platel and his team. Auroch Minerals is at a pivotal moment in its history as a company. This is best described by Aidan Platel's comments today - In just four months we have concurrent drill programmes underway at both Arden and Bonaventura Projects over seven target areas, all of which have the ability to deliver the next major discovery in these respective areas."

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

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 £15 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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