Cadence Minerals PLC Bacanora Minerals Update (9088V)
November 08 2017 - 5:26AM
UK Regulatory
TIDMKDNC
RNS Number : 9088V
Cadence Minerals PLC
08 November 2017
Cadence Minerals Plc
("Cadence Minerals", "Cadence" or "the Company")
Bacanora Minerals Update
Mining Licence Granted for the Zinnwald Project in Germany
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) reports that
Bacanora Minerals (AIM: BCN, TSXV: BCN) has announced that its
jointly controlled entity, Deutsche Lithium GmbH ("Deutsche
Lithium"), has been granted a mining licence (the "Licence")
covering 256.5 hectares of its Zinnwald Lithium Project
("Zinnwald") which is located in southern Saxony, Germany, close to
the key German automotive and downstream lithium chemical
industries. The 30-year Licence has been issued by the Saxony State
Mining Authority (Sächsisches Oberbergamt) in accordance with --8
of the German Mining Act (Bundesberggesetz).
The following work has been completed or is ongoing:
-- A resource infill drilling programme to upgrade the existing
resource model in accordance with National Instrument 43-101 -
Standards of Disclosure for Mineral Projects
Four of out of 15 planned infill drilling holes have been
completed - the remaining holes are scheduled for completion by
January 2018
-- Collection of a 100 tonne bulk ore sample from the legacy
mine at Zinnwald to provide samples for metallurgical testwork
Material has been crushed and sent to metallurgical laboratories
in Germany
Grinding, magnetic separation and concentration testwork
programmes will be carried out over the next four months to develop
the final flowsheet to produce a lithium rich concentrate
-- On completion of the concentration testwork,
hydrometallurgical testwork for downstream processing will be
undertaken, focusing on the production of higher value lithium
battery chemical products
Bacanora is a lithium exploration and development company.
Cadence has a 9.3% of Bacanora's equity and a 30% stake in the
Mexalit S.A. de CV ("Mexalit") joint venture which forms part of
the Sonora Lithium Project in Northern Mexico.
The full release can be found at:
https://www.investegate.co.uk/bacanora-minerals-ld--bcn-/rns/mining-licence-issued-for-lithium-project--germany/201711080700058491V/
Kiran Morzaria, Chief Executive Officer of Cadence,
commented:
"We are very pleased to see the grant of the mining licence for
the Zinnwald Project. Like the Sonora Project in Mexico, Zinnwald
has the characteristics of a world class asset, which has the
potential to provide significant supplies of lithium products to
the strategically important European and Asian lithium
markets."
- Ends -
For further information,
please contact.
Cadence Minerals plc +44 (0) 207 440 0647
Andrew Suckling
Kiran Morzaria
WH Ireland Limited (NOMAD
& Broker) +44 (0) 207 220 1666
James Joyce
James Bavister
Hannam & Partners LLP (Joint
Broker) +44 (0) 207 907 8500
Neil Passmore
Giles Fitzpatrick
Square1 Consulting +44 (0) 207 929 5599
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 GBP25 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.
This information is provided by RNS
The company news service from the London Stock Exchange
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