Cadence Minerals PLC Yangibana Rare Earth Project - Resource Update (2579X)
November 22 2017 - 8:37AM
UK Regulatory
TIDMKDNC
RNS Number : 2579X
Cadence Minerals PLC
22 November 2017
Cadence Minerals Plc
("Cadence Minerals", "Cadence" or "the Company")
Yangibana Rare Earth Project - Resource Update
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to
report that Hastings Technology Metals Limited ("Hastings") (ASX:
HAS), the operator of the Yangibana Rare Earth Project
("Yangibana"), has announced a final JORC Code Resource for 2017 of
21 million tonnes at 1.17% of Total Rare Earth Oxides ("TREO").
Cadence has a 30% free carried interest in some of the tenements
included in the Yangibana mineral resource statement. The Yangibana
deposit hosts extensive rare earths-bearing ferrocarbontite
/ironstone veins that were evaluated by drilling in the 1980s and
by Hastings in 2014 and 2015. It has the potential to host larger,
carbontite-hosted rare earth mineralisation at depth, but this
target has yet to be assessed.
Of the mineral resource reported the total resource in the
tenements in which Cadence holds a 30% is as follows:
Total Resource in Tenements 30% held by Cadence
--------------------------------------------------------------------------------------
Nd(2) O(3)
+Pr(6) Nd(2) Pr(6) Dy(2) Tb(4)
Category Tonnes O(11) TREO O(3) O(11) O(3) O(7)
----------- -------------------- ----------- ----- ------ ------- ------ ------
% % ppm ppm ppm ppm
----------- -------------------- ----------- ----- ------ ------- ------ ------
Measured 900,000 0.43 1.64 3,258 997 42.8 17.55
----------- -------------------- ----------- ----- ------ ------- ------ ------
Indicated 2,100,000 0.46 1.76 3,507 1,061 45.1 17.39
----------- -------------------- ----------- ----- ------ ------- ------ ------
Meas +
Ind 2,900,000 0.45 1.72 3,433 1,042 44.4 17.44
----------- -------------------- ----------- ----- ------ ------- ------ ------
Inferred 2,700,000 0.37 1.42 2,806 860 39.6 14.17
----------- -------------------- ----------- ----- ------ ------- ------ ------
TOTAL 5,600,000 0.41 1.58 3,134 955 42.1 15.88
----------- -------------------- ----------- ----- ------ ------- ------ ------
Note: Rounding errors may
occur
---------------------------------------------- ----- ------ ------- ------ ------
This total resource represents some 36% of the entire mineral
resource of Yangibana and importantly has a similar Nd(2) O(3)
+Pr(6) O(11) grade to the resource in areas not covered by the
tenements jointly owned by Cadence.
The full release can be found at: Hastings Technology Metals
Release 22 Nov 2017
Details of Ownership
On 1 December 2011, Cadence announced that it had acquired a 30%
free carried interest to Bankable Feasibility Study of the
Yangibana North Rare Earth Deposit. The exploration costs until the
commencement of the BFS are therefore borne solely by Hastings (70%
owners and operator). The same terms agreed and announced on 1
December 2012 also apply to Gossan, Hook, Kanes Gossan, Lions Ear
and Bald Hill North.
Kiran Morzaria, Chief Executive Officer of Cadence,
commented:
"It is great to see the progress being made at Yangibana. As
electrical vehicle manufacturers continue to switch from induction
to permanent magnet motors, neodymium (Nd) and praseodymium (Pr)
are taking centre stage in the rare earth element suite. Yangibana
has high grades in these elements, and we believe that this sets it
apart from many other rare earth deposits currently under
exploration or development. In 2017, 75% of the rare earth market
by value was represented by Nd and Pr and we see Yangibana as an
important part of that supply chain. We look forward to the
publication of the BFS and the mining plan, so that we can
determine when and how much ore will be mined from our jointly
owned tenements."
- 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 Sinclair-Ford
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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