Cadence Minerals PLC Update - Auroch Minerals Saints Nickel Project (9625F)
July 18 2019 - 3:23AM
UK Regulatory
TIDMKDNC
RNS Number : 9625F
Cadence Minerals PLC
18 July 2019
Cadence Minerals Plc
("Cadence Minerals", "Cadence" or "the Company")
Auroch Minerals (ASX: AOU) - Saints Nickel Project Exploration
Programme.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note
the update today from Auroch Minerals Limited (ASX: AOU) ("Auroch")
on the Company's exploration strategy for the recently-acquired
Saints Nickel Project ("Saints"). Auroch entered into a formal
Share Sale Agreement with Minotaur Exploration Ltd (ASX: MEP,
"Minotaur") on the 11th July 2019 to acquire 100% of Saints and the
Leinster Nickel Project ("Leinster").
Cadence currently owns approximately 6.5% of the equity in
Auroch Minerals, which is an exploration company targeting
principally zinc, cobalt and lithium.
Highlights:
-- Auroch entered into a formal Share Sale Agreement with
Minotaur to acquire 100% of the Saints Nickel Project and the
Leinster Nickel Project in Western Australia on the 11(th) July
2019.
-- 97.5% of the existing JORC 2012-compliant high-grade nickel
Resources at Saints is fresh primary sulphide mineralisation (total
Mineral Resources of 1.05Mt @ 2.00% Ni, 0.20% Cu & 0.06%
Co).
-- Significant upside potential to add to the Saints nickel
resources through near-resource exploration and drill testing of
postulated extensions along strike and/or down-plunge of known
nickel sulphide mineralisation.
-- Program of Work (PoW) applications have been submitted to the
Department of Mines, Industry, Regulation and Safety (DMIRS) with
drilling to commence in August 2019.
The Saints Nickel Project is located approximately 65km
northwest of Kalgoorlie and 7km east of the Goldfields Highway. The
tenement package comprises two mining leases covering an area of
approximately 20km2 of prospective Archaean greenstone belt geology
within the Eastern Goldfields province of the Yilgarn Craton.
The Saints Nickel Project high-grade deposit of 1.05Mt @ 2.00%
Ni, 0.20% Cu, 0.06% Co1 has historically seen limited nickel
exploration over the past decade, remaining open down-plunge and
along strike with noteworthy proximal exploration potential through
untested or partially tested electromagnetic (EM) conductors.
Significant high-grade intercepts at Saints include 2.0m @ 3.17% Ni
from 171m depth.
Auroch plans to commence its 2019 exploration programme at its
high-grade Saints Nickel Project through a three-phase drilling
programme that includes extensional, confirmatory and regional
drilling. The Company's proposed exploration strategy will provide
greater confidence and aims to significantly increase the current
mineral resources.
The full release can be found at:
https://www.investi.com.au/api/announcements/aou/74bab91c-3b2.pdf
Cadence Minerals CEO Kiran Morzaria commented: "Cadence views
the acquisition of Saints and Leinster Nickel projects as excellent
additions to Auroch's existing portfolio of projects. As stated by
Auroch CEO Aidan Platel, the maiden drill programme at Saints comes
at an exciting time as the LME nickel price recently surpassed
US$14,000/t. We look forward to further developments when drilling
commences next month."
- Ends -
For further information:
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
Novum Securities Limited (Joint Broker) +44 (0) 207 399 9400
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
identi ed 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 re ect
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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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