Cadence Minerals PLC Auroch Confirms High Grade Nickel At Saints (3308R)
October 28 2019 - 6:50AM
UK Regulatory
TIDMKDNC
RNS Number : 3308R
Cadence Minerals PLC
28 October 2019
Cadence Minerals Plc
("Cadence Minerals", "Cadence" or "the Company")
Auroch Minerals (ASX: AOU) - High Grade Nickel Confirmed at
Saints Nickel.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note
the update today from Auroch Minerals Limited (ASX: AOU) ("Auroch")
regarding the first assay results from its maiden drilling
programme at its recently-acquired Saints Nickel Project (Saints),
located approximately 65km northwest of Kalgoorlie and 7km east of
the Goldfields Highway in Western Australia.
Cadence Minerals Holding in Auroch
Cadence currently owns approximately 1% of the equity in Auroch
Minerals, which is an exploration company targeting principally
zinc, cobalt and lithium.
Highlights:
-- Assay results for drill-hole SNDD005 confirm extremely
high-grade nickel sulphide mineralisation:
o 1.77m @ 6.72% Ni, 0.27% Cu and 0.13% Co from 227.31m
down-hole, including 0.50m @ 9.98% Ni, 0.24% Cu and 0.20% Co
-- Very strong conductor identified by down-hole electromagnetic
(DHEM) surveys of first two drillholes (SNDD001 and SNDD002).
-- DHEM surveys have been completed for first seven drill-holes.
-- Drilling programme ongoing, with assays pending for first six drill-holes.
Results from semi-massive to massive sulphide mineralisation in
diamond drill-hole SNDD005 returned extremely high-grade nickel,
with 1.77m @ 6.72% Ni, 0.27% Cu and 0.13% Co from 227.31m
down-hole, including 0.50m @ 9.98% Ni, 0.24% Cu and 0.20% Co. The
drill-hole was infill drilling at the Saint Patricks target area
aimed at confirming the continuity of the high-grade nickel
sulphide mineralisation intersected in historic drill-holes drilled
by WMC in the 1990's. The intersection not only confirmed the
existing mineralisation model, but the nickel grade exceeded all
previous intersections.
The Company is also pleased to announce that down-hole
electromagnetic (DHEM) surveys completed last week have identified
a very strong EM conductor in close proximity to drill-holes
SNDD001 and SNDD002. The very high conductance (over 13,000S) is
typical of that caused by significant massive sulphide
mineralisation, and the proximity of the modelled EM plate to the
known high-grade nickel mineralisation on the Western Contact
increases the probability that such massive sulphides may be
nickel-bearing.
Auroch Managing Director Aidan Platel commented: "We are very
encouraged by the first assay results from our maiden drilling
programme at the Saints Nickel Project. The extremely high grade of
the nickeliferous massive sulphides intersected in drill-hole
SNDD005 exceeded our expectations and highlight that we are in a
very nickel-rich ultramafic system at Saints that is capable of
hosting a major nickel sulphide deposit. The initial results from
our DHEM surveys completed last week are also very encouraging,
with a strong EM conductor on the Western Contact potentially
representing extensions to the known high-grade nickel sulphide
mineralisation, providing an exciting drill target that we will
test as soon as practicable. With drilling ongoing, assay results
for the first 6 holes pending, and further DHEM results to come, it
is an exciting time for Auroch and the Saints Nickel Project."
The full release can be found at:
https://www.investi.com.au/api/announcements/aou/c6dd6c5e-10f.pdf
Cadence Minerals CEO Kiran Morzaria commented: "On behalf of
Cadence Minerals, we congratulate Aidan Platel and the Auroch team
on this high grade Nickel discovery at the Saints project. With
initial DHEM results indicating that a Nickel-rich system could be
in place and further assay results to come, today's result provides
further ongoing validation for our investment strategy into
Auroch."
- 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.
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END
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