Cadence Minerals PLC Major Drilling Programme Commences at Yangibana (3667Q)
June 18 2020 - 4:32AM
UK Regulatory
TIDMKDNC
RNS Number : 3667Q
Cadence Minerals PLC
18 June 2020
Cadence Minerals Plc
("Cadence Minerals", "Cadence" or "the Company")
Hastings Technology Metals (ASX: HAS) Commences Major Drilling
Program at Yangibana.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note
that Hastings Technology Metals (ASX:HAS) ("Hastings"), Cadence's
joint venture partner at the Yangibana Rare Earth Project in the
Gascoyne region of Western Australia ("Yangibana" "Yangibana
Project"), has engaged a drilling contractor for the 2020 Yangibana
exploration program. The priority focus of the program is to test a
series of highly prospective extensional targets within the
Yangibana project, with the intention of increasing the existing
21.25Mt JORC Resource and extending planned mine life.
Highlights:
-- Programme to include 20,000m of RC drilling for additional Minerals Resource definition,
-- 3,000m of Diamond Drilling for metallurgical sampling, and
-- 5,000m of grade control drilling over the planned
start-of-mine resource area on the Bald Hill deposit.
The primary target of the program is the Bald Hill - Simons Find
- Frasers and Auer trends, which are the closest deposits to the
permitted processing plant.
Drilling is scheduled to commence this week and will run until
October 2020. Site preparation and mobilisation of the drilling
rig, consumables, field staff and equipment is underway. The
appointed drilling contractor has a long track record of safe and
productive exploration drilling within Western Australia.
Diamond drilling samples are primarily to advance further
ongoing ore sorting and processing variability test work programs,
whilst the grade control drilling will be used to validate and
quantify the Bald Hill Mineral Resource estimate and convert
Resources to Reserves.
Hastings has spent many months reviewing data illustrating
lithological, structural and geochemical controls on mineralisation
at Yangibana. This review, which commenced in early February, has
given Hastings geologists an improved understanding of the
architecture controlling mineralisation on the project, and in
particular the targets where structural control is most likely to
have resulted in the emplacement of significant mineralisation.
The full Hastings ASX announcement can be found here:
https://www.asx.com.au/asxpdf/20200618/pdf/44jr0mx0gs47nc.pdf
Hastings Chief Operating Officer, Andrew Reid commented: "The
aim of the RC drilling is to target immediate extensions to the
Bald Hill, Frasers, Auer and Yangibana Rare Earth Deposits, with
the aim of adding tonnages to the Mineral Resource and additional
mine life. This drilling is designed to initiate systematic testing
of large strike extensions of the prospective ironstones that have
never previously been tested."
Cadence CEO Kiran Morzaria commented: "We are pleased to note
that following the granting of the plant construction permit,
Hastings are commencing a major drilling programme. While the
drilling does not include Cadence license areas, it will
nonetheless provide important additional data for the Yangibana
Project Mineral Resources and mine life."
Cadence Minerals Yangibana Holding:
Cadence owns 30% of the Yangibana, Yangibana North, Gossan,
Hook, Kanes Gossan and Lions Ear Rare Earth Deposits, which form
part of the Yangibana Rare Earth Deposit. Hastings Technology
Metals owns the remaining 70% ("Hastings"). The updated resource
ore statement can be found on the Yangibana Mineral Resource &
Ore Reserve statement from 4th November 2019:
http://irservices.netbuilder.com/ir/cadence/newsArticle.php?ST=REM&id=2953668
.
The current mine plan anticipates production to start from our
joint venture areas (Yangibana and Yangibana North) in year 5 and
continue to the end of mine life. Further details can be found in
the Hastings 2019 Annual Report
- 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
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contact rns@lseg.com or visit www.rns.com.
END
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