TIDMKDNC
RNS Number : 7442N
Cadence Minerals PLC
02 February 2021
Cadence Minerals Plc
("Cadence Minerals", "Cadence" or "the Company")
European Metals (AIM: EMH) - Cinovec Project - Measured Resource
Drilling Update.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note
that European Metals Holdings Limited ("European Metals" "EMH" or
"the Company") has today announced initial results from its current
nineteen hole resource drilling programme at the Cinovec Project in
which it holds a 49% interest. The current programme of work was
announced by the Company on 10 August 2020 (Measured Resource
Drilling Commenced). Drilling of twelve of the nineteen holes has
been completed and the thirteenth hole is currently underway.
Analytical results for first six of the drill holes from the
Cinovec South deposit are reported.
Highlights:
-- Completion of 12 of a total of 19 hole programme at the Cinovec Project.
-- Interim results from first 6 holes in line with or better than expectations
-- Cinovec contains the largest hard rock lithium deposit in Europe
-- Cinovec is fully funded to final investment decision with
approximately EUR 26.7m in Project Company currently
-- EMH intending to become one of the lowest carbon footprint
producers of battery grade Lithium Hydroxide and lithium carbonate
in Europe
-- Cinovec is situated within 250 km of numerous existing or
proposed end users of battery grade Lithium chemicals
Given the relative ease of beneficiation of the Cinovec deposit
through wet magnetic separation it was decided that it was
important to report the drill results and the "in lab"
beneficiation results. As reported to the market 21 October 2016
(Outstanding Lithium Recoveries at Coarse Grind) wet magnetic
separation ("WMS") achieved a near pure lithium mica concentrate
grading 2.85% Li2O with a lithium recovery of 92%.
Results:
-- Resource drill holes CIS-18, CIS-19, CIS-20, CIS-21, CIS-22
and CIS-23 have been completed including analytical reports.
-- Resource drill holes CIS-24, CIS-25, CIS-26, CIS-28, CIS-29
and CIS-30 have been drilled with analytical results pending.
-- Drilling of resource hole CIS-27 is currently underway.
-- Hole CIS-18 returned 57m averaging 0.41% Li2O, incl. 5m @
0.96% Li2O, 3 m @ 1.13% Li2O, 0.12% Sn (Tin) and 0.104% W
(Tungsten), and 7 m @ 0.136% W.
-- Hole CIS-19 returned 68.9m averaging 0.45% Li2O and 0.11% Sn,
incl. 10.8m @ 0.75% Li2O, 10m @ 0.13% Sn, 2.25m @ 0.54% Li2O, 0.15%
Sn and 0.13% W, 4m @ 0.95% Sn, and 2m @ 0.15% Sn.
-- Hole CIS-20 returned 82.8m averaging 0.41% Li2O, incl. 8.9m @ 0.66% Li2O.
-- Hole CIS-21 returned 76.3m averaging 0.55% Li2O, incl. 12m @ 0.81% Li2O.
-- Hole CIS-22 returned 115.5m averaging 0.47% Li2O, incl. 3m @
0.91% Li2O and 3m @ 0.87% Li2O, and 28m @ 0.27% Sn.
-- Hole CIS-23 returned 98.6m averaging 0.51% Li2O, incl. 9.7m @
0.92% Li2O, 1m @ 1.49% Li2O, and 2.9m @ 1.31% Li2O.
In all of the six holes, the upper section of the drilled ore
body is elevated in tin. The best intercept was returned from the
hole CIS-22, with an interval of 28m averaging 0.27% Sn. If
considered no cut-off and internal waste, following tin intercepts
were recorded: 29 m @ 0.1% Sn in CIS-18, 52m @ 0.14% Sn in CIS-19,
74m @ 0.06% Sn in CIS-20, 37m @ 0.1% Sn in CIS-21, 50.5m @ 0.17% Sn
in CIS-22, 71.5m @ 0.09% Sn in CIS-23.
The current drill programme has been planned to define blocks of
resource for the first 5 years of mining within the Cinovec-South
area, with a goal to convert the resource from indicated to
measured category. The holes have been terminated in ore consistent
with the aim of targeting the first 5 years of resource blocks for
the mine.
Link here for the full EMH announcement, detailed mineralized
intercepts and lithology, and project background:
https://www.londonstockexchange.com/news-article/EMH/drilling-report/14848789
European Metals Executive Chairman Keith Coughlan commented; "We
are pleased to report that these interim results of the current
drilling programme at Cinovec are either in line with, or better
than our expectations. The primary purpose of the programme is to
convert a larger portion of the resource to the measured category
to provide greater certainty of the financial model and security to
the financiers we are currently in discussions with. It is
important to note that the first stage of the proposed process, the
wet magnetic separation has the effect of greatly increasing the
grade of lithium oxide in the concentrate to approximately
2.85%.
The zinnwaldite concentrate produced from Cinovec requires only
roasting, compared to the calcination and roasting required of
processing spodumene. The combined effect of not requiring
calcination, energy intensification and use of natural gas is
expected to considerably reduce greenhouse gas emissions of the
Project when compared to existing spodumene projects."
Cadence CEO Kiran Morzaria added; "These strong drilling results
serve to highlight the overall quality of the Cinovec project, and
the reason EMH has attracted a partner of the calibre and size of
CEZ Group. With Cinovec set to play a key role as a battery grade
lithium supplier to the lithium market in Europe and
Worldwide."
Cadence Minerals Holding in EMH
Cadence holds approximately 12% percent of the equity in
European Metals, which owns 49% of Geomet s.r.o. ("Geomet") which
owns the mineral exploration licenses awarded by the Czech State
over Cinovec.
- Ends -
For further information:
Cadence Minerals plc +44 (0) 7879 584153
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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