Cadence Minerals PLC European Metals Cinovec Resource Upgrade (9507O)
October 13 2021 - 5:27AM
UK Regulatory
TIDMKDNC
RNS Number : 9507O
Cadence Minerals PLC
13 October 2021
Cadence Minerals Plc
("Cadence Minerals" or "Cadence")
European Metals (AIM: EMH) - Resource Upgrade at Cinovec Lithium
Project .
Cadence Minerals (AIM/AQX: KDNC; OTC: KDNCY) is pleased to note
that European Metals Holdings Limited ("European Metals" "EMH") has
announced final drill results and an upgraded mineral resource
estimate for the lithium and tin resources in the Cinovec
Lithium-Tin deposit in the Czech Republic.
EMH has recently completed a drilling campaign at Cinovec South,
comprising 22 diamond drill core holes for 6,622 metres, with the
goal of increasing resource certainty in the existing resource
model in and around the initial planned mining areas and upgrading
part of the resource from the Indicated category to the higher
confidence Measured category.
Highlights
-- Re-classification of 53.3 million tonnes ( MT ) into Measured
resource category grading 0.47% Li(2) O and 0.08% Sn.
-- 28.5 MT of Inferred resource upgraded to Indicated resource category
-- The Measured and Indicated resource has increased from 372.4
to 413.4 MT @ 0.47% Li(2) O and 0.05%Sn .
-- The total Measured, Indicated and Inferred resources have
increased by 12.3MT to 708.2MT @ 0.43% Li(2) O and 0.05% Sn (0.1%
Li (0.2153% Li(2) O) Cut-off).
-- Increase in overall resource to 7.39 MT LCE
-- Analysis received for final 10 diamond core holes in the
Geomet s.r.o. drilling program including:
o Hole CIS-16 returned 101.7m averaging 0.59% Li(2) O, incl.
11.35m @ 0.85% Li(2) O
o Hole CIS-32 returned 61m averaging 0.66% Li(2) O and 0.17% Sn,
incl. 30.5m @ 0.30% Sn
o Hole CIS-33 returned 113.3m averaging 0.54% Li(2) O, incl.
14.7m @ 0.60% Li(2) O
o Hole CIS-34 returned 111.4m averaging 0.54% Li(2) O and 0.13%
Sn, incl. 21.15m @ 0.71% Li(2) O and 0.57% Sn
Link here for the full EMH announcement:
https://www.londonstockexchange.com/news-article/EMH/resource-upgrade-at-cinovec-lithium-project/15171030
European Metals Executive Chairman Keith Coughlan commented;
"The primary stated aim of this drilling program was to convert a
larger portion of the resource to the measured category to provide
greater certainty of the financial model and security to
financiers. The results clearly indicate that the program has been
successful and the robustness and consistency of the Cinovec
resource further demonstrated. As we move closer to ultimate
financing and offtake discussions, this higher degree of certainty
provides more funding options for the project. Results from the
final drill holes of the program have been in line with or better
than expected.
"As we have reported previously, because zinnwaldite is
paramagnetic, wet magnetic separation, the first stage of the ore
processing 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. This not only improves the economics, it will
also have the effect of considerably reducing greenhouse gas
emissions of the Project when compared to spodumene projects."
Cadence CEO Kiran Morzaria added; "Today's resource upgrade for
total Measured, Indicated and Inferred resources adds greater value
to Cinovec's already exceptional potential as a future battery
grade lithium supply hub for Europe and the rest of the world.
Cadence are pleased to remain shareholders and supporters of EMH,
and we look forward to further developments."
Cadence Minerals Holding in EMH
Cadence holds approximately 9.7% percent of the equity in
European Metals, which, through its wholly owned Subsidiary, Geomet
s.r.o. ("Geomet"), controls 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
Darshan Patel
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.
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could cause actual results to differ materially from the results
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