Update - Auroch Minerals

RNS Number : 8024K

Cadence Minerals PLC

18 December 2018

 

Cadence Minerals Plc

("Cadence Minerals", "Cadence" or "the Company")

Auroch Minerals (ASX: AOU) Infill Sampling Extends Mineralisation at Ragless Range, Arden Zinc Project.

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the update published today by Auroch Minerals (ASX:AOU) 'Auroch' that infill sampling of the remaining intervals of core from the Ragless Range drill-holes has identified more zinc mineralisation and increased the width of some of the previously reported significant intercepts, particularly for drill-hole RRDD007 which intersected high-grade zinc mineralisation including 3.65m @ 15.47% Zn from 62.15m.

Highlights:

·      Infill sampling of the Arden drilling improves best intersections from drill-hole RRDD-007:

o  12.80m @ 4.96% Zn from 53.00m

§ including 3.65m @ 15.47% Zn from 62.15m

o  32.70m @ 0.92% Zn from 70.46m

§ including 2.50m @ 2.40% Zn from 70.46m

§ and 8.50m @ 1.30% Zn from 81.80m

·      Confirmation of high-grade zinc silicate mineralisation (up to 34% Zn) in oxidised portion of drill-hole RRDD-007

·      The maiden drill programme at Arden intersected up to 3 horizons of SEDEX zinc mineralisation extending over 3km of strike and open along strike and at depth

As previously reported, all eight drill-holes at the Ragless Range Prospect successfully intersected at least one SEDEX zinc horizon, over a strike length of more than 3km. Initial assay results from drilling ended in mineralisation in several holes (most notably RRDD007) and warranted further infill sampling. An additional 407 samples from five holes were submitted to ALS Laboratories in Adelaide for multi-element determination, with 24 samples returning >0.5% Zn (83 samples anomalous at >0.1% Zn).

The zinc mineralisation intersected in RRDD007 differed to that in the other drill-holes in several ways. Firstly, the mineralisation extended over significant down-hole widths, including several very high-grade intervals. Secondly, there appeared to be a structural-control on the high-grade zinc mineralisation, different to the stratabound SEDEX zinc mineralisation observed in the other drill-holes. Also, high-grade zinc silicate minerals were observed in some intervals, similar to those observed in the Flinders Project deposits (Perilya Limited) including the Beltana Zinc Mine (972kt @ 29.8%Zn) located approximately 150km to the north of the Arden Project.

In addition to the infill sampling programme, the geological team have begun project scale mapping at the Arden Project, beginning with key areas of focus such as the fold hinges and interpreted faults near the high-grade result in RRDD007. Significant ironstone gossans, similar to that which lies to the southeast of drill-hole RRDD007, have been mapped and rock-chip samples have been taken to be submitted to the laboratory this week.

Cadence currently owns 6.6% of the equity in Auroch Minerals, which is an exploration company targeting principally zinc, cobalt and lithium.

The full release can be found at: https://www.investi.com.au/api/announcements/aou/408f546e-9fa.pdf

Cadence Minerals CEO Kiran Morzaria commented: "Following the news of base metals mineralization at Bonaventura & Lake Torrens IOCG tenement developments, the Auroch investment case continues to build with additional high-grade zinc mineralization and enlarged intercepts confirmed by drilling at the Arden Ragless Range Prospect. We note Aidan Platel's comments that these developments are critical for Auroch's 2019 exploration programme, and look forward to further developments."

- Ends -

For further information:

Cadence Minerals plc	[phone]
Andrew Suckling
Kiran Morzaria
WH Ireland Limited (NOMAD & Broker)	[phone]
James Joyce
James Sinclair-Ford
Hannam & Partners LLP (Joint Broker)	[phone]
Neil Passmore
Giles Fitzpatrick
Novum Securities Limited (Joint Broker)	[phone]
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.

About Cadence Minerals:

Cadence invests across the globe, principally in lithium mining projects. Its primary strategy is taking significant economic stakes in upstream exploration and development assets within strategic metals. We identify assets that have strategic cost advantages that are not replicable, with the aim of achieving lower quartile production costs. The combination of this approach and seeking value opportunities allows us to identify projects capable of achieving high rates of return.

The Cadence board has a blend of mining, commodity investing, fund management and deal structuring knowledge and experience, that is supported by access to key marketing, political and industry contacts. These resources are leveraged not only in our investment decisions but also in continuing support of our investments, whether it be increasing market awareness of an asset, or advising on product mix or path to production. Cadence Mineral's goal is to assist management to rapidly develop the project up the value curve and deliver excellent returns on its investments.

Forward-Looking Statements:

Certain statements in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identified 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 reflect 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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