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Cadence Minerals has now posted the Litchfield lithium project BACK on their website.
https://www.cadenceminerals.com/project/It-Is/
"Pleasingly, the current owners undertook a comprehensive sampling ...collecting up to 600 soil and rock chip sample which are PRESENTLY being analysed in a LAB. The assay results which are DUE BACK SHORTLY will form a SIGNIFICANT COMPONENT of the PRELIMINARY DUE DILIGENCE."
I checked the Cadence Minerals RNS the next day after the CCZ Australian RNS/Ann.
I also checked the Cadence webite and found the LITCHFIELD details back up again with the LAST PARA ABOVE being new.
So, whilst that may NO longer be o interest to CCZ shareholders given the option into Litchfield has now been rescinded, nevertheless, it will be really interest given we had waiting MONTHS
to know the ASSAY RESULTS.
Sat, 15 Jan 2022
Https://www.cnbc.com/video/2021/11/17/how-cobalt-free-batteries-will-bring-down-the-cost-of-evs.html can't see Lithium there that's why they walked away , like chucking a pound to save a penny junk status up to now
If you want to hear what Cadence CEO Kiran Morzaria said about the Litchfield project have a listen here: https://youtu.be/5iOT8agwzIY?t=1108
"Not all of the LT/LS shareholders agreed to those terms" Not Cadence's decision (as 31% minority holder) but beneficial due to the rising Lithium price and potentially achieving a higher valuation now.
Current trend is to eliminate Cobalt form EV battery packs. There is no or little future in this metal.
I sold out for beer money profit. I will be back thou as soon as they start drilling NWQ looking for Copper.
No matter now we are in the ****, just keeping the board civil, no news is good news with this Company. No money in cobalt, just making most out of nothing I suppose , probably if anything major, Bhp be in there years ago.
Can't see such a small miner being profitable with many PGMs. Better just mining one metal, with the cost and process
@aprogerson I totally agree that a JORC resource could be established quickly and at low cost as the statement from the NSW Gov states that it will streamlining and modernising title assessments and administration to support faster decision making. it also wants to incentivise green field exploration through dedicated funding support for early stage explorers in critical minerals. They note that there are two projects currently being developed in NSW containing cobalt intended for the battery precursor supply chain and also note that The Broken Hill regions are also highly prospective for cobalt. They will also be looking into the reprocessing of historic mine tailings such is the demand. They suggest that cobalt demand has grown 5 per cent 2017-2020 and is expected to grow by 11 per cent 2020-2025 due to use in lithium batteries.
It really does seem that we may own the resource that is in demand and that we should find ready assistance (OR LITTLE RESISTANCE) on an administration basis towards getting it out. Looking good to me but DYOR AND GLA. Swissy
@aprogerson
Good summary and joining of the dots - seems like the various moving parts are coming together and giving CCZ options that are potentially better for LTH's.
ATB Shorn
Thanks Swissy I concur with your assessment after re-reading the RNS 3 things leap out at me that IMHO help explain the u-turn
(1) China's use of minerals and processing facilities to punish Australia in recent months so explaining Aussie push to become self-sufficient in battery metals and REEs
(2) their are very few sources of Cobalt outside DRC which is notorious for poor working conditions and conflict
(3) China has a 90%+ strangle-hold on processing of REEs which is apparently both difficult to do and polluting
I'm getting the strong feeling that this policy change in NSW and the 100% ownership BH tenement linked with the release of historic records and drill core samples may just allow CCZ to accelerate production of a JORC resource at modest cost.
AIMHO APR
SO rumours were sort of correct. A friend of a friend who works in the city mentioned it to me last weekend I need to get him drunk again LOL
I have now had time to have a quick look at he document I posted the link to earlier today and think that it is worth a read and I feel sheds lights on why CCZ management took a turn in the road earlier. NSW IS ESTABLISHING AUSTRALIA'S FIRST CRITICAL MINERALS HUB IN THE CENTRAL WEST. There is a detailed map in the doc showing existing known critical mineral locations and Broken Hill is considered highly prospective fo Cobalt, Lithium, Rare earth elements and Platinum group elements from existing records (see map). The government have released a significant amount of historic exploration data from November 2021 which further supports explorers in targeting their exploration activities. This would explain the new found data that has landed on managements laps that we can't believe that they did not already know. As well the Government is enabling more effective access to NSW geological samples in the Londonderry Core Library, to capitalise on technological advancements to enable re-evaluation of known mineral concentrations.
Coupled with this the Government also say that 80% of the land available has not been explored in that historically drill depths have only explored down to 150m and so are contributing $16 million to the development of future deep exploration technologies. Basically NSW wants to be the centre of all future battery and green technologies and is doing everything to establish technologies and supply chain and investment channels and CCZ are right in there.
I hope this gives some hope and clarity while we all reset out investment SAT NAVS regards CCZ BUT THINGS COULD BE WORSE! READ THE REPORT AS I FOUND IT USEFUL!
DYOR and GLA Swissy
https://www.nsw.gov.au/sites/default/files/2021-11/NSW%20Critical%20Minerals%20and%20High%20Tech%20Metals%20Strategy.pdf
There was an article by Proactive Investors last night, shortly after the
CCZ RNS in Australia entitled: "CCZ drops acquistion bids to harness battery mineral..."
[13.1.2022]. The article stated:
"SPURRED ON BY A STUNNING COBALT FIND."
My Comment:
On HC, CCZ, they had more insight to this cobalt project bought from WYLO of Andrew Forrest fame. Too long to repeat but Australia is NOT conflict cobalt and also it is near a recent JV project. If interested kindly read.
Cadence Minerals issued an RNS today, Fri, 14 Jan 2022 on project and corp update:
"In regard to Litchfield and Picasso option with Castillo, given the recent increases in lithium compound pricing to over U$40,000 per tonne of battery grade lithium carbonate and the PENDING ANALYSIS of the assay results, we see the unwinding of this option agreement as an opportunity for Cadence to EXTRACT A HIGHER VALUATION of this lithium project assets."
My Comment:
Pending assay results?
I am aware that Cadence has returned £50k to Castillo [pls check $ or £] .
What does Kiran Mozaria mean by extract a higher valuation? Did Cadence pull it back?
good buying opportunity imo. This will trade back over 2p soon, dyor resources aren’t far off
Sorry McBucket LSE not showing your post history ... who were you refering to as a 'new boy' ?
i did say on 12 Jan there a new boy on CCZ Lithum block,,they knew then it was no go ,,
I will HOLD
A lot of postives unfolding here and not dilutive at all.
Cobalt resource in Broken Hill will be good.
Plus this
“Further, the Board will prioritise modelling a JORC 2012 compliant resource at the Big One Deposit and further developing the graphite- base metal discovery at the Arya Prospect”
Cadence believe we have dropped the ball no surprise there, But a massive WHY has to be asked WHY o WHY would we bail before assay results that we have paid for, we must have invested in time and money more than the returned $50k. Something stinks here Desperation regarding the proposed IPO failing, everything here never quite adds up to the full story or expectation, the list of failures in a short time is worrying to say the least, aspirations to be a mid-tier miner a long way off many dillutions off.
"Well that was a surprise!" just doesn't seem to cut it for me after a very abrupt U-turn on both Picasso/Litchfield Lithium optioned plays vs. wholly owned Broken Hill (BHA) play containing Cobalt and potentially Lithium pegmatites.
I'd like to think that the BoD knows more than we do and therefore the decision made was very logical, but the RNS has not convinced this shareholder to break out the party-poppers. Another RNS today or Monday is the very least that they could do right now !
The only saving grace for me is the new factoid that the cores from prior drilling at BH still exist in (hopefully) logged & archived government geological repository that they can access, sample, assay and therefore build out a JORC compliant resource model for both Copper/Cobalt and lithium. The stated logic of using shareholders funds to develop a wholly owned asset rather than buying one at Picasso/Litchfield makes sense but only if we suspend our disbelief after todays poorly justified RNS.
ATB APR
At least the uk SP is no longer out of sync with the AUS closing price (1.63p) lol
Of s----, obviously couldn't raise enough interest in the IPO of BHA, so now down to more random hole drilling to support what others have previously drilled and decided not to pursue. Is this not a recurring nightmare for shareholders. The clue to this latest QUEST is in the title rare not easily found, this clueless bunch struggle to find almost anything apart from their pay cheques that is. Big drop incoming on very poor RNS, with very little on the waste of finance on the holy grail lithium license's that many aligned to core and other local bordering lithium license's. NEWS where do you stand now blowing the company trumpet. GLALTH
**** day then expect 30% drop or more next rns could be 6 months back to bed then
Here is a link to the report on Critical Minerals and high tech metals strategy for the State which may contain reasons for CCZ to turnabout with the decision on Broken Hill. Off to work early so haven't picked through it properly yet so perhaps our good board members can do that and report back. I can't quite believe the turn around myself yet and suppose we will be all digging for new info about our new direction so the report may help. On the positives the Cobalt readings are good and Ozy commentators are saying that it is easier to mine and extract and price is very good at moment but others with knowledge of Cobalt would need to expand my knowledge of its potential here. Happy researching Swissy.
https://www.nsw.gov.au/sites/default/files/2021-11/NSW%20Critical%20Minerals%20and%20High%20Tech%20Metals%20Strategy.pdf
Always said mangerment bunch of arse holes, obviously no one gives give smoney away for nothing. Should be better If said no lithium. If not under taken in the beginning, yesterday's news would send the share price to the other direction
My concern is not about the quality of the assets, but there has to be serious questions asked about the management. Cobalt is on fire at the moment and focusing on Broken Hill could make sense especially as they seem to have sufficient data to go straight to JORC. In a different context, this announcement would be very positive. However, one has to ask what the f*** is going on?
They announced their intention to IPO Broken Hill back in August so would have been in possession of the Wyloo Metals report for almost a year by then. Having re-read that RNS, the presence and levels of cobalt was also known. And yet it was still decided that this should be spun off.
The option on the lithium prospects was announced a month later. Clearly, the Broken Hill IPO was announced as they were negotiating the Lithium options. So at that time, Lithium was preferred to Broken Hill. Something has happened between now and then to change that strategy. Today's RNS implies that they have only just realised the great potential of Broken Hill and they must sacrifice the lithium prospect for the greater good. But this is clearly rubbish as they knew about the potential of Broken Hill for some time.
The only logical explanation is that the lithium assays are not all they hoped for and so it's back to the original plan. Well that's fine, so why not just say that. Instead, they have left everyone wondering why they have just given up on lithium prospects with the assay results expected literally days from now.
As I said, under different circumstances today's announcement would have been great news. Management need to get out there over the coming days and explain this about turn to their shareholders. What is realling galling about today's RNS is that they don't even acknowledge that Broken Hill was going for IPO. It's like August's RNS didn't happen.