Last checked at 18 Jun 2019 08:27
Cadence Minerals Plc
("Cadence Minerals", "Cadence" or "the Company")
Auroch Minerals (ASX: AOU) - Gravity Survey Provides Compelling Drill Target at Arden.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the announcement today from Auroch Minerals Limited (ASX: AOU) ("Auroch") that it has successfully completed a detailed ground-gravity survey at its Arden Project (Arden) near Port Augusta, South Australia. The survey successfully delineated an intense gravity anomaly extending over 2km at the Ragless Range prospect. The anomaly may be indicative of thickened mineralised horizons of the high-grade zinc mineral smithsonite that was identified in drill-hole RRDD007, which has a very high density and hence contrasts greatly with the relatively low-density sedimentary host rocks of the area.
Highlights:
· A detailed ground-gravity survey was completed at the Arden Zinc Project in South Australia
· The high-resolution survey delineated a significant gravity anomaly extending over 2km at the Ragless Range prospect, coincident with areas of anomalous zinc values at surface
· The gravity anomaly may be indicative of thickened mineralised horizons of the high-density, high-grade zinc mineral smithsonite that was identified in drill-hole RRDD007, and provides a direct targeting tool for the next phase of drilling
· The Company continues to advance the Horn and Saints Nickel Projects in Western Australia towards a maiden drilling programme in the coming months
Located some 335km north of Adelaide, the Arden Project boasts a large relatively unexplored exploration area of 1,664km2 and is highly prospective for sedimentary-exhalative (SEDEX) mineralisation. Within the Arden Project, up to three horizons of SEDEX zinc mineralisation were identified from the recent drilling programme at the Ragless Range Prospect extending over 3km of strike and open in every direction.
Cadence currently owns approximately 6.5% 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/7851ea69-490.pdf
Cadence Minerals CEO Kiran Morzaria commented: "Under the guidance of Aidan Platel and his team, the Auroch investment case continues to build. Cadence Minerals look forward to the next phase of developments."
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For further information:
Cadence Minerals plc | +44 (0) 207 440 0647 |
Andrew Suckling |
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Kiran Morzaria |
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WH Ireland Limited (NOMAD & Broker) | +44 (0) 207 220 1666 |
James Joyce |
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James Sinclair-Ford |
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Novum Securities Limited (Joint Broker) | +44 (0) 207 399 9400 |
Jon Belliss |
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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 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.