Last checked at 22 Nov 2017 13:37
Cadence Minerals Plc
("Cadence Minerals", "Cadence" or "the Company")
Yangibana Rare Earth Project - Resource Update
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to report that Hastings Technology Metals Limited ("Hastings") (ASX: HAS), the operator of the Yangibana Rare Earth Project ("Yangibana"), has announced a final JORC Code Resource for 2017 of 21 million tonnes at 1.17% of Total Rare Earth Oxides ("TREO").
Cadence has a 30% free carried interest in some of the tenements included in the Yangibana mineral resource statement. The Yangibana deposit hosts extensive rare earths-bearing ferrocarbontite /ironstone veins that were evaluated by drilling in the 1980s and by Hastings in 2014 and 2015. It has the potential to host larger, carbontite-hosted rare earth mineralisation at depth, but this target has yet to be assessed.
Of the mineral resource reported the total resource in the tenements in which Cadence holds a 30% is as follows:
Total Resource in Tenements 30% held by Cadence | |||||||
Category | Tonnes | Nd2O3+Pr6O11 | TREO | Nd2O3 | Pr6O11 | Dy2O3 | Tb4O7 |
% | % | ppm | ppm | ppm | ppm | ||
Measured | 900,000 | 0.43 | 1.64 | 3,258 | 997 | 42.8 | 17.55 |
Indicated | 2,100,000 | 0.46 | 1.76 | 3,507 | 1,061 | 45.1 | 17.39 |
Meas + Ind | 2,900,000 | 0.45 | 1.72 | 3,433 | 1,042 | 44.4 | 17.44 |
Inferred | 2,700,000 | 0.37 | 1.42 | 2,806 | 860 | 39.6 | 14.17 |
TOTAL | 5,600,000 | 0.41 | 1.58 | 3,134 | 955 | 42.1 | 15.88 |
Note: Rounding errors may occur | |||||||
This total resource represents some 36% of the entire mineral resource of Yangibana and importantly has a similar Nd2O3+Pr6O11 grade to the resource in areas not covered by the tenements jointly owned by Cadence.
The full release can be found at: Hastings Technology Metals Release 22 Nov 2017
Details of Ownership
On 1 December 2011, Cadence announced that it had acquired a 30% free carried interest to Bankable Feasibility Study of the Yangibana North Rare Earth Deposit. The exploration costs until the commencement of the BFS are therefore borne solely by Hastings (70% owners and operator). The same terms agreed and announced on 1 December 2012 also apply to Gossan, Hook, Kanes Gossan, Lions Ear and Bald Hill North.
Kiran Morzaria, Chief Executive Officer of Cadence, commented:
"It is great to see the progress being made at Yangibana. As electrical vehicle manufacturers continue to switch from induction to permanent magnet motors, neodymium (Nd) and praseodymium (Pr) are taking centre stage in the rare earth element suite. Yangibana has high grades in these elements, and we believe that this sets it apart from many other rare earth deposits currently under exploration or development. In 2017, 75% of the rare earth market by value was represented by Nd and Pr and we see Yangibana as an important part of that supply chain. We look forward to the publication of the BFS and the mining plan, so that we can determine when and how much ore will be mined from our jointly owned tenements."
- Ends -
For further information, please contact. | |
Cadence Minerals plc | +44 (0) 207 440 0647 |
Andrew Suckling | |
Kiran Morzaria | |
WH Ireland Limited (NOMAD & Broker) | +44 (0) 207 220 1666 |
James Joyce | |
James Sinclair-Ford | |
Hannam & Partners LLP (Joint Broker) | +44 (0) 207 907 8500 |
Neil Passmore | |
Giles Fitzpatrick | |
Square1 Consulting | +44 (0) 207 929 5599 |
David Bick |
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 is dedicated to smart investments for a greener world. The planet needs rechargeable batteries on a global scale - upcoming supersized passenger vehicles, lorries and buses - require lithium and other technology minerals to power their cells. Cadence is helping find these minerals in new places and extracting them in new ways, which will meet the demand of this burgeoning market. With over £25 million vested in key assets globally, Cadence is helping us reach tomorrow, today.
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.