Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to announce that European Metals Holdings Limited (ASX & AIM: EMH) has completed a six core-hole infill drilling program at the Cinovec Project. A total of 2,697.1m was completed on time and without loss time accidents. Analytical results for three drill holes in the eastern and for two drill holes on the western sector of the of the Cinovec South deposit are reported, results for hole CIS-4 have previously been reported.
Cadence has a 20 % equity stake in European Metals. The full release can be found at http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/EMH/13417491.html
Highlights from the European Metals Release
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· All six holes planned infill core drillholes completed for a total of 2,697.1m drilled. |
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· Analytical results confirmed the expected lithium, tin and tungsten contents and mineralization widths. |
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· The results for the two infill drillholes in the western part of the Cinovec South deposit exceed expectations. |
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· Drillhole CIS-9 returned one of the best results of the Company’s drilling program to date: 204.6m averaging 0.44% Li2O, (and within it 70m@0.58%Li2O; 13m@0.19%Sn, 6m@0.58%Sn, 3m@1.02%Sn and 0.179%W) |
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· Drillhole CIS-8 returned a continuous relatively high-grade lithium mineralization interval that includes multiple zones of tin and tungsten mineralization: 152.5m averaging 0.41% Li2O, (and within it 3m@0.52%Sn, 6m@0.12%Sn and 0.077%W, 7m@0.14%Sn). |
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· In the eastern part, the best results are from CIS-7, with 45.5 m averaging 0.37% Li2O, and 102m averaging 0.31%Li2O, with string tin and tungsten credits (11m@0.24%Sn and second interval includes 12m@0.17%Sn and 13m@0.16%W). |
Czech Election Results
European Metals also noted the results of the recent elections held in the Czech Republic and the debate regarding development of lithium assets within the country leading into the elections. As the sole holder of exploration permits and preliminary mining permits with the preferential right of mining over the Cinovec Project, the Company looks forward to continuing the previous positive engagements with the new Government, once formed, and to rapidly advance development of the project to the mutual benefit of all stakeholders.
Kiran Morzaria, Chief Executive Officer of Cadence, commented: “The team at European Metals have continued to make good progress in the development of the Cinovec asset. These latest set of drill results show excellent polymetallic mineralisation and will allow the company to update it geological models and mineral resources, which will in turn feed into the ongoing feasibility studie. We look forward seeing the progress that will be made over the coming months at the Cinovec Project.”
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For further information, please contact. |
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Cadence Minerals plc |
+44 (0) 207 440 0647 |
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Andrew Suckling |
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Kiran Morzaria |
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WH Ireland Limited (NOMAD & Broker) |
+44 (0) 207 220 1666 |
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James Joyce |
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James Bavister |
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Hannam & Partners LLP (Joint Broker) |
+44 (0) 207 907 8500 |
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Neil Passmore |
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Giles Fitzpatrick |
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Square1 Consulting |
+44 (0) 207 929 5599 |
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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.