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Cadence Minerals (KDNC) – Auroch Minerals (AOU) Confirms High Grade Nickel At Saints
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the update today from Auroch Minerals Limited (ASX: AOU) (“Auroch”) regarding the first assay results from its maiden drilling programme at its recently-acquired Saints Nickel Project (Saints), located approximately 65km northwest of Kalgoorlie and 7km east of the Goldfields Highway in Western Australia.
Cadence Minerals Holding in Auroch
Cadence currently owns approximately 1% of the equity in Auroch Minerals, which is an exploration company targeting principally zinc, cobalt and lithium.
Highlights:
- Assay results for drill-hole SNDD005 confirm extremely high-grade nickel sulphide mineralisation:
- 1.77m @ 6.72% Ni, 0.27% Cu and 0.13% Co from 227.31m down-hole, including 0.50m @ 9.98% Ni, 0.24% Cu and 0.20% Co
- Very strong conductor identified by down-hole electromagnetic (DHEM) surveys of first two drillholes (SNDD001 and SNDD002).
- DHEM surveys have been completed for first seven drill-holes.
- Drilling programme ongoing, with assays pending for first six drill-holes.
Results from semi-massive to massive sulphide mineralisation in diamond drill-hole SNDD005 returned extremely high-grade nickel, with 1.77m @ 6.72% Ni, 0.27% Cu and 0.13% Co from 227.31m down-hole, including 0.50m @ 9.98% Ni, 0.24% Cu and 0.20% Co. The drill-hole was infill drilling at the Saint Patricks target area aimed at confirming the continuity of the high-grade nickel sulphide mineralisation intersected in historic drill-holes drilled by WMC in the 1990’s. The intersection not only confirmed the existing mineralisation model, but the nickel grade exceeded all previous intersections.
The Company is also pleased to announce that down-hole electromagnetic (DHEM) surveys completed last week have identified a very strong EM conductor in close proximity to drill-holes SNDD001 and SNDD002. The very high conductance (over 13,000S) is typical of that caused by significant massive sulphide mineralisation, and the proximity of the modelled EM plate to the known high-grade nickel mineralisation on the Western Contact increases the probability that such massive sulphides may be nickel-bearing.
Auroch Managing Director Aidan Platel commented: “We are very encouraged by the first assay results from our maiden drilling programme at the Saints Nickel Project. The extremely high grade of the nickeliferous massive sulphides intersected in drill-hole SNDD005 exceeded our expectations and highlight that we are in a very nickel-rich ultramafic system at Saints that is capable of hosting a major nickel sulphide deposit. The initial results from our DHEM surveys completed last week are also very encouraging, with a strong EM conductor on the Western Contact potentially representing extensions to the known high-grade nickel sulphide mineralisation, providing an exciting drill target that we will test as soon as practicable. With drilling ongoing, assay results for the first 6 holes pending, and further DHEM results to come, it is an exciting time for Auroch and the Saints Nickel Project.”
The full release can be found at: https://www.investi.com.au/api/announcements/aou/c6dd6c5e-10f.pdf
Cadence Minerals CEO Kiran Morzaria commented: “On behalf of Cadence Minerals, we congratulate Aidan Platel and the Auroch team on this high grade Nickel discovery at the Saints project. With initial DHEM results indicating that a Nickel-rich system could be in place and further assay results to come, today’s result provides further ongoing validation for our investment strategy into Auroch.”
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For further information:
| 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 | |
| Novum Securities Limited (Joint Broker) | +44 (0) 207 399 9400 |
| 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.
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.
Cadence Minerals (KDNC) – Auroch Minerals (ASX: AOU) – Saints Nickel Project Drilling Update.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the update today from Auroch Minerals Limited (ASX: AOU) (“Auroch”) on its maiden drilling programme at its recently-acquired Saints Nickel Project (Saints), located approximately 65km northwest of Kalgoorlie and 7km east of the Goldfields Highway. The latest diamond drill-hole SNDD005 intersected 1.60m of semi-massive to massive sulphide mineralisation. The mineralisation is nickeliferous, with significant pentlandite (one of the major nickel sulphide ore minerals) observed intergrown with pyrrhotite, along with pyrite and chalcopyrite (a copper sulphide ore mineral). The interval has been processed and sampled by the Auroch team and assays are pending.
Cadence Minerals Holding in Auroch
Cadence currently owns approximately 1% of the equity in Auroch Minerals, which is an exploration company targeting principally zinc, cobalt and lithium.
Highlights:
- 1.60m of nickeliferous semi-massive to massive sulphide mineralisation intersected in drill-hole. SNDD005 of maiden drilling programme (assays pending)
- Disseminated to massive sulphide mineralisation intersected in all five drill-holes completed to-date (assays pending).
- Drilling programme 50% completed and progressing on time and budget.
- Down-hole electromagnetic (DHEM) surveys to be undertaken over the coming week on all completed drill-holes.
Auroch Managing Director Aidan Platel commented: “We are very pleased with the progress of our maiden drilling programme at the Saints Nickel Project. We are halfway through the programme and progressing on-schedule and on-budget, and the drilling has been of a high standard. The nickeliferous massive sulphides intersected in drill-hole SNDD005 are very interesting and we look forward to receiving the assay results as soon as possible. With 5 holes remaining to drill, all of the assay results still to come and down-hole EM surveys commencing next week, we look forward to receiving a large amount of data over the next two months that will guide the next phase of drilling at the Saints Nickel Project in early 2020, and will continue to update the market as this information is received.”
The full release can be found at: https://www.investi.com.au/api/announcements/aou/4dc13449-07e.pdf
Cadence Minerals CEO Kiran Morzaria commented: “We are pleased to note that the Saints Nickel drilling programme is now 50% complete, and has been delivered on schedule and on budget. This is an exciting period for Auroch shareholders as we await the first assay results.”
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For further information:
| 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 | |
| Novum Securities Limited (Joint Broker) | +44 (0) 207 399 9400 |
| 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.
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.
Cadence Minerals #KDNC – Auroch Minerals (ASX: AOU) – Drilling Programme Underway at Saints Nickel Project
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the update today from Auroch Minerals Limited (ASX: AOU) (“Auroch”) that its maiden drilling programme has commenced at the recently-acquired Saints Nickel Project (Saints), located approximately 65km northwest of Kalgoorlie and 7km east of the Goldfields Highway. A McCulloch DR800 diamond drill rig from Topdrive Drillers Australia (Topdrive) arrived last week and commenced drilling the first hole on Sunday.
Highlights:
- 3,000m diamond drilling programme has commenced at the Saints Nickel Project.
- Drilling will target untested near-resource electromagnetic plates and possible down-plunge extensions to existing high-grade nickel sulphide mineralization.
- Drilling will also focus on confirming historical drilling data and high-grade nickel intersections that comprise the current Saints JORC (2012) resource of 1.05Mt @ 2.00% Ni, 0.20% Cu & 0.06% Co1.
- Down-hole electromagnetic surveys (DHEM) will be completed on all drill-holes aiming to generate further near-resource targets for the next phase of drilling.
Auroch Managing Director Aidan Platel commented: “Topdrive and our exploration team are to be commended on the speed and professionalism with whichthe preparation for the drilling programme was completed. We have commenced the programme to testa compelling EM target down-plunge from high-grade nickel sulphide mineralisation on the WesternContact. Our programme will test similar high-priority targets at the St Patricks and St Andrews prospects,as well as drill deeper and along strike from previous drilling in order to collect valuable DHEM data thatwill be used to generate additional targets for a much larger drilling programme planned for 2020. Witha great market outlook for tier 1 nickel products, this is a very exciting time for the Company, and we lookforward to updating the market with results as they are received.”
The full release can be found at: https://www.investi.com.au/api/announcements/aou/d9e475e6-b01.pdf
Cadence Minerals Holding in Auroch
Cadence currently owns approximately 4.3% of the equity in Auroch Minerals, which is an exploration company targeting principally zinc, cobalt and lithium.
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For further information:
| 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 | |
| Novum Securities Limited (Joint Broker) | +44 (0) 207 399 9400 |
| 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.
Forward-LookingStatements:
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.
Cadence Minerals Plc (KDNC) Auroch Minerals (ASX: AOU) Closes A$630,000 Placement.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the update today from Auroch Minerals Limited (ASX: AOU) (“Auroch”) that it has received firm commitments for a placement of 9,000,000 shares at $0.07 per share to raise a total of A$630,000 (before costs).
The placement received strong interest from sophisticated or professional investors, reflecting investor confidence in Auroch. Golden Triangle Pty Ltd is Lead Manager to the placement and will receive a fee of 6% on all funds raised and 3,000,000 unlisted options each exercisable at $0.10 and expiring on 30 November 2021 for providing these services. The shares and options are expected to be issued on 5 August 2019 and will be issued within the Company’s placement capacity under ASX Listing Rule 7.1.
The issue price of $0.07 per share under the placement represents a 6.2% discount to the Company’s 15-day Weighted Average Volume price (VWAP).
Proceeds from the placement will be used to fund a drilling campaign on the Saints Nickel Project (refer to Auroch’s announcement on 18th July 2019), exploration activities on the Leinster Nickel Project and for the Company’s general working capital requirements.
The full release can be found at: https://www.investi.com.au/api/announcements/aou/77f4f91b-a01.pdf
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For further information:
| 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 | |
| Novum Securities Limited (Joint Broker) | +44 (0) 207 399 9400 |
| 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.
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.
Cadence Minerals (KDNC) – 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 month
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 | |
| Kiran Morzaria | |
| WH Ireland Limited (NOMAD & Broker) | +44 (0) 207 220 1666 |
| James Joyce | |
| James Sinclair-Ford | |
| Novum Securities Limited (Joint Broker) | +44 (0) 207 399 9400 |
| 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.
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.
Cadence Minerals #KDNC – Auroch Minerals (ASX: AOU) to acquire High-Grade Western Australian Nickel Projects.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the announcement today from Auroch Minerals Limited (ASX: AOU) (“Auroch”) that it has entered into a binding agreement with Minotaur Exploration Pty Ltd (ASX:MEP) (“Minotaur”) to acquire 100% of the tenements known as the Saints Nickel Project (“Saints”) and the Leinster Nickel Project (“Leinster”).
Highlights:
- Binding agreement with Minotaur Exploration Ltd (ASX: MEP) to acquire the Saints and Leinster Nickel Projects located in Western Australia for a total consideration of $1.5M.
- The Saints and Leinster Projects are advanced, high-quality nickel sulphide projects with the following Inferred Resources:
- Saints – 1.05Mt @ 2.00% Ni, 0.20% Cu, 0.06% Co for 29.5kt Ni, 1.6kt Cu, 0.6kt Co.
- Leinster (The Horn) – 0.60Mt @ 1.39% Ni, 0.30% Cu for 8.3kt Ni, 1.8kt Cu.
- Both projects remain open down-plunge and along strike, with significant proximal exploration potential through untested or partially-tested electromagnetic (EM) conductors.
- The 121.5km2 tenement package is considered both highly prospective and under-explored, hosting extensive ultramafic rock packages and a number of drill-ready nickel sulphide targets within one of the highest-producing nickel belts in Australia.
Auroch’s acquisition of the Saints and Leinster projects aims to unlock the latent value of high-grade nickel sulphide assets. Auroch will provide a dedicated management team to aggressively explore the projects, which have historically seen limited nickel exploration. The combined portfolio of high-grade nickel sulphide assets provides a solid base for Auroch to systematically explore high-priority targets and emerge as the next significant nickel developer on the ASX.
The Saints high-grade deposit of 1.05Mt @ 2.00% Ni, 0.20% Cu, 0.06% Co3 remains open down-plunge and along strike with noteworthy proximal exploration potential through untested or partially tested electromagnetic (EM) conductors. Significant high-grade intercepts at the Saints Nickel Project include 2.0m @ 3.17% Ni from 171m depth. Auroch has identified high priority exploration targets for immediate drill testing that have the potential to extend the currently defined resource.
Leinster is prospective for both nickel and gold and is strategically located in a historic nickel region around Leinster-Waterloo, proximal to existing infrastructure. Significant historic intercepts include 14.66m @1.95% Ni and 0.35% Cu from 132.6m depth. The Horn deposit of 0.60Mt @ 1.39% Ni and 0.30% Cu6 remains open down-plunge and along strike and Auroch will systematically explore extensional targets with the aim of extending the currently JORC 2004 Code defined resource and converting to it to the JORC 2012 Code..
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/08c02b4a-90e.pdf
Cadence Minerals CEO Kiran Morzaria commented:“The acquisition of Saints and Leinster Nickel projects represents another milestone for Aidan Platel and the Auroch team, and an excellent addition to Auroch’s existing portfolio of projects. As highlighted in the announcement, both projects offer multiple drill-ready targets that will be tested immediately. We look forward to the the results and subsequent developments.”
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For further information:
| 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 | |
| Novum Securities Limited (Joint Broker) | +44 (0) 207 399 9400 |
| 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.
Forward-LookingStatements:
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.
Cadence Minerals #KDNC – Auroch Minerals (ASX: AOU) – Ground Gravity Survey Commences at Arden Project
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the announcement today from Auroch Minerals Limited (ASX: AOU) (“Auroch”) that it has initiated a ground-gravity survey at its Arden Project (Arden) near Port Augusta, South Australia. The detailed survey will cover two highly-prospective target areas of the Ragless Range prospect as well as a third target area at the Radford Creek prospect.
Auroch have appointed Atlas Geophysics Pty Ltd (Atlas) to undertake the Arden gravity survey, and it is estimated it will take approximately a week to complete. The survey will be completed on a very close spacing of 15m between stations to be able to define dense mineralised horizons as little as 3m thick. The initial line-spacing has been planned at 125m – 200m, which may be infilled to closer spacing as needed as the survey progresses.
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/8a06cc4c-a73.pdf
Cadence Minerals CEO Kiran Morzaria commented:“Aidan Platel and the Auroch team continue to build the investment case for Cadence Minerals. We look forward to the survey results and subsequent developments.”
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For further information:
| 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 | |
| Novum Securities Limited (Joint Broker) | +44 (0) 207 399 9400 |
| 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.
Forward-LookingStatements:
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.
Iron ore prices surge on renewed uncertainty over Brazilian and Australian supply
Article by Business Insider – April 1st 2019
- Iron ore spot markets rose strongly across the board on Friday.
- Uncertainty over supply disruptions in Brazil and Australia, along with firmer steel prices, likely explain the size of the gains recorded during the session.
- China’s official manufacturing and non-manufacturing PMIs both improved in March compared to the levels reported in February.
- The Caixin-IHS Markit China manufacturing PMI report for March will be released on Monday.
Iron ore prices rallied on Friday, supported by renewed uncertainty over Brazilian and Australian supply.
According to metal Bulletin, the spot price for benchmark 62% fines jumped 2.5% to $86.81 a tonne, logging its largest gain in two weeks.
The gains in higher grades were even larger with 65% fines soaring 3% to $99.30 a tonne, leaving it just below the multi-year highs struck in early February.
Lower grades also rallied with 58% fines adding 1.6% to $72.14 a tonne.
The across the board gains coincided with renewed uncertainty over the outlook for Brazilian and Australian iron ore supply, two of the largest seaborne exporters globally.
On Thursday, Brazilian miner Vale lowered its iron ore sales forecasts to a range of 307 to 322 million tonnes this year, down from an earlier estimate of 382 million tonnes.
“The price implications from Vale’s guidance and commentary are significant,” said Vivek Dhar, Mining and Energy Commodities Analyst at the Commonwealth Bank.
“Given the physical nature of iron ore markets, the impending physical tightness to face iron ore markets strengthens our conviction that iron ore prices will rise above to over $90 a tonne in the short term.”
Daniel Hynes, Senior Commodities Strategist at ANZ Bank, is another who expects iron ore prices will remain supported in the period ahead.
“We see a sizable disruption lingering over the market for the near future,” he said, referring to supply disruptions in Brazil.
“Supply-side responses are likely, but will be far short of what is required to meet the needs of the market in 2019. As a result, iron ore exports will fail to meet expected demand by around 35–40 million tonnes in 2019.
“This should keep prices well supported in 2019.”
Along with uncertainty over the outlook for Brazilian supply, news of operational disruptions at facilities owned by Rio Tinto in Western Australia was another factor that helped to propel prices higher during the session.
On Friday, the miner issued force majeure notices to some iron ore customers due to damage from tropical cyclone Veronica, which hit Western Australia earlier this week, according to Reuters.
Rio said that it was “currently assessing the impact of the damage sustained at the Cape Lambert A port facility and is working with its customers to minimise any disruption in supplies”.
A force majeure is invoked when a miner cannot perform an obligation under a contract due to circumstances outside of its control.
Like spot markets, the news helped to spark a rally in Chinese iron ore futures on Friday.
In Dalian, the most actively traded May 2019 contract jumped to as high as 638.5 yuan before closing the session at 631.5 yuan. That was well above the 613.5 yuan level it finished on Thursday evening.
Stronger steel prices also helped to support iron ore futures at the margin with rebar and hot-rolled coil finishing trade at 3,758 and 3,741 yuan respectively, up from 3,695 and 3,673 yuan on Thursday evening.
As seen in the scoreboard below, those moves were largely sustained in overnight trade on Friday.
SHFE Hot Rolled Coil ¥3,732 , 0.67%
SHFE Rebar ¥3,754 , 0.72%
DCE Iron Ore ¥632.50 , 1.85%
DCE Coking Coal ¥1,229.00 , -0.08%
DCE Coke ¥1,980.00 , 0.23%
Trade in Chinese commodity futures will resume at midday AEDT on Monday.
In news that will likely bolster sentiment across the steel and bulk commodity complex further, activity levels across China’s manufacturing and non-manufacturing sectors improved in March, driven in part by booming construction activity.
The government’s manufacturing and non-manufacturing PMIs rose to 50.5 and 54.8 respectively in March, up from 49.2 and 54.3 in February.
A reading above 50 indicates that activity levels improved from a month earlier. The distance away from 50 reveals how fast the improvement occurred.
The separate Caixin-IHS Markit China manufacturing PMI report for March will be released today. In the past, markets have tended to pay more attention to this report than the official government release.
Cadence Minerals #KDNC – Auroch Minerals (ASX: AOU) Exploration License Granted at Torrens East Copper Project
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the announcement today from Auroch Minerals Limited (ASX:AOU) (“Auroch”) that the Exploration Licence 6331 (EL 6631) at its Torrens East Copper Project (“Torrens East”) has been granted. The Exploration Licence is the western of the two tenements comprising the Torrens East Project, and covers a likely extension to the gravity anomaly that is currently being drill-tested by the Torrens JV (70% Aeris Resources Ltd; 30% Argonaut Resources NL). The granting of the EL means the Company can now proceed with access agreements in order to initiate exploration work programmes on this highly prospective area.
Auroch continues to collate and interpret available historic geological and geophysical data with a focus on coincident areas of gravity and magnetic anomalies and is currently investigating various options for further exploration including airborne gravity surveys, reprocessing of aeromagnetic data and Magnetotellurics (MT).
The Company is also continuing its intensive exploration programme at the Arden Zinc Project. During the past few months the exploration team has completed detailed mapping and surface geochemistry sampling over large areas of the Arden tenement. The work has been focused on the key prospect areas previously identified, such as the possible extension of the high-grade zinc mineralisation encountered in drill-hole RRDD-0071 in the 2018 drill programme, which included 3.65m @15.47% zinc within 12.80m @4.96% zinc from 53.00m. With the zinc price recently increasing to over 3,000 USD/t2 the Company is working hard towards the next drilling campaign planned for the end of this quarter.
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/2ae11c6c-5fa.pdf
Cadence Minerals CEO Kiran Morzaria commented:“Aidan Platel and his team continue to build the Auroch investment case. In addition to the Torrens East EL grant, we also note the Company’s comments on progress at the Arden Zinc project. We look forward to further developments”
– Ends –
For further information:
| 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 | |
| Novum Securities Limited (Joint Broker) | +44 (0) 207 399 9400 |
| 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.
Forward-LookingStatements:
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.
Cadence Minerals Plc – Auroch Minerals (ASX: AOU) Identifies Potential Targets at Torrens East Copper Project.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the update published today by Auroch Minerals (ASX:AOU) ‘Auroch’ on its recently-acquired Torrens East Copper Project (Torrens East). Exploration Licence Applications ELA00159 and ELA00163 comprise 1,622km2, and are considered by Auroch to be highly prospective for IOCG (iron oxide – copper – gold) mineralisation.
An initial review of the South Australian Government’s Mineral Resources aeromagnetic and gravity data, together with available geological and drilling data over the Torrens East licence area has identified a likely eastern extension of the Torrens JV gravity anomaly, which continues into Auroch’s application licence.
Highlights:
- Auroch has completed a review of historical geophysical, geological and drilling data for its Torrens East Copper Project (Torrens East), identifying potential target areas for follow-up exploration.
- The review identified on Auroch’s exploration tenure a likely eastern extension of the large Torrens JV (70% Aeris Resources Ltd; 30% Argonaut Resources NL) gravity anomaly.
- Torrens East has the right geological address with peer exploration encountering IOCG pathfinder minerals, copper sulphides and alteration halos. Recent exploration in the Eastern Gawler Craton includes:
- Torrens JV commenced a $20m drilling programme 6-10km to the west of Torrens East.
- BHP Group’s (BHP) Oak Dam West prospect returned best drilling intercepts: 425.7m @ 3.04% Cu and 0.59g/t Au, including 180m @ 6.07% Cu and 0.92g/t Au.
- Cohiba Minerals announced plans for a drilling programme at its “Horse Well” project 2km from BHP’s Oak Dam West prospect.
- Auroch will continue to advance the Torrens East Project and will provide updates in the coming months
The Torrens East project is located along the eastern margin of the Gawler Craton in South Australia, in a
similar regional setting to the Olympic Dam and Carrapateena deposits around the Torrens Hinge Zone, a continent-scale zone of crustal weakness with the potential to act as a conduit to release mineralising fluids from the Earth’s mantle. The Torrens East Copper Project is 1,622km2 of ground considered highly prospective for Iron Oxide Copper–Gold (IOCG) mineralisation. The large exploration licence applications (ELAs) are situated adjacent to the Torrens JV (70% Aeris Resources Ltd; 30% Argonaut Resources NL) approximately 50km from BHP’s recently-announced drilling in the Olympic Dam copper-gold province, host to the world-class Olympic Dam (BHP Group Ltd) and Carrapateena (Oz Minerals Ltd) IOCG deposits.
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/8adebe01-e6f.pdf
Cadence Minerals CEO Kiran Morzaria commented: “Aidan Platel and his team continue to build the Auroch investment case. As stated in the announcement, recent peer exploration in the region has provided a blueprint for Auroch’s exploration plans, which all contribute towards refining possible future drill targets at Torrens East. We look forward to further developments”
– Ends –
For further information:
| 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 | |
| Novum Securities Limited (Joint Broker) | +44 (0) 207 399 9400 |
| 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.
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.