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Cadence Minerals #KDNC – Hastings Technology Metals (ASX: HAS) – Yangibana Drilling Confirms Significant Mineralisation Extension Now Up To 8km Long.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Hastings Technology Metals (ASX:HAS) (“Hastings”), Cadence’s joint venture partner at the Yangibana Rare Earth Project in the Gascoyne region of Western Australia (“Yangibana” “Yangibana Project”), has announced further significant results for the Simon’s Find deposit as part of the 2020 exploration drilling program for the Yangibana Rare Earths Project in Western Australia.
Cadence Minerals Yangibana Holding:
Cadence owns 30% of 3 Mining Leases, 6 Exploration Licences, which form part of the Yangibana Rare Earth Deposit. Hastings Technology Metals owns the remaining 70%. While the announcement today involves territory not covered by the JV license areas, the developments are nonetheless positive indicators for the future of the joint venture. Further details of our ownership the mineral resources and reserves on our jointly held leases can be found at:
https://www.cadenceminerals.com/projects/yangibana-rare-earth-project-2/
The current mine plan anticipates production to start from our joint venture areas (Yangibana and Yangibana North) in year 6 and continue to the end of mine life (year 13). Further details can be found in the Hastings 2019 Annual Report.
Highlights:
- Results from drilling at Simon’s Find confirm a major 2km long zone of economic mineralisation, significantly expanding the existing resource base across the Yangibana Rare Earths Project.
- Simon’s Find and the recently announced Fraser’s North and South drill results form a continuous zone of economic mineralisation 4km long.
- The Fraser’s – Simon’s Find – Bald Hill trend now forms an 8km-long economic mineralised corridor.
- Simon’s Find results contain world-beating quantities of neodymium (Nd2O3) and praseodymium (Pr6O11) that, when combined, total 52% of the TREO (total rare earth oxides) values. These results are significantly higher than the 40-41% values recorded from the nearby Bald Hill and Frasers deposits.
- High-grade and shallow intersections from Simon’s Find include:
- 2m @ 2.78% TREO from 46m
- 6m @ 1.20% TREO from 43m
- including 4m @ 1.61% TREO
- 4m @ 1.21% TREO from 46m
- 15m @ 0.72% TREO from 37m
- including 6m @ 1.11% TREO
- 2m @ 1.38% TREO from 67m
- 7m @ 0.89% TREO from 31m
- including 2m @ 1.76% TREO
- 3m @ 1.40% TREO from 11m
- 6m @ 0.75% TREO from 39m
- including 2m @ 1.51% TREO
- 83 out of 96 holes (~86%) reported significant intercepts of grades
Simon’s Find – Major Mineralised Trend Defined
Hastings can now report that it has successfully delineated, as a minimum, approximately 2km of economic mineralisation, forming the Simon’s Find resource area through the completion of close-spaced reverse circulation (RC) drilling.
Recent drilling to target ironstone rocks hosting rare earths has returned consistent grades and widths of mineralisation over a 2km-long zone, which remains open along strike and down dip. Results have also confirmed that Simon’s Find includes exceptionally high quantities of neodymium and praseodymium, widely recognised as the two most important rare earths elements required over the next decades to satisfy global demand for electric vehicles, renewable energy projects and industrial automation.
From the results underlying this announcement for Simon’s Find, neodymium and praseodymium (together, “NdPr”) represent approximately 52% of the total rare earths content. This is at least 25% higher than existing results from the nearby Bald Hill and Frasers deposits, which have a NdPr:TREO ratio of approximately 40-41% of total rare earths.
A 40-41% ratio is widely acknowledged as world leading when compared to other known rare earths deposits, which typically report ratios in the 15-25% range. The 52% recorded at Simon’s Find confirms the special and unique geological properties of Yangibana and further underpins Hastings’ accelerated march to becoming Australia’s next rare earths producer.
These new results are expected to substantially add to the 20.86Mt mineral resource1 (see ASX announcement dated 25 February 2020) already confirmed at Yangibana, with a new mineral resource and mining reserve estimate expected to be completed over the coming months.
Simon’s Find is located in close proximity to the site of Yangibana’s proposed processing plant. The nature of Simon’s Find’s softer geological host rocks means this deposit is expected to play an important role during the production start-up phase of Yangibana.
Frasers – Simon’s Find Trend
Drill results released during the year have confirmed that Simon’s Find forms the northern portion of a defined and continuous 4km-long zone of economic mineralisation when including the recently released Fraser’s South and Fraser’s North drilling results.
Frasers – Simon’s Find – Bald Hill Trend
Hastings has now defined a single, largely coherent zone of mineralisation commencing at Fraser’s South and finishing at Bald Hill (the largest of Yangibana’s rare earths deposits) that is approximately 8km in length.
Substantial potential exists for continued exploration throughout this zone, which has demonstrated significant capacity to host rare earths, while opening up enormous opportunities for mineral resource expansions and extensions to Yangibana’s mine life within close proximity of the processing plant location.
This zone has been lightly drilled and, on average, only between 40-70m below the surface. Additional opportunities to the north and south of this trend have been identified by geophysics and ground mapping. Down-dip extensions remain open along the entire 8km of defined mineralisation.
Exploring and delineating the mineralisation in this zone was a key objective of the 2020 exploration drilling program, which has been successfully delivered.
In fact, the 2020 exploration drilling program has been so successful that the vast majority of holes reported to date have delivered intercepts of TREO considered to be economic by the Company.
The full HAS release including detailed tables and graphics can be found at: https://www.investi.com.au/api/announcements/has/986a8ebc-c66.pdf
Hastings Executive Chairman, Charles Lew commented: “Hastings has delivered and exceeded all of its key objectives for the 2020 exploration drilling program. The results from drilling over the past several months have shown the magnitude of the resource potential that exists at Yangibana.”
“Hastings has now defined and delivered a single coherent zone of economic mineralisation trending more than 8km in length from Fraser’s through to Simon’s Find and Bald Hill, with further upside in all areas along this zone to the north, south and at depth.”
“Additionally, the ability to replicate the results from the past few months into other areas of the tenement package remains high, with similar known geological structures demanding additional work.”
“While the average head grades at Simon’s Find results may be lower than at Yangibana’s other deposits, what is important and makes this deposit such a stand-out – in global terms – are the very high levels of neodymium and praseodymium – at 52% of total rare earths reported.”
“Hastings will now start the process of collating the drilling information to define a new mineral resource for Simon’s Find.
“The success at Simon’s Find comes amid a busy period for Hastings as we advance Yangibana’s development by concluding more offtake contracts and settling on a coastal site for our project’s hydrometallurgical plant.”
Cadence Minerals CEO Kiran Morzaria commented: “As Hastings Chairman Charles Lew says, the results from drilling over the past several months have shown the magnitude of the resource potential that exists at Yangibana, and in particular the very high levels of neodymium and praseodymium reported from Simon’s Find.”
“Although the announcement today involves territory not covered by the JV license areas, the developments are nonetheless positive indicators for the future of the joint venture and provides additional validation for our investment strategy into this project. We look forward to further developments.”
– Ends –
For further information:
| Cadence Minerals plc | +44 (0) 7879 584153 |
| 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-lookingstatements.
Cadence Minerals #KDNC – Directors Talk Interview with CEO Kiran Morzaria
Cadence CEO Kiran Morzaria joins Directors Talk to discuss the latest developments across the group projects, specifically focusing on the group’s flagship Amapa Iron Ore Project. Kiran provides an overview of the company, and explains the project strategy, shipping of the existing iron ore stockpile, and the final project step that will see Cadence acquire an initial 20% of the asset. Kiran also explains why the directors are currently buying shares in the open market.
Cadence Minerals #KDNC – Hastings Technology Metals (ASX: HAS) Reports Outstanding Rare Earth Oxide Grades from Frasers North and South Drilling.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Hastings Technology Metals (ASX:HAS) (“Hastings”), Cadence’s joint venture partner at the Yangibana Rare Earth Project in the Gascoyne region of Western Australia (“Yangibana” “Yangibana Project”), has announced further drill results as part of the 2020 Exploration Drilling Program, for the Fraser’s North and South areas.
The Company has so far received assay results for 30 RC drill holes in these areas since drilling commenced in early June. Numerous significant potentially economic results have been received from 29 out of the 30 holes which include some of the highest grade results yet returned from any drilling at the Yangibana project since 2014.
Highlights:
· Outstanding rare earth oxide grades received from 29 out of 30 drill holes from Fraser’s North and South sampling.
· High‐grade and shallow intersections from Fraser’s North and South drilling include:
o 3m @ 7.28% TREO from 8m,
§ Including 1m @ 18.57% TREO from 8m,
o 8m @ 3.51% TREO from 31m,
o 2m @ 1.67% TREO from 31m,
o 6m @ 1.42% TREO from 8m, and
o 4m @ 1.36% TREO from 17m.
· Highest grade intersections occur south of the current Fraser’s Open Pit (mineral resource of 1.32 million tonnes grading 1.35% TREO including 0.56% Nd2O3+Pr6O111) and extend mineralisation up to 450m in a south easterly direction.
· Drilling results from the North now confirm contiguous new mineralisation up to 250m from the Fraser’s Pit limit.
· In the South, all mineralisation remains open down dip and along strike, with surface ironstone outcrops being tracked for up to 1‐ kilometre past last drill locations.
· New results record highest grades to date from Yangibana project, with 1m samples returning grades of up to 18.57% TREO.
· Results from the South come from largely untested areas, highlighting the potential for them to merge into a single large 1.4km long Fraser’s Open Pit.
· Results will be included in an updated Fraser’s Mineral Resource estimate scheduled for year‐end completion
2020 Exploration Program
Hasting’s commenced the 2020 drilling program with a Reverse‐Circulation (RC) drilling rig mobilised to site in mid‐June. The program will continue until 4Q 2020 and has been designed to achieve three goals:
· Validate the existing Bald Hill Mineral Resource Estimates with close spaced grade control drilling;
· Increase the Yangibana Project’s Measured and Indicated Mineral Resource; and
· Obtain core samples for additional metallurgical test work and ore characterization studies.
The Company’s geological interpretation suggests that there is substantial opportunity to add additional Mineral Resource tonnages in the area Bald Hill ‐ Simon’s Find – Fraser’s trend. This trend presents the highest opportunity to add Mineral Resources within close proximity to the Processing Plant.
Existing results support and warrant additional drilling, where near‐surface extensions to known mineralisation can be traced and identified. Observations from field mapping continue to provide new insights into the local geology and its structural settings, which conceptually offer the greatest opportunity to host additional resources.
The full HAS release can be found at: https://www.investi.com.au/api/announcements/has/1d62d67f-04b.pdf
Hastings COO Andrew Reid said: “These fantastic results have again exceeded our expectations for the Company’s 20,000m 2020 exploration drill program, with almost every drill hole announced today intersecting rare earth grades which Hastings believe could be economic and mineable.
The exceptionally high grades from Fraser’s South (up to 18.57%) gives us a lot of confidence that we are in a rare earth zone richly endowed with huge potential, particularly given how little exploration it has seen.
Hastings is now well on its way to achieving its goal of extending mine life through testing our existing geological understanding of the Fraser’s deposit. We are now intersecting consistent mineralisation over a wide area and there remains plenty of opportunity to significantly expand the Mineral Resource in the future with open mineralisation along strike and down‐dip requiring further drilling in the future.
The entire Fraser’s North to South mineralised trend is emerging as a large consistent zone which is characterised by thick near surface intercepts with grades that would potentially support a large open pit operation”.
The drilling at Fraser’s South has intercepted the predicted ironstone positions and returned consistent mineralisation results, with some of the best TREO results ever received from Yangibana. Hastings remains confident that this mineralised trend will continue in a south‐easterly direction based on surface mapping and points to the potential of further development of the Mineral Resource within the Fraser’s South corridor.
Additional future work will include step out exploration drilling along strike and drilling down dip, where the mineralisation to date has only been tested to 40m below the surface.”
Cadence CEO Kiran Morzaria commented: “We are pleased to note today’s exceptional set of drilling results from Fraser North and South. These results provide a positive read-over into the value and future potential of our joint venture with Hastings. We look forward to further developments.”
Cadence Minerals Yangibana Holding:
Cadence owns 30% of 3 Mining Leases, 6 Exploration Licences which form part of the Yangibana Rare Earth Deposit. Hastings Technology Metals owns the remaining 70% (“Hastings”). Further details of our ownership the mineral resources and reserves on our jointly held leases can be found at:
cadenceminerals.com/projects/yangibana-rare-earth-project-2/
The current mine plan anticipates production to start from our joint venture areas (Yangibana and Yangibana North) in year 6 and continue to the end of mine life (year 13). Further details can be found in the Hastings 2019 Annual Report
– Ends –
For further information:
| Cadence Minerals plc | +44 (0) 7879 584153 |
| 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 – Hastings Technology Metals (ASX: HAS) – Excellent Drill Results Confirm High Grade Extensions To Frasers Open Pit
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Hastings Technology Metals (ASX:HAS) (“Hastings”), Cadence’s joint venture partner at the Yangibana Rare Earth Project in the Gascoyne region of Western Australia (“Yangibana” “Yangibana Project”), has announced the first set of results from the 2020 Exploration Drilling Program, concentrated in the Fraser’s area.
Highlights:
- First 9 holes from 2020 Exploration Drilling Program all hit economic mineralisation.
- High-grade and shallow intersections from Yangibana’s highest grade deposit (Fraser’s) extensional drilling included:
- 4m @ 1.31% TREO % TREO from 4m
- 4m @ 1.24% TREO from 11m, and
- 5m @ 1.28% TREO from 52m.
- Significant increase in (Nd2O3+Pr6O11 as % of TREO) from the 9 holes averaging 48% compared to 41% for the Frasers mineral resource.
- New intersections sit outside but proximal to the current mineral resource at Fraser’s of 1.32 million tonnes grading 1.35% TREO including 0.56% Nd2O3+Pr6O11 highlighting the outstanding potential to increase both the size and tonnages at Fraser’s.
- Mineralisation continues to remain open to the north and south and down dip.
- Further assays remain pending from multiple holes in this area.
- New results have provided important information for additional discoveries with high-grade strike extensions to these results now interpreted. Drilling to the north is linking the Fraser’s and Simon’s Find mineralised trends.
- Drilling density is sufficient to allow future mineral resource estimation into measured and indicated JORC categories allowing for possible mine life extensions to be calculated.
Drilling results have confirmed the Company’s conceptual modelling for a large coherent zone extending from Fraser’s in the south to Bald Hill in the north, a distance of 7-8 kilometres, with efforts to rapidly expand and define mineralisation in the newly interpreted and discovered mineralised zones.
The very shallow depths of the mineralised intercepts and proximity to the existing Fraser’s Open Pit demonstrate the high probability for mine life extension at Fraser’s with excellent grades and thickness encountered in every hole of assays received. Fraser’s currently has the highest NdPr (Nd2O3+Pr6O11) grades at 0.56% of any of the Yangibana defined deposits.
The high NdPr grades and corresponding Nd2O3+Pr6O11:TREO ratios are a unique feature not found in any other rare earth project, except for Yangibana.
The Fraser’s Mineral Resource has a calculated Nd2O3+Pr6O11:TREO ratio of 41% (see announcement 18% Increase in Ore Reserve Mine Life Extended by 2 years to 13 years, November 2019), however assays received forming this announcement had Nd2O3+Pr6O11:TREO ratios ranging from 44 – 50%, representing a substantial increase over existing results from Frasers.
Samples were sent to Genalysis Intertek in Perth for analysis using techniques considered appropriate for the style of mineralisation. Samples were analysed for the range of rare earths, rare metals (Nb, Ta, Zr), thorium and uranium and a range of common rock-forming elements (Al, Ca, Fe, Mg, Mn, P, S, Si, Sr).
The full HAS release including detailed tables and graphics can be found at: https://www.investi.com.au/api/announcements/has/841a448e-dbc.pdf
Hastings COO, Andrew Reid commented: “These results have exceeded our expectations, which are an excellent first step in defining what appears to be a significant new zone of mineralisation. With this initial shallow program, we have confirmed the presence of broad mineralised widths and extended known extents of Mineral Resources. All the deepest holes confirm mineralisation continues at depth.”
Cadence Minerals CEO Kiran Morzaria commented: “These excellent early results and high grades from Hastings drilling programme potentially bode well for the Yangibana and Yangibana North joint venture areas, and once again provide additional validation for our investment strategy into this project. We look forward to further developments.”
Cadence Minerals Yangibana Holding:
Cadence owns 30% of 3 Mining Leases, 6 Exploration Licences which form part of the Yangibana Rare Earth Deposit. Hastings Technology Metals owns the remaining 70% (“Hastings”). Further details of our ownership the mineral resources and reserves on our jointly held leases can be found at:
https://www.cadenceminerals.com/projects/yangibana-rare-earth-project-2/
The current mine plan anticipates production to start from our joint venture areas (Yangibana and Yangibana North) in year 6 and continue to the end of mine life (year 13). Further details can be found in the Hastings 2019 Annual Report
– Ends –
For further information:
| Cadence Minerals plc | +44 (0) 7879 584153 |
| 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 – Hastings Technology Metals (ASX: HAS) oversubscribed placement raises $14.6m, plus a further $6.1m will be raised.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Hastings Technology Metals (ASX:HAS) (“Hastings”), Cadence’s joint venture partner at the Yangibana Rare Earth Project in the Gascoyne region of Western Australia (“Yangibana” “Yangibana Project”), has received firm commitments to raise $14.6 million (before costs) at $0.125 per share (Placement). An additional $3.1 million will also be raised via a Conditional Placement and a further $3.0 million will be raised from a fully underwritten Share Purchase Plan (SPP).
Strong interest has been received from existing shareholders and new institutional and sophisticated investors, resulting in a significantly over subscribed Placement. Hastings Executive Chairman, Mr Charles Lew, will participate in the raise for an amount of $0.5 million, subject to shareholder approval at the Annual General Meeting in November 2020. Total funds raised under the Placement, SPP and Conditional Placement are expected to total approximately $20.7 million.
Funds raised will be used to:
· Procure equipment arising from the decoupling of the beneficiation plant and the hydrometallurgy plant;
· Further engineering design;
· Grade and resource drilling to increase mining reserves;
· Mine site works;
· Working capital.
The full HAS release can be found at: https://www.asx.com.au/asxpdf/20200826/pdf/44lxkj9nw2b91q.pdf
Hastings Executive Chairman, Charles Lew said: “It is gratifying to see the strong interest from new investors in the Hastings story and testament to the hard work done by the Company’s management team in recent months to advance our world-class Yangibana rare earths project from a technical, financial, regulatory and customer point of view. I welcome the new investors onto the Hastings register and look forward to offering the same terms to our existing loyal shareholder base through the SPP and Conditional Placement. The funds from the capital raising will enable us to continue to drive the Yangibana rare earths project forward alongside our target to begin construction next year.”
Cadence CEO Kiran Morzaria commented: “We are pleased to note that strong interest in Hastings Technology Metals and the Yangibana project has resulted in an oversubscribed placing. These funds, along with the prospect of commencement of mine construction next year provide a positive read-over into the value and future potential of our joint venture with Hastings. We look forward to further developments.”
Cadence Minerals Yangibana Holding:
Cadence owns 30% of 3 Mining Leases, 6 Exploration Licences which form part of the Yangibana Rare Earth Deposit. Hastings Technology Metals owns the remaining 70% (“Hastings”). Further details of our ownership the mineral resources and reserves on our jointly held leases can be found at:
https://www.cadenceminerals.com/projects/yangibana-rare-earth-project-2/
The current mine plan anticipates production to start from our joint venture areas (Yangibana and Yangibana North) in year 6 and continue to the end of mine life (year 13). Further details can be found in the Hastings 2019 Annual Report
– Ends –
For further information:
| Cadence Minerals plc | +44 (0) 7879 584153 |
| 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 – Hastings Technology Metals (ASX-HAS) – Yangibana Project Capital Cost Estimate Reduced by A$68m or 13%
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that, further to the Hydromet Plant relocation announcement, Hastings Technology Metals (ASX:HAS) (“Hastings”), Cadence’s joint venture partner at the Yangibana Rare Earth Project in the Gascoyne region of Western Australia (“Yangibana” “Yangibana Project”), has updated its Capital expenditure requirements previously estimated at approximately AUD$517m (ASX Investor Presentation 2 December 2019), which included a 114km gas pipeline and 14Mw gas fired power station.
Highlights:
- Total CAPEX revised to A$449m from A$517m
- $68m or 13% reduction in CAPEX based on Hydrometallurgical Plant relocation;
o $79m saving by removal gas pipeline and 3rd party power offtake for Yangibana
o $8m saving in Accommodation facility, Airstrip, Road access and Process building construction
o $1m saving in Tailings Storage Facility construction
o $3m saving in mining pre-strip volume reduction
o $14m addition in Process Plant equipment and additional storage/handling facilities for relocated Hydrometallurgical Plant
o $8m addition for indirect (EPCM) related costs
- New CAPEX leverages heavily to accessible services in the Pilbara with available gas, power, water and telecommunications.
- CAPEX reduction is major step towards achieving Hastings objective of becoming a significant new mid-tier Australian NdPr rare earth producer, positioned to take advantage of the strong market outlook.
- Capital cost reduction strategies are being advanced with possibilities of additional savings in final costing which will be presented during 4Q 2020.
Capital estimates have been revised based on the recently announced decoupling and relocation of the Hydrometallurgical plant to the Pilbara Region.
The revised capital estimate is now approximately $449m (exclusive of contingencies), being $68m or 13% lower than that previously announced.
The overall project capital cost estimate was developed by DRA Global and Hastings technical personnel based on an Engineering, Procurement, Construction and Management (EPCM) approach for the process plant and infrastructure. The estimate includes all the necessary costs associated with engineering, drafting, procurement, construction, construction management, commissioning of the processing facility and associated infrastructure, mining infrastructure, first fills of plant reagents, consumables and spare parts
Estimate Structure
The estimate is based upon preliminary engineering, material take-offs and budget price quotations for major equipment and bulk commodities. Unit rates for installation were based on market enquiries specific to the material requirements planning (MRP).
The estimate pricing was obtained predominantly during quarter one 2019 (1Q19) and is in Australian dollars (A$), with new and updated pricing being included from quarter one 2020 (1Q20) and quarter two 2020 (2Q20) for those items which have been altered due to the Hydrometallurgical plant relocation. The overall capital estimate has an estimated accuracy of ±15 to 20%. This will be refined over the next few months prior to a final cost estimate release during 4Q 2020.
The capital estimate was prepared using a project Work Breakdown Structure (WBS), which delineates the various areas of the project. Individual estimates were prepared for each area covering all engineering disciplines. The capital estimate has been structured into the following major categories:
- Direct costs;
- Indirect costs;
- Owner’s Costs; and
- Contingency.
The full HAS release including detailed capital comparisons can be found at: https://www.asx.com.au/asxpdf/20200729/pdf/44kyjnpw4ljpd0.pdf
Charles Lew, Hastings Executive Chairman, said: “This new CAPEX clearly demonstrates the robust nature of the Yangibana Project and the options that it presents. Significant optimisations in project construction capital, mining and processing are starting to show the true value of the Yangibana Project to Hastings and its shareholders. We will now push ahead with re-defining operational costs to reflect the capital changes taking place and to delivering the final results to the market shortly and getting on with the job of building the project as quickly as we can. Lenders are encouraged by the Capex reduction during this challenging period for debt and equity capital market currently affecting small companies and greenfield projects.”
Cadence Minerals CEO Kiran Morzaria commented: “Securing a 13% reduction in CAPEX costs at this relatively advanced stage is a testament to the value, opportunities and potential on offer at Yangibana, and provides additional validation for our investment into this project. We look forward to further developments.”
Cadence Minerals Yangibana Holding:
Cadence owns 30% of 3 Mining Leases, 6 Exploration Licences which form part of the Yangibana Rare Earth Deposit. Hastings Technology Metals owns the remaining 70% (“Hastings”). Further details of our ownership the mineral resources and reserves on our jointly held leases can be found at:
https://www.cadenceminerals.com/projects/yangibana-rare-earth-project-2/
The current mine plan anticipates production to start from our joint venture areas (Yangibana and Yangibana North) in year 6 and continue to the end of mine life (year 13). Further details can be found in the Hastings 2019 Annual Report
– Ends –
For further information:
| Cadence Minerals plc | +44 (0) 7879 584153 |
| 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 – Hastings Technology Metals (ASX: HAS) To Deliver A$68m Capex Reduction Through Relocation of Yangibana HydroMetallurgical Processing Plant
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Hastings Technology Metals (ASX:HAS) (“Hastings”), Cadence’s joint venture partner at the Yangibana Rare Earth Project in the Gascoyne region of Western Australia (“Yangibana” “Yangibana Project”), has progressed an agreement for a coastal location within the Pilbara region of Western Australia for the Yangibana Rare Earth Project’s Hydrometallurgical cracking and leaching plant.
Hasting’s proposal to decouple the Yangibana processing facility and relocate the Hydrometallurgical plant to a coastal location will add substantial value to the Yangibana Project in the near term, through reductions in required upfront capital financing. The long-term benefits include greater opportunities to optimise operating expenditure through project risk mitigation.
Hasting’s assessed a number of fully serviced locations along the coast from Port Hedland to Geraldton. The new plant location, which is being evaluated, will significantly reduce on-site capex because of the presence of existing and accessible services such as gas, water, mains power and telecommunications infrastructure.
Highlights:
- Hastings to pursue a decoupled processing strategy and relocate Yangibana’s Hydrometallurgical plant to the Pilbara region of Western Australia
- Decoupling strategy can reduce Yangibana’s project capex by approximately $68m:
o reduction in on-site CAPEX associated with eliminating the need for a 114km gas pipeline
o 40% reduction in onsite water abstraction and power requirements results in further savings in upfront Capital
o Additional CAPEX savings through 50km reduction in access road distances
- Proposed location has established gas, water, power, and telecommunications and is close to Port handling facilities
- Beneficiated Rare Earth Concentrate to be trucked by road to new location for cracking and leaching at the Hydrometallurgical plant
- Mining and Concentrate production to remain at Yangibana.
Access to gas is particularly important because the centrepiece of the hydrometallurgical plant is the acid-baked kiln. The kiln is a large consumer of gas and thus the relocation of the hydrometallurgical plant will eliminate the need to construct a 114km gas pipeline from the Dampier-to-Bunbury Natural Gas Pipeline (DBNGP) to the Yangibana mine site which is the single largest capex item.
Other major benefits of the Yangibana processing decoupling strategy include:
- Reduces Yangibana on-site power requirements by 40% allowing the introduction of a smaller modular power station, which can then be provided as a build/own/operate power offtake contract with an established 3rd party provider;
- Reducing the scale of on-site water and associated infrastructure facilities by 40% providing further expected capex savings; and
- Providing close proximity to port facilities for importation of construction materials and export of product, thus reducing Yangibana’s transport costs.
In addition, the proposal to locate the hydrometallurgical plant at a coastal location in the Pilbara will enable Hastings to:
- Leverage existing chemical storage facilities in an established regional centre, significantly reducing the need for onsite storage and expensive transportation of reagents;
- Benefit from a greater availability of large local service providers and skilled personnel;
- Reduce the number of onsite personnel at Yangibana by 30%, lowering FIFO costs in manning and transportation; and
- Promote residential employment positions in the new coastal location.
Detailed capital and logistic studies of the location have commenced. There will be a need for some additional costs through duplication of equipment and services for the new location. Transportation of a beneficiated concentrate will be required from the Yangibana mine site to the new location. However, this transport cost is offset by eliminating the need to transport large volumes of sulphuric acid, caustic soda and other chemical reagents to the Yangibana mine site.
The proposed hydrometallurgical plant location has an already established Native Title Agreement, which does not impact any cultural Heritage Sites.
Hastings will continue to work with the local Shire and the communities while completing the remaining technical, environmental and regulatory reviews for the approval processes. Hasting’s decision to relocate the hydrometallurgical plant has been boosted by the support it has received to date from all levels of government and the community because of the jobs and economic benefits that the plant will bring to the region.
The full HAS release can be found at: https://www.asx.com.au/asxpdf/20200729/pdf/44ky17dd4gw4hs.pdf
Charles Lew, Hastings Executive Chairman, said: “The Yangibana rare earths project is proving to be an economically strong project even in this challenging COVID-19 environment. In line with our pursuit of continuous improvement in the project’s robustness, the Hastings leadership saw an opportunity to optimise and improve the proposed Yangibana project layout and further reduce the required capital expenditure. The decision to consider a de-coupling of Yangibana’s processing set-up not only allows us to reduce the overall project’s capex but deliver significant benefits including streamlining operating expenditure associated with logistics arrangements and other associated infrastructure costs, alongside creating significant residential job opportunities in regional Western Australia.”
Cadence Minerals Yangibana Holding:
Cadence owns 30% of 3 Mining Leases, 6 Exploration Licences which form part of the Yangibana Rare Earth Deposit. Hastings Technology Metals owns the remaining 70% (“Hastings”). Further details of our ownership the mineral resources and reserves on our jointly held leases can be found at:
https://www.cadenceminerals.com/projects/yangibana-rare-earth-project-2/
The current mine plan anticipates production to start from our joint venture areas (Yangibana and Yangibana North) in year 6 and continue to the end of mine life (year 13). Further details can be found in the Hastings 2019 Annual Report
– Ends –
For further information:
| Cadence Minerals plc | +44 (0) 7879 584153 |
| 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 – Hastings Technology Metals (ASX: HAS) Receives In-Principle Eligibility From Finnvera For Project Financing Of Yangibana Rare Earth Project.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Hastings Technology Metals (ASX:HAS) (“Hastings”), Cadence’s joint venture partner at the Yangibana Rare Earth Project in the Gascoyne region of Western Australia (“Yangibana” “Yangibana Project”), has successfully received in-principle eligibility for the Finnish Export Credit Scheme (the “Scheme”) from Finnvera plc (“Finnvera”), who are mandated by the Government of Finland as administrators of the Scheme for an indicative commercial contract amount of AUD 75 million.
Highlights:
- In principal eligibility for the Finnish Government Export Credit Guarantee Scheme confirmed by Finnvera for a commercial contract amounting to approximately AUD 75 million.
- Detailed due diligence on the technical, economic, environmental, legal and social aspects of the Yangibana Project have commenced in support of a loan amounting to approximately AUD 63 million.
Finnvera together with its subsidiary Finnish Export Credit Ltd (“FEC”), comprise the official Export Credit Agency of Finland and was established to provide export financing services in support of Finnish companies’ trade with buyers domiciled abroad.
Hastings has been in negotiations for the supply of capital equipment from a Finnish Tier 1 company for its Yangibana Rare Earth Project and is considering entering into a commercial contract concerning delivery of goods and services with the aggregate value amounting up to AUD 75 million. Finnvera has confirmed that the commercial contract is in-principle eligible for Finnvera and FEC support of a loan amounting to AUD63m.
Due diligence is being undertaken on the economic, technical, legal, environmental and social aspects. The Finnvera Guarantee and FEC Financing is also subject to compliance with policies pursuant to the OECD Arrangement and final approval will be made by the Board of Directors of both Finnvera and FEC.
As announced in April 2019, Hastings has already received in-principle eligibility for the German Government’s UFK Scheme from Euler Hermes Aktiengesellschaft. In addition, the North Australia Infrastructure Fund (NAIF) has also been in negotiations with the company on a senior debt facility in conjunction with the UFK scheme.
The full Hastings ASX announcement can be found here: https://www.asx.com.au/asxpdf/20200701/pdf/44k3sbj9rcm8d4.pdf
Hastings Executive Chairman Charles Lew commented: “This eligibility for Finnvera export credit financing support further demonstrates the bankability of our Yangibana project and brings us one step closer to financial close. We welcome the participation of Finnvera as another senior debt provider”.
Cadence Minerals Yangibana Holding:
Cadence owns 30% of 3 Mining Leases, 6 Exploration Licences which form part of the Yangibana Rare Earth Deposit. Hastings Technology Metals owns the remaining 70% (“Hastings”). Further details of our ownership the mineral resources and reserves on our jointly held leases can be found at:
https://www.cadenceminerals.com/projects/yangibana-rare-earth-project-2/
The current mine plan anticipates production to start from our joint venture areas (Yangibana and Yangibana North) in year 6 and continue to the end of mine life (year 13). Further details can be found in the Hastings 2019 Annual Report.
– 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 | |
| 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-lookingstatements.
Cadence Minerals #KDNC – Results for the Year Ended 31 December 2019
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to announce its final results for the year ended 31 December 2019. A copy of the full results will be made available on the Company’s website from today at https://www.cadenceminerals.com/
– Ends –
The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014.
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 |
CHAIRMAN’S STATEMENT
For the year ended 31 December 2019
___________________________________________________________________________________
First and foremost our thoughts are with families and friends, shareholders and investors during this shape-shifting pandemic. The Board and I hope all have found comfort and safety, well being and support during these extraordinary and unprecedented times.
There is no doubt that such turbulent conditions have created major disruptions and dislocations. However the Board has been well prepared and ready. I thank my fellow Board members for this dynamism and effort. Cadence Minerals (“Cadence” or the “Company”) staff and management have been used to working remotely and via phone/ video conference and quickly adapted to this new challenge.
The Board has continued its driven agenda to proceed with the support for portfolio companies whilst at the same time progress with the main target of the Amapá iron ore project in Brazil.
To this effect and to highlight a few of the achievement by our portfolio companies I would like, with the Board to offer congratulations to MacArthur Minerals on the successful conclusion of its convertible note, the life of mine Off -take agreement with Glencore and the successful listing on the Australian Stock Exchange. These are noticeable achievements for the company and combined with the ongoing successful drilling campaigns at Lake Giles bodes well.
Further European Metal Holdings successfully concluded a lengthy negotiation with the Czech utility company CEZ. This will allow EMH to complete many of its strategic goals and to become one of Europe’s largest and lowest cost lithium producers.
Hastings Technology are JV partner in the Yangibana Rare Earths project also concluded and completed a negotiation with the German based Schaffler Group that will enable the company to pursue its targets.
The Board hope that the next few years will witness a significant harvest as projects progress to operation and revenue, and previously identified opportunities realise higher valuations. All management companies of the portfolio companies within Cadence are wished the best of success.
The recent economic contraction has been severe and turbulent. However our investments have always been based on long-term assumptions and not the idiosyncrasies of the market. There is significant hope that recently announced global stimulus measures will lead to a re opening and recovery sooner than later. This will contribute to a significant appreciation in the company’s portfolio and therefore revenue and shareholder return.
Cadence’s focus on iron ore opportunities appears particularly timely. The stimulus measures specifically relate to infrastructure which benefits Steel demand which by derivative benefits Iron Ore consumption. Argus publications have reported April and May 2020 China steel production higher than that in 2019 and have predicted that China will produce over 1 billion tons of Steel in 2020. This will require more Iron Ore globally and should support the long term Iron Ore price.
China have announced over $140 billion in provincial bonds with increasing government incentives in real estate and infrastructure, which account for over fifty percent of Chinese domestic Steel demand. It is clear that steel production and therefore Iron Ore demand is at the front and center of global stimulus policy.
A rapid global supply response to higher iron ore prices and steel demand has some serious headwinds and constraints. The tragic events at Vales Brumadinho operations and the higher capital costs of new projects represent such challenges. Economic and political struggles combined with higher governance and regulation means operational consistency and good fortune is required to continue to supply the insatiable Steel demand.
Cadence has focused enormous efforts on the Amapá iron ore project. It is immensely pleasing for the board that significant milestones and hurdles were recently achieved, all whilst the global economy was on ” pause” Cadence and its partners, lawyers and consultants all maintained dialogue and pressure to focus on the process to achieve significant results. This will initially result in the movement of of iron ore currently stockpiled and ultimately in the rehabilitation of the Amapá system. As the opportunity progresses the Board is cognizant of the need for sustainability at all levels of the opportunity. The performance and Governance metrics that will be required to re habilitate the mine; port and rail will be stringent and strict.
Cadence has proven its ability to be flexible, opportunistic and survive and thrive. The Board feels the underlying conditions are developing to optimise the portfolio.
I would like to personally thank all Cadence’s management, fellow board members, staff ,consultants, partners and of course all Shareholders for their support and confidence in the Company.
Andrew Suckling
Non Executive Chairman
25 June 2020
Link here for the full results and accounts statement
Cadence Minerals #KDNC – Hastings Technology Metals (ASX: HAS) Commences Major Drilling Program at Yangibana
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Hastings Technology Metals (ASX:HAS) (“Hastings”), Cadence’s joint venture partner at the Yangibana Rare Earth Project in the Gascoyne region of Western Australia (“Yangibana” “Yangibana Project”), has engaged a drilling contractor for the 2020 Yangibana exploration program. The priority focus of the program is to test a series of highly prospective extensional targets within the Yangibana project, with the intention of increasing the existing 21.25Mt JORC Resource and extending planned mine life.
Highlights:
- Programme to include 20,000m of RC drilling for additional Minerals Resource definition,
- 3,000m of Diamond Drilling for metallurgical sampling, and
- 5,000m of grade control drilling over the planned start-of-mine resource area on the Bald Hill deposit.
The primary target of the program is the Bald Hill – Simons Find – Frasers and Auer trends, which are the closest deposits to the permitted processing plant.
Drilling is scheduled to commence this week and will run until October 2020. Site preparation and mobilisation of the drilling rig, consumables, field staff and equipment is underway. The appointed drilling contractor has a long track record of safe and productive exploration drilling within Western Australia.
Diamond drilling samples are primarily to advance further ongoing ore sorting and processing variability test work programs, whilst the grade control drilling will be used to validate and quantify the Bald Hill Mineral Resource estimate and convert Resources to Reserves.
Hastings has spent many months reviewing data illustrating lithological, structural and geochemical controls on mineralisation at Yangibana. This review, which commenced in early February, has given Hastings geologists an improved understanding of the architecture controlling mineralisation on the project, and in particular the targets where structural control is most likely to have resulted in the emplacement of significant mineralisation.
The full Hastings ASX announcement can be found here: https://www.asx.com.au/asxpdf/20200618/pdf/44jr0mx0gs47nc.pdf
Hastings Chief Operating Officer, Andrew Reid commented: “The aim of the RC drilling is to target immediate extensions to the Bald Hill, Frasers, Auer and Yangibana Rare Earth Deposits, with the aim of adding tonnages to the Mineral Resource and additional mine life. This drilling is designed to initiate systematic testing of large strike extensions of the prospective ironstones that have never previously been tested.”
Cadence CEO Kiran Morzaria commented: “We are pleased to note that following the granting of the plant construction permit, Hastings are commencing a major drilling programme. While the drilling does not include Cadence license areas, it will nonetheless provide important additional data for the Yangibana Project Mineral Resources and mine life.”
Cadence Minerals Yangibana Holding:
Cadence owns 30% of the Yangibana, Yangibana North, Gossan, Hook, Kanes Gossan and Lions Ear Rare Earth Deposits, which form part of the Yangibana Rare Earth Deposit. Hastings Technology Metals owns the remaining 70% (“Hastings”). The updated resource ore statement can be found on the Yangibana Mineral Resource & Ore Reserve statement from 4th November 2019:
http://irservices.netbuilder.com/ir/cadence/newsArticle.php?ST=REM&id=2953668 .
The current mine plan anticipates production to start from our joint venture areas (Yangibana and Yangibana North) in year 5 and continue to the end of mine life. Further details can be found in the Hastings 2019 Annual Report
– 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 | |
| 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.