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#AYM Anglesey Mining PLC – Annual Report 2024
Anglesey Mining plc is a UK company engaged in the development of owned and managed mining projects.
Parys Mountain: 100% ownership of the Parys Mountain underground copper-zinc-lead-silver-gold deposit in North Wales, UK where an independent Preliminary Economic Assessment dated January 2021 included a financial model for a 3,000 tpd mining operation with a pre-tax NPV10% of US$120 million, (£96 million), 26% IRR and 12-year mine life.
Grängesberg: 49.75% interest in the Grängesberg iron ore project in Sweden where Anglesey has management rights.
An independent Pre-Feasibility Study announced on 19 July 2022 demonstrated Probable Ore Reserves of 82.4 million tonnes supporting a 16-year mine life with annual production of 2.5 million tonnes of high-grade concentrate grading 70% iron ore and a post-tax NPV8% of US$688 million with an IRR of 25.9% after tax.
Labrador Iron Mines: 11.9% shareholding in Labrador Iron Mines Holdings Limited which holds Direct Shipping Ore (DSO) deposits of iron in Canada where an independent Preliminary Economic Assessment of its Houston project published in 2021 showed potential for production of 2 million tonnes of DSO per year, with an initial 12-year mine life, for total production of 23.4 million tonnes of product at 62.2% Fe over the life of the mine.
The AGM will be held at the Geological Society, Burlington House,
Piccadilly, London W1J 0BG on 8 November 2024 at 11 am
Chairman’s statement
To Anglesey Shareholders
The 2023-24 financial year was another challenging year for Anglesey Mining plc which saw a number of board and management changes but also the ongoing advancement of the Parys Mountain project.
Board changes
At the 2023 Annual General Meeting long-time Chairman of Anglesey Mining, John Kearney, was not re-elected to the Board and as a result I was appointed into the role of Interim Chairman of your company. John had been Chairman for nearly 29 years, having been appointed in November 1994. On behalf of the Board and the shareholders I would like to thank John for his service to Anglesey Mining over the period of his tenure.
On 14th November 2023 the Board accepted the resignation of Danesh Varma. Danesh, like John, joined the Board in November 1994. It is with sadness that I report to you the death of Danesh on 8th August 2024.
Jo Battershill stepped down as Chief executive effective 31st December 2023 to take up a new executive role in Australia but remained on the board as a non-executive director. I would like to thank Jo for all his effort during his time as Chief executive and his ongoing support of Anglesey Mining.
We were also sorry also to accept the resignation of Namrata Verma as a non-executive director on 6th September 2024 but understand her reasons for leaving and wish her every success in the future.
Parys Mountain
Important geological work has continued throughout the year at Parys Mountain with new exploration drilling into the Northern Copper Zone. We are very encouraged by the results and further work is continuing. We would like to firm up our knowledge and increase the tonnage of the declared geological resource, thus improving the business case for developing a long term mining operation at Parys Mountain.
Grängesberg and Labrador Iron Mines Holdings
During the financial year we maintained our shareholding in Grängesberg AB in Sweden and Labrador Iron Mines Holdings in Canada and continue to explore alternatives to optimise and realise value for Anglesey Mining’s interest in these assets.
Appreciation
I wish to recognise the dedication and enthusiasm of our small management team, led by Jo Battershill. After the financial year end, in May 2024, we were delighted to welcome Rob Marsden as our company’s CEO. I would also like to thank our board of directors for their leadership, as well as consultants and advisors for their contribution. Finally, I should welcome our new shareholders and thank them, and all our shareholders, for their continued support.
Andrew King
Interim Chairman
27 September 2024
Strategic report – Operations
As the newly appointed Chief executive of Anglesey Mining it is my pleasure to report to you the activities that have been undertaken in the 2023-24 financial year; in doing so I must thank my predecessor Jo Battershill for providing a strong basis from which to build. It is to his immense credit that the first drilling campaign since 2012 into the Northern Copper Zone was able to be undertaken during the back half of the financial year with the assay results reported during the first half of calendar year 2024.
Under Jo’s direction the great bulk of the EIA scoping document was completed. I was grateful for the opportunity to review it and submit it to the planning authorities in the first weeks of my tenure. It is a detailed, robust assessment of the likely impacts that underground mining and processing of minerals on Parys Mountain will have. It is an essential report to guide the strategies which will be put in place to avoid, mitigate and where required, compensate for those impacts.
The geological resources form the basis for every other subsequent aspect in the planning and evaluation phase, from the mine design through to metallurgy and management of tailings. In addition to the new drilling into the Northern Copper Zone which I have already mentioned, new resource estimates were made of the White Rock and Engine Zones at Parys Mountain allowing the first inclusion of tonnes in the measured category of mineral resource reporting.
The combined mineral resource estimate for the White Rock and Engine Zones is now reported at 5.72Mt grading 0.36% Cu, 2.30% Zn, 1.24% Pb, 28/t Ag and 0.28g/t Au or 2.0% Copper Equivalent (CuEq) / 5.6% Zinc Equivalent (ZnEq). All the resources were reported above a cut-off based on a net smelter revenue of US$45.15/t, including 1.6Mt at 2.5% CuEq in the Engine Zone. The White Rock and Engine Zones have 5.28Mt (92%) of the resource now reporting to the Measured and Indicated categories with 23% Measured and 70% Indicated.
The overall mineral resource estimate for Parys Mountain, including the Northern Copper Zone, is reported at 16.1Mt grading 1.0% Cu, 1.3% Zn, 0.7% Pb, 15g/t Ag and 0.2g/t Au. (1.9% CuEq or 5.3% ZnEq) containing 486,000t of combined Zn/Pb/Cu, 7.9Moz silver and 86koz gold.
These two programs of work highlighted the outstanding exploration potential of the project. Several zones have been identified where mineralisation could potentially extend beyond the resource boundary, indicating that once mining commences at Parys Mountain the probability of finding more ore zones is very high, as with many volcanogenic massive sulphide deposits.
In May 2023, an equity placing and subscription raised gross proceeds of £1m and following this in July 2023, a further placing raised gross proceeds of £0.5m.
In December 2023 we reported the results of metallurgical test work carried out on a 340kg sample of White Rock and Engine Zone material, which, as it is shaft adjacent, is very likely to be among the first mineralisation to be mined at Parys Mountain. The highlight of this work was the demonstration that a successful pre-concentration stage would be applicable. Tests of two pre-concentration methods were conducted – Dense Media Separation (DMS) undertaken by Pesco and X-Ray Transmission sorting (XRT) completed by TOMRA. These showed the overall base metals only head-grade increasing from 7.5% ZnEq to 11.4% ZnEq from the DMS (+52%) with 35% mass rejection and metal loss of 5.2% and 11.7% ZnEq from the XRT (+55%) with 29% mass rejection and metal loss of 3.0%.
Licence to operate
It is well understood at Anglesey Mining that it is ultimately a combination of economic, regulatory, environmental and social aspects of developing and operating a mining operation that will provide us with a licence to operate, which is the enabler of realising a return on investment.
The group has publicly committed to updating the existing planning permissions that it holds for Parys Mountain and an Environmental Impact Assessment (EIA) has been allowed for in the planning submission process. Work has been undertaken throughout the year to progress both the planning application and the EIA.
At the beginning of the financial year in April 2023 a pre-application consultation was held on the Parys Mountain site and in the town of Amlwch with a number of statutory consultees including Natural Resources Wales, Cadw, Anglesey County Council Departments (including Environmental Health, Highways & Transportation, Ecology & Environment and Heritage), Archaeological Planning Services, local councillors and members of both Westminster and Welsh governments.
Throughout the year, baseline surveys and ecological studies have continued, the results from which, taken together with the feedback from all stakeholders, enabled the EIA Scoping Report to be submitted to the North Wales Minerals and Waste Planning Service which assesses mineral planning applications on behalf of the Isle of Anglesey County Council and other county councils within the North Wales region.
The Scoping Report forms part of our first stage in the EIA process and comes after almost 2-years of extensive studies and work by the team on site. Cumulative expenditure on the EIA process in that timeframe is in excess of £300,000. The report sets out all the project’s perceived impacts, specifically identifying any crucial and significant factors which will be assessed as part of the final EIA report, the compilation of which will require further environmental and ecological work. At this EIA Scoping stage, the project description remains indicative and will be refined following ongoing mining engineering studies, economic analysis and discussions with neighbours, the wider community and other stakeholders.
Preservation of existing heritage areas, sites of special scientific interest (SSSI’s) and scheduled historic monuments and buildings have been a major factor in determining the location of new proposed surface infrastructure and similarly other environmental and social considerations. The EIA Scoping Report considers how measures to avoid, mitigate or compensate would be identified to address the impacts of the project.
Grängesberg
The Grängesberg project is a substantial iron ore asset with an estimate of 82.4Mtpa of Probable Ore Reserves located in a very favourable jurisdiction. During the 1980s the mine, located about 200 kilometres north-west of Stockholm, had produced around 180Mt of iron ore and current plans envisage the production of high-grade ore at or above 70% Fe. The group holds a direct 49.75% interest in the Grängesberg project, together with management rights.
Labrador
Anglesey Mining has a 11.9% holding in the OTC listed Labrador Iron Mines Holdings Limited (“LIMH”), which through its 52% owned subsidiaries Labrador Iron Mines Limited (“LIM”) and Schefferville Mines Inc. (“SMI”), is engaged in the exploration and development of iron ore projects in the central part of the Labrador Trough region, one of the major iron ore producing regions in the world, situated in the Menihek area in the Province of Newfoundland and Labrador and in the Province of Quebec, centred near the town of Schefferville, Quebec.
Financial results and position
There are no revenues from the operation of the properties.
The loss before other comprehensive income for the year ended 31 March 2024 after tax was £1,213,279 compared to a loss of £961,288 in the 2023 fiscal year. The administrative and other costs excluding investment income and finance charges were £839,424 compared to £696,545 in the previous year. Higher salaries and corporate advisor charges accounted for a significant part of this increase. Some was due to one-off charges for Grängesberg expenses in respect of prior periods. There were also share based payments charges representing the value of warrants granted to subscribers to the group’s placings and subscriptions during the year, compared to none last year.
The value of the group’s holding in LIM is reported in other comprehensive income and effectively is based on its share price. This year there is a loss of £0.63 million as the share price declined. The outcome for the group is a total comprehensive loss for the year of £1,859,181, compared to a loss of £1,462,670 in the previous year.
During the year there were no additions to fixed assets (2023 – nil) and £679,475 (2023 – £460,118) was capitalised in respect of the Parys Mountain property, as the programme of geological and environmental work as well as drilling continued as described in this Strategic report.
At 31 March 2024 the mineral property exploration and evaluation assets had a carrying value of £16.9 (2023 – £16.2) million. These carrying values are supported by the results of the 2021 Preliminary Economic Assessment of the Parys Mountain project.
At the reporting date, as detailed in note 10, the directors considered the carrying value of the Parys Mountain exploration and evaluation assets to determine whether specific facts and circumstances suggest there is any indication of impairment. They carefully considered the positive results of the resource update completed in March 2023, the independent PEA and the plans for moving the project forward. Consequently, the directors concluded that there were no facts and circumstances which materially changed during the year which might trigger an impairment review and that there are no indicators of impairment.
In May and July 2023 £1.5 million was raised by means of investor placings. Directors participated in these placings and warrants were issued to subscribers. Further details are included in the directors’ report and note 20. Subsequent to the year-end, on 28 June 2024 and 25 September 2024, placings of equity were completed raising £415,000 and £220,000 gross. See note 29.
The cash balance at 31 March 2024 was £219,685, compared to £247,134 at 31 March 2023. At 17 September 2024 the group had cash resources of £113,602.
At 31 March 2024 there were 420,093,017 ordinary shares in issue (2023 – 295,220,548), the increase being due to the financing events referred to above. At 17 September 2024 there were 461,593,017 ordinary shares in issue.
Outlook
In the current year, we are:
- Developing strategies to enable investment in the development of Parys Mountain to be, so far as practicable, incremental, thus allowing risks to be mitigated in stages, before considering the options for the next step of development.
- Progressing the re-permitting of Parys Mountain, the key aspect of which is the assessment of environmental and social impacts. We are developing action plans to avoid, mitigate and where necessary compensate for the adverse impacts of the future mining and processing operations, communicating and setting these out publicly and responding to comments and questions. We are collaborating closely with stakeholders, communities, industry and supply chain participants, particularly around minimising potential environmental impacts and maximising economic development opportunities for local communities.
- Consolidating and cross-referencing the plethora of data about the geology of Parys Mountain and the mineralisation occurrences within, that has been observed, measured and collected since the 1960s. Re-sampling and re-logging, and in some cases first time sampling, of exploration drill core obtained in pervious drilling campaigns. Re-examining the important work that was done mapping and sampling of the geology exposed in the excavated 280m (below surface) level in the modern underground mine when it was open in 1990.
- Engaging with a range of potential partners to progress the development of the Grängesberg mine in Sweden which if successful will allow our management more time to focus on Parys Mountain.
Development of a new mine at Parys Mountain, producing copper, zinc and lead with gold and silver credits, can deliver economic growth in the UK, regional jobs for the community and business opportunities for local service providers. Importantly, these critical and strategic metals, essential for the decarbonisation of the economy, are primarily imported into the UK currently. This creates a unique and timely opportunity, both for Anglesey Mining and for the UK, to develop a new, modern, mine at Parys Mountain in an environmentally sustainable manner.
This report was approved by the board of directors on 27 September 2024 and signed on its behalf by:
Rob Marsden
Chief Executive
The full annual report is avalable on the company’s website at www.angleseymining.co.uk
CONTACT: For further information, please contact:
Anglesey Mining plc
Rob Marsden, Chief Executive – Tel: +44 (0)7531 475111
Davy
Nominated Adviser & Joint Corporate Broker
Brian Garrahy / Daragh O’Reilly – Tel: +353 1 679 6363
WH Ireland
Joint Corporate Broker
Katy Mitchell / Harry Ansell – Tel: +44 (0) 207 220 1666
LEI: 213800X8BO8EK2B4HQ71
#GMET Golden Metal Resources PLC – First Day of Dealings
Golden Metal Resources plc, a mineral exploration company focused on tungsten, gold, copper, silver and zinc within Nevada, USA, is pleased to announce that, at 08:00 today, its ordinary shares will commence trading on AIM under the ticker GMET. As part of the process of admission to trading on AIM (“Admission”), the Company has raised gross proceeds of £1.98m through the issue of 23,317,643 new ordinary shares of £0.01 each at a placing price of 8.5 pence per share, equating to a market capitalisation of £7.16 million on Admission.
Overview
The key strengths and attributes of Golden Metal can be summarised as follows:
Location:
The state of Nevada is a well-regarded, mining investment friendly jurisdiction. It was ranked third in the Fraser Institute’s global mining investment attractiveness index survey in 2021 and has a long history of mining and a strong mining and ancillary business support network. Nevada is one of the principal producers of precious metals in the world, with 25 precious metal mines currently in production, accounting for approximately 70 per cent. of the United States total gold production in 2020. In 2018 Nevada accounted for 83 per cent. of the US’s total gold production.
According to the Nevada Mining Association (2022), as of November 2021, 11,000 people were employed by the metal mining sector within the state, with a Nevada Gross Domestic Product contribution of US$3.2 billion in 2020.
Projects with Critical and High-Demand Minerals:
The Company’s 100% owned Pilot Mountain Project (“Pilot Mountain”) hosts a tungsten-copper-silver-zinc Mineral Resource Estimate (MRE) which includes 12.53Mt at 0.27% W03 (tungsten tri-oxide) with significant copper-silver-zinc credits. Tungsten is an in-demand and critical metal as outlined below:
· Tungsten is included in the British Geological Survey’s UK Critical Minerals list (2022), the US Geological Survey’s (USGS) Critical Minerals list (2022) and the European Commission’s Critical Raw Materials list (2020).
· The global demand for tungsten is forecast to rise annually (3-7 per cent. per annum according to the British Geological Survey) and is predicted to outstrip available supply, which is likely to place continued upward pressure on prices in the near-term.
Management Team:
A proven management team with:
· a broad spectrum of knowledge and capabilities;
· substantial technical and listed company experience; and
· extensive North American operating experience with connections to various in-country consulting teams.
Diverse Project Base:
The Golden Metal portfolio consists of four Nevada based projects (collectively the “Nevada Projects”) comprising the Pilot Mountain Project and three exploration stage projects: the Golconda Summit Project (gold), the Garfield Project (copper-gold-silver) and the Stonewall Project (gold-silver).
The Nevada Projects are all well located within major metallogenic belts containing active, globally important precious- and base-metal mining operations. All the assets have favourable geology which is prospective for skarn, carlin, epithermal and porphyry deposit types. The portfolio is focussed on tungsten, gold, silver and base metal mineralisation.
In particular, the Pilot Mountain Project offers significant exploration upside potential as well as the opportunity for Golden Metal to de-risk the Project on a number of fronts. These include building on the existing MRE, furthering and updating technical studies relating to the potential development of the known resources, further permitting, making relevant grant applications, including to the DOD Defence Production Act (DPA) Title III grant office as well as commodity marketing and further metallurgical studies.
In total, the Nevada Projects cover a combined area of approximately 22.83 km2.
Oliver Friesen, CEO of Golden Metal, commented:
” Golden Metal’s admission to AIM comes at a time when it is clear that the world needs more critical, precious-and base-metals. This represents an exciting opportunity for a company such as ours with ownership of four diverse exploration and development assets located wholly within one of the top mining jurisdictions in the world. I believe that our Pilot Mountain Project, with its tungsten MRE, offers the greatest potential for exploitation, given that the US currently has no domestic primary production of the metal and is looking to reduce its heavy reliance on imports of critical metals from China. We are looking forward to actively pushing forward various exploration and corporate developments both within the US and UK and will provide further updates to the market on these various plans in due course.
I would like to thank all of the Golden Metal team and pre-IPO investors for their patience as we methodically worked through the various exploration and corporate developments which have led the Company to the exciting position it is in now. “
Background
Golden Metal is a mineral exploration company focused on tungsten, gold, copper, silver and zinc within Nevada, USA. It was established for the purpose of holding all of the Nevada mining assets of Power Metal Resources plc (“Power Metal”) and progressing the exploration and development of those assets. The Company holds four mining assets comprising the 100% owned Pilot Mountain, Garfield and Stonewall Projects together with an earn in option over the Golconda Summit Project. Each Project consists of unpatented lode mining claims located entirely on land managed by the United States Bureau of Land Management.
The Directors believe that the combination of a suite of high-quality, diversified Nevada based mining assets within a single, US-focused AIM-quoted vehicle creates a compelling investment opportunity. It is their opinion that the Nevada Projects hold several underexplored, highly prospective tungsten, gold, copper, silver and zinc exploration targets. The Directors consider that the Pilot Mountain Project has the potential to increase its existing tungsten focused MRE and to expand on multiple tungsten, copper, silver and zinc-rich zones identified by minimal historical drilling. In addition, the Directors consider that the Golconda Summit Project has the potential for a major gold discovery to follow the identification of significant surface gold mineralisation during a 1989 trenching programme. Accordingly, the Company’s exploration focus will be on these two projects but the Directors also believe there is potential value to be realised at the Garfield and Stonewall Projects.
On 8 April 2022, the Company raised £750,000 through a pre-IPO Financing at a price of 6.67 pence per Ordinary Share, following which Power Metal held 83.13 per cent. of the existing ordinary shares. On Admission, Power Metal will hold 62.1 per cent. of the Company’s enlarged share capital.
Placing, Subscription, Acquisition and Use of Proceeds
The Company has raised gross proceeds of £1,982,000 through a placing and subscription through the issue of 12,449,208 Placing Shares and 10,868,435 Subscription Shares at a price of 8.5 pence per share.
The net proceeds from the Placing and Subscription will be used by the Company to:
· provide funding for the Company to further explore and develop the Nevada Projects; and
· provide the Company with ongoing working capital to support its business operations.
Warrants
Together with every two Placing Shares and every two Subscription Shares, each Placee and Subscriber will also be granted one warrant entitling the holder to subscribe for one further new Ordinary Share at 10.75 pence per Ordinary Share, for a period of 12 months from Admission, and one warrant entitling the holder to subscribe for one further new Ordinary Share at 17 pence per Ordinary Share, for a period of 24 months from Admission. Further details of the warrants are set out in Part VI of the Company’s AIM admission document.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 (which forms part of domestic UK law pursuant to the European Union (Withdrawal) Act 2018).
Forward Looking Statements
This announcement contains forward-looking statements relating to expected or anticipated future events and anticipated results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, competition for qualified staff, the regulatory process and actions, technical issues, new legislation, uncertainties resulting from potential delays or changes in plans, uncertainties resulting from working in a new political jurisdiction, uncertainties regarding the results of exploration, uncertainties regarding the timing and granting of prospecting rights, uncertainties regarding the timing and granting of regulatory and other third party consents and approvals, uncertainties regarding the Company’s or any third party’s ability to execute and implement future plans, and the occurrence of unexpected events.
Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors.
For further information visit www.goldenmetalresources.com or contact the following:
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Golden Metal Resources plc Oliver Friesen (CEO) |
Tel: +44 (0) 20 7583 8304 |
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Cairn Financial Advisers LLP Nominated Adviser Sandy Jamieson/Jo Turner/Louise O’Driscoll |
Tel: +44 20 7213 0880 |
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First Equity Limited Broker Jonathan Brown/Jason Robertson |
Tel: +44 20 7374 2212 |
The Projects:
Pilot Mountain Project
The Pilot Mountain project is an advanced exploration and mineral resource definition stage project located in Mineral County in western Nevada. The project covers an area of 14.80 km2 (3,656.1 acres) and is located 200km southeast of Reno and 18km east of Mina, Nevada. It is well situated for the supply of power, water and skilled labour and proximity to transport infrastructure in Mineral County and is centred around four existing mineral deposits: Garnet; Good Hope; Gunmetal and Desert Scheelite, all of which possess significant skarn-style tungsten-copper-silver-zinc mineralisation. The Pilot Mountain project consists of 176 active lode mining claims and 4 filed mill site claims. The four mill site claims filed at the former Dunham mill site have secure access to groundwater supply sufficient for the proposed project.
Golconda Summit Project
Golden Metal is the operator of the Golconda Summit project, which is held under an earn-in right to acquire up to 100 per cent. of the project from the mineral claim owner pursuant to an option agreement. The Golconda Summit project is an exploration stage gold and silver project located in Humboldt County and situated at the confluence of the Getchell and Battle Mountain – Eureka metallogenic trends, and consists of 44 lode mining claims, covering a total area of approximately 3.22 km2 (795.4 acres) located approximately 27km east of Winnemucca.
Garfield Project
The Garfield project is an early exploration stage copper, gold and silver property consisting of 39 lode mining claims covering 3.23 km2 (797.9 acres) located in Mineral County, Nevada, approximately 14km due east of the town of Hawthorne and 120km due west-northwest of Tonopah.
Stonewall Project
The Stonewall project is an exploration stage gold-silver property prospective for epithermal gold-silver mineralisation. The property consists of 19 lode mining claims covering 1.59 km2 (392.5 acres) located on the northern flank of Stonewall Mountain, on the western edge of the Nellis Airforce Range Restricted Access Area, in Nye County, Nevada, approximately 24km south-east of the historic gold mining town of Goldfield and 60km due south of Tonopah.
#POW Power Metal Resources – FDR Australia – Paterson Region Exploration Update
Power Metal Resources plc (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio, announces an exploration update from the Wallal Project (the “Project”) located in the prolific Paterson Region of Western Australia.
Paul Johnson, Chief Executive Officer of Power Metal Resources plc commented:
“It is important to articulate clearly the work completed in the Paterson Region to date and below we provide a summation of our overall exploration rationale, current findings, and future exploration plans. I would encourage shareholders to review this information which demonstrates the reasons for our building excitement.
We have identified geological and geophysical features within our Wallal licence that bear similarities to two major and recently discovered deposits within the Paterson Region at Winu and Havieron, both of which are under development.
Whilst awaiting licence grants at the Wallal Project we have continued to advance our review of all available existing data. We are now moving to the next stage with our own work programmes to generate new data and refine target information purposed specifically for a planned deep drilling programme.
In our view there is increasing potential for a major metal discovery at the Wallal Project, and as one would expect we are pushing ahead with some enthusiasm.”
Exploration Rationale
The Paterson Region is host to major gold-copper deposits including Winu (Rio Tinto) and Havieron (Newcrest Mining – Greatland Gold JV).
To date, Power Metal has undertaken in-depth desktop analyses with the aim of comparing the geological and geophysical features of both Winu and Havieron to those found within the Wallal Project.
Our hypothesis was that if we were able to identify geological and geophysical similarities of areas within the Wallal Project to established large-scale deposits elsewhere in the Paterson Region, it would increase the chance of a discovery and justify more detailed exploration.
Exploration Findings to Date
Important geological similarities to both Winu and Havieron have been found within Wallal Project.
Notably, as detailed in the Company’s announcement on 1 September 2021 three major buried magnetic anomalies have been confirmed within Wallal Project (Western, Eastern and Border anomalies or “Anomalies”). The announcement may be viewed here:
In particular, the Eastern anomaly posseses a similar magnetic amplitude to that found at Havieron, which is approximately 100 nanoTesla (nT) for Wallal Eastern anomaly compared to 80 nT for the magnetic anomaly which led to the discovery of the Havieron deposit.
Importance of Exploration Findings
Greatland Gold’s Havieron deposit discovery is located in basement rocks hidden below roughly 420m of post-mineral sedimentary cover which resulted from the drilling of a distinct magnetic geophysics bullseye target
Review of unprocessed 2D-seismic and ground gravity datasets have provided very rough estimations of the target depth to basement rocks of the three anomalies at Wallal Project. The depths indicated by this analysis indicate that the Eastern and Border anomalies are possibly located at depths more comparable to the Havieron deposit.
Next Steps
The Company’s progress to date has centred around the review and analysis of all publicly available historic exploration and related data at Wallal. We are now moving forward with our own Phase I work programme with the aim of generating new and more targeted information.
The geopohysical anomalies identified at Wallal represent deep targets located under post-mineral cover, therefore our Phase I work programme is focused on the development and refining of these targets prior to a potential deep drilling programme.
Phase I Work Programme
The Phase I programme includes reprocessing of three historic northeast-southwest oriented 2D-seismic lines which broadly cover the Western and Eastern magnetic “bullseye” anomalies.
The Western and Eastern anomalies measure 5km x 5km and 2.5km x 2.5km, respectively.
The reprocessing will be carried out by Velsis Inegrated Seismic Technologies Pty Ltd based out of Darra, Queensland. This desktop component of the work programme is underway.
Following the completion of the seismic reprocessing and subject to appropriate local access arrangements and work approvals, a passive seismic survey will be undertaken centered over the Eastern and newly discovered Border anomalies. The passive seismic survey will be carried out by Atlas Geophysics Pty Ltd out of Morley, Western Australia.
Phase I Expectations
The combined dataset generated by the Phase I work programme will provide critical information, including more precise depth to bedrock measurements over the Eastern and Border “bullseye” anomalies, which will be used for the planning of future work programmes, including a potential deep-diamond drilling campaign aimed at testing the two prospective anomalies.
The passive seismic survey represents the Company’s first ground exploration on the Project and will play an important step in determining various logistical aspects (e.g. access, project infrastructure, location of water sources) which will be critical for future work programmes on the Project.
BACKGROUND
The Paterson projects are held by First Development Resources Pty Ltd (FDR Australia) and include Wallal Project (three licence applications being Wallal-E45/5816, Wallal West 1-E45/5853 and Wallal West 2 – E45/5853), Braeside West Project (one licence application) and the Ripon Hills Project (one granted licence).
On 28 April 2021 Power Metal announced a conditional acquisition of FDR Australia and this may be viewed through the following link:
An updated information presentation covering FDR Australia and the Company’s plans may be viewed through the following link:
https://www.powermetalresources.com/presentation/first-development-resources-pdf/
COMPETENT PERSON STATEMENT
The technical information contained in this disclosure has been read and approved by Mr Nick O’Reilly (MSc, DIC, MIMMM, MAusIMM, FGS), who is a qualified geologist and acts as the Competent Person under the AIM Rules – Note for Mining and Oil & Gas Companies. Mr O’Reilly is a Principal consultant working for Mining Analyst Consulting Ltd which has been retained by Power Metal Resources PLC to provide technical support.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.
For further information please visit https://www.powermetalresources.com/ or contact:
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Power Metal Resources plc |
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Paul Johnson (Chief Executive Officer) |
+44 (0) 7766 465 617 |
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SP Angel Corporate Finance (Nomad and Joint Broker) |
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Ewan Leggat/Charlie Bouverat |
+44 (0) 20 3470 0470 |
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SI Capital Limited (Joint Broker) |
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Nick Emerson |
+44 (0) 1483 413 500 |
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First Equity Limited (Joint Broker) |
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David Cockbill/Jason Robertson |
+44 (0) 20 7330 1883 |
Tertiary Minerals #TYM – Paymaster Polymetallic Project – Exploration Update
Further to its announcement of 11 January 2021, Tertiary Minerals plc is pleased to advise that it has now received results from soil sampling and a detailed magnetic survey at its Paymaster Polymetallic Project in Nevada, USA.
Paymaster Zinc-Silver Project
- Infill soil sampling completed over East Slope Prospect – Zinc-silver soil anomalies defined over 450m, open to the east.
- Maximum values of 34.9 ppm silver (1.02 ounces per ton) and 5.65% zinc (single sample) in soil samples (close to high grade outcropping mineralisation).
- Magnetic Vector Inversion modelling defines magnetic bodies associated with East Slope and Valley Prospects and additional targets for exploration.
- Field mapping and trenching proposed for spring/summer.
Maps and images showing the location and distribution of the soil and magnetic anomalies will be available on the Company’s website at:
https://www.tertiaryminerals.com/paymaster-polymetallic-project-nevada-usa
Commenting today, Executive Chairman Patrick Cheetham said:
“I am pleased to be reporting further progress at Paymaster with existing targets being better defined, and new targets generated. We hope to be able to advance the project to the drill stage in the next few months alongside a number of our other projects in Nevada where the results of our autumn exploration programmes are expected soon.”
For more information please contact:
| Tertiary Minerals plc: | ||
| Patrick Cheetham, Executive Chairman | +44 (0) 1625 838 679 | |
| SP Angel Corporate Finance LLP
Nominated Adviser and Broker |
||
| Richard Morrison | +44 (0) 203 470 0470 | |
| Caroline Rowe | ||
| Peterhouse Capital Limited
Joint Broker |
||
| Lucy Williams | + 44 (0) 207 469 0930 | |
| Duncan Vasey | ||
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
Detailed information
The Paymaster Polymetallic Project is located approximately 30km southwest of Tonopah in north central Nevada. The project was acquired in 2019 to evaluate areas of polymetallic skarn-type mineralisation within a 1.7km long zone of widely spaced, shallow, prospector pits.
In July 2019, Tertiary announced the results of a broadly spaced soil sampling programme which identified several soil anomalies including the East Slope Prospect and infill soil sampling was completed in late 2020. A total of 134 soil samples were collected on a 40m by 20m grid.
As a result of the infill soil sampling the original East Slope soil anomaly has been confirmed and resolved to a zone of zinc and silver soil anomalism with values in excess of 200 ppm (parts per million) zinc and 0.5 ppm silver (80thpercentile values) occurring over a strike length of 450m and a width of 90m. Within this, the highest values of zinc and silver were 34.9ppm silver (1.02 ounces/ton) and 5.65% zinc adjacent to a prospector pit where previous rock chip samples had returned chip samples of 6.84% zinc and 117ppm silver over an approximately 2m width.
In autumn 2020 a UAV (drone) high resolution photogrammetric and magnetic survey was carried out and comprised 28.4-line km of flying on traverses 100m apart on a linear grid approximately 1000m north-south and 1600m in width across the main Project Area. More detailed surveys were completed over the East Slope and Valley Prospects with a line spacing of 20m (north-south) and 20m (east-west), respectively.
The magnetic data was processed by consulting geologist, Brian Williams using Geosoft Magnetic Vector Inversion software to create a magnetic susceptibility model aligned with the size and orientation of any magnetic zones.
A north-south trending magnetic body was defined at the East Slope Prospect coincident with the newly resolved zinc-silver soil anomaly. The anomaly terminates at its western end on the eastern flank of the magnetic structure. This magnetic anomaly is interpreted to represent an intrusive body and may be the source of mineralisation within more permeable east-west trending sediments.
At the Valley Prospect a small magnetic lobe was modelled coincident with the surface mineralisation where an earlier rock sample taken from historic shaft spoil assayed 7.5% zinc, 4.3% lead and 180g/t silver. This modelled magnetic body, approximately 70m in length and 50m wide, is a target for further work and may be due to magnetite within the skarn zone. The Valley Prospect also lies adjacent to a larger magnetic body which may also be related to the skarn mineralisation.
Both the East Slope and Valley Prospects sit within discrete magnetic lows zones within the host sedimentary rocks adjacent to magnetic hights interpreted to represent granite intrusions. A number of other targets can be defined on this basis and require field evaluation. The Company also proposes to carry out trenching at the East Slope and Valley Prospects in order to better expose, map and sample the observed mineralisation.
This work will likely be carried out in late spring or summer due to the high elevation of the project area.
Notes:
- Samples were submitted to ALS (Reno, Nevada) and prepared using method code PREP-41 where soil was screened and the -180-micron fraction was reserved for analysis. Analysis was perform using method code AuME-TL43 – Trace detection limit method for Au plus multi-element package by aqua regia digestion and ICP-MS finish. ALS internal QAQC samples were inserted and returned satisfactory values.
- The information in this release has been compiled and reviewed by Mr. Patrick Cheetham (MIMMM, MAusIMM) who is a qualified person for the purposes of the AIM Note for Mining and Oil & Gas Companies. Mr. Cheetham is a Member of the Institute of Materials, Minerals & Mining and also a member of the Australasian Institute of Mining & Metallurgy.
- The news release may contain certain statements and expressions of belief, expectation or opinion which are forward looking statements, and which relate, inter alia, to the Company’s proposed strategy, plans and objectives or to the expectations or intentions of the Company’s directors. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the control of the Company that could cause the actual performance or achievements of the Company to be materially different from such forward-looking statements. Accordingly, you should not rely on any forward-looking statements and save as required by the AIM Rules for Companies or by law, the Company does not accept any obligation to disseminate any updates or revisions to such forward-looking statements.
Note to Editors:
Tertiary Minerals plc (ticker symbol ‘TYM’) is an AIM-traded mineral exploration and development company building a multi-commodity project portfolio.
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.
– 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-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) To Kick Off Extensional Drilling at Saints Nickel 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 received all permits and access required to commence its maiden drilling programme at the recently-acquired Saints Nickel Project (Saints), located approximately 65 km northwest of Kalgoorlie and 7 km east of the Goldfields Highway. The Department of Mines, Industry Regulation and Safety (DMIRS) has approved both Program of Work (PoW) applications relating to drilling programmes on M29/245 and M29/246 that comprise the Saints Project.
Cadence Minerals Holding in Auroch
Cadence currently owns approximately 6.5% of the equity in Auroch Minerals, which is an exploration company targeting principally zinc, cobalt and lithium.
Highlights:
- Approvals granted (PoWs) for the upcoming diamond drilling programme at the Saints Nickel Project
- 3,000m drilling contract awarded to Topdrive Drillers Australia, a well-respected Australian drilling company with drilling experience in the Saints region
- Drilling targeted to grow the current Saints nickel resource (total JORC (2012) Mineral Resources of 1.05Mt @ 2.00% Ni, 0.20% Cu & 0.06% Co) through drill testing of postulated extensions along strike and/or down-plunge of the known nickel sulphide mineralisation
- Drilling expected to begin within the next two weeks with preparations well advanced
The full release can be found at: https://www.investi.com.au/api/announcements/aou/6a72f46c-1c9.pdf
Cadence Minerals CEO Kiran Morzaria commented: “Under the guidance of Aidan Platel and his team, the Auroch investment case continues to build. With high quality drilling targets already identified at Saints, we look forward to the initial results.”
– 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.
Tertiary Minerals plc (TYM) Paymaster Polymetallic Project Update
Further to the Company’s announcements of 21 February 2019 and 30 May 2019, Tertiary Minerals plc is pleased to advise that initial follow-up field reconnaissance of soil anomalies at its recently acquired Paymaster Polymetallic Project in Nevada has identified two zones of zinc-silver mineralisation for follow-up exploration and drilling.
Highlights:
Valley Prospect
- New thick skarn zone observed in the field: Approximately 350m long and up to 8m thick
- Rock sample taken from historic shaft spoil assayed 7.5% zinc, 4.3% lead and 180g/t silver
East Slope Prospect
- 650m long zinc soil anomaly (100-250 ppm zinc) surrounding previously sampled outcrop of zinc-silver cobalt bearing skarn mineralisation, including 175m long 250-500 ppm zinc soil anomaly
- Previous rock sample assays up to 20.9% zinc, 0.11% cobalt and 198 ppm silver within the prospect
- Infill soil sampling and trenching proposed to better define drill target
Additional soil anomalies require further evaluation
Richard Clemmey, Managing Director of the Company, commented today:
“We are pleased to be reporting these two new targets as a result of follow up of our soil sampling results at the Paymaster Project and to be closing in on drill targets at such an early stage in the life of the project. This follows on from our recent acquisition of the Pyramid Gold Project, also in Nevada, where drill targets for gold are already defined.
These results demonstrate how value can be added at low cost as we build up a new portfolio of base and precious metal projects in the western USA.”
| Enquiries Tertiary Minerals plcRichard Clemmey, Managing DirectorPatrick Cheetham, Chairman |
+44 (0) 1625 838 679 |
| SP Angel Corporate Finance LLP
Nominated Adviser & Joint Broker Lindsay Mair/Caroline Rowe |
+44 (0) 203 470 0470 |
| SVS Securities plc
Joint Broker Elliot Hance |
+44 (0) 203 700 0093 |
Tertiary Minerals plc (TYM) New Project Acquisition and MB Project Update
Tertiary Minerals plc is pleased to advise that it has staked claim to the Paymaster zinc-copper-silver-Cobalt-Tellurium prospect in Nevada, USA. The Company is also pleased to advise that the next phase of Scoping Study level metallurgical testwork is due to start by the end of February for the MB fluorspar project in Nevada.
Paymaster Project Highlights
- Grab samples assay up to 21% zinc, 6.5% lead, 3.3% copper and 253g/t silver
- Mineralisation intermittently exposed and sampled over 1.7km strike length
- Samples also contain high levels of high-tech metals tellurium and cobalt
- Geophysical exploration planned to define drill targets
MB Fluorspar Project
- Next phase of metallurgical testwork planned at SGS Lakefield, Canada
- Due to start – end February 2019
- Target to produce acid-grade fluorspar and mica
Commenting today, Managing Director, Richard Clemmey said: “Whilst we continue with our strategy of reviewing project acquisition opportunities potentially capable of generating revenue and profits in a shorter timescale, we have also expanded our scope to include earlier stage projects which can be developed organically”.
“We are therefore pleased to have secured the first project in the pipeline of exciting new projects currently being assessed. As well as progressing our MB fluorspar project, building a new project portfolio should enable the company to reduce its future geographical, technical, permitting and commodity risk exposure and provide long term shareholder value”.
| Enquiries Tertiary Minerals plcRichard Clemmey, Managing DirectorPatrick Cheetham, Chairman |
+44 (0) 1625 838 679 |
| SP Angel Corporate Finance LLP
Nominated Adviser & Broker Lindsay Mair/Caroline Rowe |
+44 (0) 20 3470 0470 |
| SVS Securities plc
Joint Broker Elliot Hance |
+44 (0) 203 700 0093 |
Detailed Information
Zinc skarns1 are important not only as a source of zinc, lead, copper, silver and other associated metals but also as indicators of buried porphyry copper and molybdenum deposits. As a class of mineral deposit they include a number of world class zinc-silver deposits such as Antamina in Peru.
The Paymaster skarn mineralisation was originally prospected in the late 1950’s under US Defense Minerals Exploration Administration grant system. A government mining engineer recommended that the project be drill tested, but records suggest this did not take place and no production ensued.
In 1960 it was the subject of a brief publication by the US Geological Survey when zinc rich secondary clay minerals, sphalerite (zinc sulphide), galena (lead sulphide) and magnetite were identified in a pyroxene-garnet-quartz skarn mineral assemblage at the eastern end of the area now claimed by the Company. The prospector scale workings were later described in a Geological Survey of Nevada publication in 1991 by an acknowledged world expert on skarn deposits, Lawrence (Larry) Meinert who, on the basis of his observations, concluded that the Paymaster skarn must be part of a much larger hydrothermal system.
Within the Company’s claim holdings, the skarn mineralisation has recently been traced westward over a total distance of 1.7km in a number of wide spaced and very shallow prospector pits. Seven grab2 samples of the skarn mineralisation exposed in or excavated from the pits average 10.1% zinc (maximum 20.9%), 1.5% lead (max. 6.5%) 134g/t silver (max 253 g/t or 7.3 ounces/ton) and 0.68% copper (maximum 3.4%).
The skarn samples also contain up to 0.11% cobalt (average of 419ppm or 0.045%) and up to 58ppm tellurium (average 31ppm) and 782ppm bismuth (average 315ppm).
Cobalt is in strong demand for use in new generation batteries. Tellurium’s primary use is for manufacturing films for photovoltaic solar cells. When alloyed with other elements, such as cadmium, tellurium forms a compound that exhibits enhanced electrical conductivity. Therefore, a thin film can efficiently absorb sunlight and convert it into electricity.
The mineralised skarn samples were collected largely from one stratigraphic horizon within Cambrian age limestone in contact with shale close to a shale contact and 1 mile south of the limestone contact with the Cretaceous age Lone Mountain granite pluton. Where sampled the skarn appears to be associated with cross cutting faults and the continuity along strike between exposures is currently unknown but pinch and swell is seen on a local scale.
The Company intends to carry out follow up exploration on the Paymaster skarn to identify suitable drilling targets.
Notes:
- For further information on skarn type deposits see:
http://www.science.smith.edu/geosciences/skarn/aboutskarn.html
- Grab samples are often taken during the initial stages of a mineral prospect evaluation and cannot be consider representative of the mineralisation as a whole.
- The information in this release has been compiled and reviewed by Mr. Patrick Cheetham (MIMMM, MAusIMM) who is a qualified person for the purposes of the AIM Note for Mining and Oil & Gas Companies. Mr. Cheetham is a Member of the Institute of Materials, Minerals & Mining and also a member of the Australasian Institute of Mining & Metallurgy.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
Notes to Editors
Tertiary Minerals plc (ticker symbol ‘TYM’) is an AIM-traded mineral exploration and development company building a significant strategic position in the fluorspar sector. Fluorspar is an essential raw material in the chemical, steel and aluminium industries. Tertiary controls two significant Scandinavian projects (Storuman in Sweden and Lassedalen in Norway) and a large deposit of strategic significance in Nevada, USA (MB Project).
CAUTIONARY NOTICE
The news release may contain certain statements and expressions of belief, expectation or opinion which are forward looking statements, and which relate, inter alia, to the Company’s proposed strategy, plans and objectives or to the expectations or intentions of the Company’s directors. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the control of the Company that could cause the actual performance or achievements of the Company to be materially different from such forward-looking statements. Accordingly, you should not rely on any forward-looking statements and save as required by the AIM Rules for Companies or by law, the Company does not accept any obligation to disseminate any updates or revisions to such forward-looking statements.
Cadence Minerals (KDNC) Auroch Minerals (ASX: AOU) Reports High Grade Copper Results From Arden Base-Metals Project.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the update published today by Auroch Minerals (ASX:AOU) ‘Auroch’ regarding reconnaissance sampling at its Arden Base-Metal Project ‘Arden Project’ located in South Australia’s under-explored Adelaide Geosyncline. Auroch reports that thirteen of the thirty-six rock-chip samples taken from gossanous material near the historic artisanal Mount Arden Copper Mine returned results over 2% copper, including several high-grade results of 20.40%, 15.25%, 8.55% and 5.52% copper.
Highlights:
-
- Reconnaissance rock-chip samples collected near the historic artisanal Mt Arden Copper Mine returned several spectacular high-grade results, including:
- 20.40%, 15.25%, 8.55% and 5.52% copper (Cu).
- The sample results define an area of anomalous to high-grade copper at least 1km-long.
- Results confirm the presence of high-grade base-metals mineralisation at the Mt Arden Prospect, a priority exploration area close to the recently-drilled Ragless Range Prospect which returned high-grade results from drill-hole RRDD007:
- 12.80m @ 4.96% zinc (Zn) from 53.00m, including 3.65m @ 15.47% Zn from 62.15m.
- The encouraging results will be followed up with geological mapping and more systematic sampling in the coming months, working towards the next phase of drilling proposed for Q2.
- The Company continues to collate and interpret all existing data for its Torrens East Copper Project.
- Reconnaissance rock-chip samples collected near the historic artisanal Mt Arden Copper Mine returned several spectacular high-grade results, including:
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.
The sampling programme is focussed on gossanous areas in close proximity to interpreted major geological structures which coincided with the same stratigraphic horizons observed to host the zinc mineralisation at the nearby Ragless Range Prospect. This strategy followed up on the results from drill-hole RRDD007 completed by Auroch last year, which was drilled under an ironstone gossan coincident with where an interpreted fault structure intersected the stratigraphy hosting the SEDEX zinc mineralisation, resulting in significant high-grade zinc intercepts.
The sample results announced by Auroch today define an area of anomalous to high-grade copper at least 1km-long by 300m wide. Numerous ironstones and gossans outcrop within the mineralised area. The orientation of the ironstones is conformable to bedding and suggests they are stratabound. The host rocks consist of ferruginised carbonates similar to those observed at the Ragless Range Prospect.
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/e7212489-71b.pdf
Cadence Minerals CEO Kiran Morzaria commented: “Following the high-grade zinc results announced at the recently-drilled Ragless Range Prospect, the Auroch investment case continues to build with a set of high-grade copper results announced from the Arden Project. As Auroch CEO Aidan Platel says, to get such high-grade copper results from first-pass surface-sampling over a 1km-long area is ‘extremely encouraging’. 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.
Cadence Minerals #KDNC – Auroch Minerals (ASX: AOU) Stakes Highly-Prospective IOCG Project at Lake Torrens plus Live Webinar
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the update published today by Auroch Minerals (ASX:AOU) ‘Auroch’ that it has applied for a large exploration tenement package in the Lake Torrens region of South Australia. Auroch’s Torrens East Copper Project comprises two exploration licence applications (ELAs) covering a combined area of 1,622km2 and is considered highly-prospective for IOCG (iron oxide – copper – gold) mineralisation.
Highlights:
- Auroch has pegged 1,622km2 of ground considered highly-prospective for Iron Oxide -Copper – Gold (IOCG) mineralisation in the Lake Torrens region of South Australia.
- The large exploration licence applications (ELAs) are situated adjacent to the Torrens JV (70% Aeris Resources Ltd; 30% Argonaut Resources NL) and cover the same large gravity anomaly.
- The ELAs are located 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.
- A review of all historical geophysical and geological data is underway with an exploration programme planned for early 2019.
The Torrens JV (70% Aeris Resources Ltd (ASX:AIS); 30% Argonaut Resources NL (ASX:ARE)) lies immediately west of Auroch’s Torrens East Copper Project within the Torrens Hinge Zone of the Olympic Dam copper-gold province. High-resolution aeromagnetic and gravity geophysical surveys within the Torrens JV has identified a coincident magnetic and gravity anomaly similar to, but larger than that of Olympic Dam. The JV intends to commence a drilling programme to test this geophysical target before the end of this year. BHP Group Limited (ASX:BHP) has also been actively exploring for copper in the Olympic Dam copper gold province. Results announced from their recent drilling programme approximately 50km from Auroch’s Torrens East Copper Project include:
- 7m @ 3.04% Cu and 0.59g/t Au, including 180m @ 6.07% Cu and 0.92g/t Au;
- 406m @ 0.66% Cu and 0.35g/t Au;
- 5m @ 0.52% Cu and 0.48g/t Au; and
- 77m @ 2.11% Cu and 0.54g/t Au.
BHP is currently evaluating and interpreting these results and intends to commence a follow-up drill programme in early 2019.
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/697e8de9-fc9.pdf
Cadence Minerals CEO Kiran Morzaria commented:“Following on from the exciting developments announced recently at Auroch’s Arden project, Aidan Platel and his team continue to add value to the Auroch investment proposition with the highly prospective Lake Torrens IOCG tenement. Given the exceptionally strong set of drilling results from BHP Group at the nearby Olympic Dam copper gold province, and the encouraging survey data from the adjacent Torrens JV, we at Cadence believe there is ample evidence to support Auroch’s exploration programme across these new license areas.”
Live Webinar:
Cadence is pleased to announce the Company will be hosting a live webinar at 10.00am GMT on Monday 10 December 2018. The live webinar will be available on the following link:
http://webcasting.brrmedia.co.uk/broadcast/5bf432bda05b353a6df23e7f
Listeners are encouraged to submit questions prior to the call by emailing cadence@brrmedia.co.ukor by clicking on the question button at the foot of the webcasting.
Summary of Investments
As at the 12 October 2018 Cadence had the following key investments: 19.7% of the equity in European Metal Holdings, which, through its wholly owned Subsidiary, Geomet s.r.o., controls the mineral exploration licenses awarded by the Czech State over Cinovec; 6.95% of the equity in Bacanora Lithium Plc and 30% of Mexalit and Megalit joint venture companies. Mexalit is the owner of the El Sauz, El Sauz 1, El Sauz 2, Fleur and Fleur 1 mineral concessions, which forms part of the 20-year mine plan of the Sonora Lithium Project in Northern Mexico; 6.6% of Auroch Minerals Ltd; 4.5% of Clancy Exploration Ltd; 12.1% of Macarthur Minerals Ltd; 4% of the San Luis lithium exploration project in Argentina; 30% free carried interest in one mining lease and six exploration license in part of the the Yangibana Rare Earth Mineral deposit and a 100% interest in and exploration license on the eastern boundary of boundaries of Greenland Minerals and Energy Limited’s licences that encompass the world-class Kvanefjeld, Sørenson, Zone 3 and Steenstrupfjeld Rare Earth Element deposits.
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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 | |
| 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.
About Cadence Minerals:
Cadence is dedicated to smart investments for a greener world. The planet needs rechargeable batteries on a global scale – upcoming supersized passenger vehicles, lorries and buses – require lithium and other technology minerals to power their cells. Cadence is helping find these minerals in new places and extracting them in new ways, which will meet the demand of this burgeoning market.
Cadence invests across the globe, principally in lithium mining projects. Its primary strategy is taking significant economic stakes in upstream exploration and development assets within strategic metals. We identify assets that have strategic cost advantages that are not replicable, with the aim of achieving lower quartile production costs. The combination of this approach and seeking value opportunities allows us to identify projects capable of achievinghigh rates of return.
The Cadence board has a blend of mining, commodity investing, fund management and deal structuring knowledge and experience, that is supported by access to keymarketing, political and industry contacts. These resources are leveraged not only in our investment decisions but also in continuing support of our investments, whether it be increasing market awareness of an asset, or advising on product mix or path to production. Cadence Mineral’s goal is to assist management to rapidly develop the project up the value curve and deliver excellent returns on its investments.
Forward-LookingStatements:
Certain statements in this announcement are or may be deemed to be forward-lookingstatements. Forward-lookingstatements 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-lookingstatements 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 keypersonnel 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.