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Auroch Minerals Saints Nickel Project Update

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RNS Number : 7610P
Cadence Minerals PLC
14 October 2019
 

Cadence Minerals Plc

("Cadence Minerals", "Cadence" or "the Company")

Auroch Minerals (ASX: AOU) - Saints Nickel Project Drilling Update.

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the update today from Auroch Minerals Limited (ASX: AOU) ("Auroch") on its maiden drilling programme at its recently-acquired Saints Nickel Project (Saints), located approximately 65km northwest of Kalgoorlie and 7km east of the Goldfields Highway. The latest diamond drill-hole SNDD005 intersected 1.60m of semi-massive to massive sulphide mineralisation. The mineralisation is nickeliferous, with significant pentlandite (one of the major nickel sulphide ore minerals) observed intergrown with pyrrhotite, along with pyrite and chalcopyrite (a copper sulphide ore mineral). The interval has been processed and sampled by the Auroch team and assays are pending.

Cadence Minerals Holding in Auroch

Cadence currently owns approximately 1 % of the equity in Auroch Minerals, which is an exploration company targeting principally zinc, cobalt and lithium.

Highlights:

·      1.60m of nickeliferous semi-massive to massive sulphide mineralisation intersected in drill-hole. SNDD005 of maiden drilling programme (assays pending)

·      Disseminated to massive sulphide mineralisation intersected in all five drill-holes completed to-date (assays pending).

·      Drilling programme 50% completed and progressing on time and budget.

·      Down-hole electromagnetic (DHEM) surveys to be undertaken over the coming week on all completed drill-holes.

Auroch Managing Director Aidan Platel commented: "We are very pleased with the progress of our maiden drilling programme at the Saints Nickel Project. We are halfway through the programme and progressing on-schedule and on-budget, and the drilling has been of a high standard. The nickeliferous massive sulphides intersected in drill-hole SNDD005 are very interesting and we look forward to receiving the assay results as soon as possible. With 5 holes remaining to drill, all of the assay results still to come and down-hole EM surveys commencing next week, we look forward to receiving a large amount of data over the next two months that will guide the next phase of drilling at the Saints Nickel Project in early 2020, and will continue to update the market as this information is received."

The full release can be found at: https://www.investi.com.au/api/announcements/aou/4dc13449-07e.pdf

Cadence Minerals CEO Kiran Morzaria commented: "We are pleased to note that the Saints Nickel drilling programme is now 50% complete, and has been delivered on schedule and on budget. This is an exciting period for Auroch shareholders as we await the first assay results."

- 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.


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Price: 8.45

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Market Cap: £8.91 m
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