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Successful Bulk Ore Trial Results at Yangibana

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RNS Number : 5123U
Cadence Minerals PLC
25 November 2019
 

Cadence Minerals Plc

 

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

 

Hastings Technology Metals (ASX: HAS) announces 95% Recovery of Ore and 52% improvement in Head Grade from Bulk Ore Sorting Trial.

 

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to announce 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 successful completion of bulk sample testing through an ore sorting circuit. These outstanding results confirm earlier results from smaller drill core derived samples, which were tested with two different ore sorter vendors.

Previous small-scale test work has shown that off-the-shelf x-ray transmission (XRT) ore sorting technology could be applied to separate out a barren waste stream from the ore. This presents an opportunity to remove waste dilution material from the mining process before the material is fed into the processing plant, potentially resulting in energy and reagent savings in the beneficiation circuit.

Cadence Minerals Yangibana Holding:

Cadence owns 30% of the Yangibana, Yangibana North, Gossan, Hook, Kanes Gossan and Lions Ear Rare Earth Deposit, which form part of the Yangibana Rare Earth Deposit. The updated Cadence ore statement can be found on the Yangibana Mineral Resource & Ore Reserve statement from 4th November 2019: https://www.investegate.co.uk/cadence-minerals-plc--kdnc-/rns/yangibana-mineral-resource---ore-reserves/201911041303331852S/.

Highlights:

·      95.1% recovery of contained Nd2O3+Pr6O11 on 1.8 tonne sorted bulk sample.

·      52% increase in head grade from 0.71% to 1.08% Nd2O3+Pr6O11 .

·      37.1% of the sample mass rejected from ore sorting testwork.

·      Standard commercial ore sorting technology, X-Ray transmission (XRT), has proven to be extremely effective at removing dilution on samples used in the testing programme.

·      Technical and engineering programs will continue to investigate the operating scenarios where benefits can be realised for the project.

The full release can be found at: https://www.asx.com.au/asxpdf/20191125/pdf/44bxg9nh63v6kd.pdf

Hastings COO Andrew Reid commented: "The Yangibana orebody continues to amaze us. Not only with its world-class ratios of Nd2O3+Pr6O11, but now these results have confirmed that ore sorting presents a real and future prospect to gain higher operational efficiencies from the Yangibana Processing Plant."

Cadence CEO Kiran Morzaria commented: "This is another key step for Yangibana, providing further ongoing validation for our investment strategy into the joint venture. We await further news with great interest."

- 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.


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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Price: 6.25

Market: AIM
Market Cap: £6.59 m
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