viewCadence Minerals PLC

Cadence Minerals adds more cobalt to portfolio as Auroch acquires stake in historic Czech mine

The Tisová mine operated most recently between 1959 and 1973 when it produced 560,000 tonnes of ore containing 0.68% copper.

picture of periodic table
Cadence owns 7.7% of Auroch Minerals

Cadence Minerals Plc’ (LON:KDNC) investee company Auroch Minerals has taken out an option to acquire 100% of the historic Tisová copper mine and three exploration licence applications in the Czech Republic.  

The Tisová mine operated most recently between 1959 and 1973 when it produced 560,000 tonnes of ore containing 0.68% copper.

Samples have also indicated significant grades of cobalt and gold, with little exploration carried out so far on the cobalt mineralisation.

The deposit at the mine is open along strike and down-dip and through the deal Auroch has secured a significant ground holding which provides scope to prove up a substantial deposit.

Drilling at the site will start in the next quarter. Cadence owns 7.7% of Auroch.

Separately, Cadence added that it has completed its due diligence and has elected to acquire an initial 10% direct interest in the historically high grade Leogang Cobalt-Nickel Sulphide Project in Austria.

Six early stage exploration targets have now been identified around the Nokelberg and Schwarzleo historical mining centres.

Kiran Morzaria, Cadence Mineral's chief executive, said:  "Our initial review of the Leogang Project has been very encouraging.

“There is good exploration potential for cobalt, nickel, copper and other precious metals around the historical mines and the potential of much more extensive exploration targets over the dolomite-schist contact which the licences cover. “

“Our particular focus will be in the identification and definition of high-grade Cobalt mineralised areas, which we hope will become part of the supply chain in the heart of Europe's new battery manufacturing region."

READ: Cadence Minerals to add cobalt to portfolio with stake in historic Austrian mine



Quick facts: Cadence Minerals PLC

Price: 13 GBX

Market: AIM
Market Cap: £18.23 m

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...


Bango reports record revenue growth in the first half of 2020

Bango PLC's (LON:BGO) Paul Larbey talks to Proactive's Katie Pilbeam `about their latest record revenue growth in the first half of this year. Larbey is confident Bango is positioned to continue delivering growth after reporting revenues of £4.77mln, up 50% year-on-year. He goes on to...

1 day, 5 hours ago

2 min read