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Cadence Minerals begins exploration of Argentinian lithium assets

The AIM-listed mineral sector investment firm said the exploration programme, will aim to provide the company with an understanding of the pegmatite geology and the extent of lithium mineralisation

Lithium on Periodic Table
Cadence has completed Stage 1 in a 5-stage timetable to acquire up to 100% of the assets

Cadence Minerals Plc (LON:KDNC) says it has begun an initial exploration programme on the six ‘high-quality’ lithium assets in the San Luis province of Argentina it agreed to acquire in December.

The AIM-listed mineral sector investment firm said the exploration programme, targeted to be completed in 4-6 months, will aim to provide the company with an understanding of the pegmatite geology and the extent of lithium mineralisation.

READ: Cadence Minerals issued shares in Clancy Exploration as compensation for overlapping licences in Austria

It said the first part of the programme will consist of detailed desktop work that is undertaken remotely, to be followed up by field work to reconcile the findings and identify key pegmatite targets.

At the conclusion of this process and upon regulatory approval, the exploration programme will move into sampling and, if successful, exploratory drilling and the definition of mineral resources, the company added.

Cadence said it has completed Stage 1 in a 5-stage timetable to acquire up to 100% of the Argentinian assets. Currently, the company indirectly owns 4% of the exploration permits under application and is set to acquire another 20% once permits have been granted in Stage 2.

Kiran Morzaria, Cadence's chief executive, said: “The initial remote exploration expects to identify pegmatites that are exposed at the surface, which will provide low-cost exploration targets for sampling and, if appropriate, drilling."

"Our long-term goal is to identify, explore and develop a substantial hard rock lithium resource, in a country with an established lithium industry, good infrastructure and supportive regulatory and fiscal regimes. We will update shareholders on the exploration programme as we advance up the development curve. "

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Price: 8.125 GBX

AIM:KDNC
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Market Cap: £8.57 m
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