TIDMKDNC
RNS Number : 3815O
Cadence Minerals PLC
07 October 2021
Cadence Minerals Plc
("Cadence Minerals", "Cadence")
Castillo Copper (ASX/LON: CCZ) Identifies Significant pegmatite
outcropping along Litchfield Lithium Project's western
boundary.
Further to the announcement of 29 September 2021, Cadence
Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to announce that
initial due diligence undertaken by Castillo Copper (ASX/LON: CCZ)
("Castillo") on the Litchfield Lithium Project in Australia's
Northern Territory has highlighted significant pegmatite
outcropping along the north-west boundary. This follows the
Castillo announcement on Monday October 4(th) 2021, that
preliminary due diligence on the Picasso Lithium Project, near
Norseman in Western Australia, has verified multiple lithium
surface occurrences across the tenure that align with pegmatite
outcropping.
For full release of the Castillo announcement, please see
here
Highlights:
-- Follow up site visit to the Litchfield Lithium Project in the
Northern Territory highlighted significant pegmatite outcropping
along the western boundary
-- This is contiguous to Core Lithium's ("CXO") (ASX: CXO)
Finnis Lithium Project(1) which has JORC compliant ore reserves
(7.4Mt @ 1.3% Li(2) O)(1)
-- With satellite imagery(2) verifying the geology in the
Litchfield Lithium Project (NW quadrant) is comparable to CXO's
ground, CCZ is awaiting assay results on 657 surface samples (taken
along the NW boundary) to determine the potential for contiguous
mineralisation:
-- Encouragingly, the site-visit geological reports noted the
areas sampled mostly comprised metamorphic rocks linked to the
Burrell Creek formation - a host rock for the regional occurrences
of pegmatites.
As announced on September 29(th) 2021 by Castillo, satellite
imagery has verified the geology along the Litchfield Lithium
Project's north-west boundary is comparable to CXO's ground.
Cadence's geological consultant conducted intensive surface
sampling across four target areas within the NW quadrant, taking
657 samples to determine the potential for contiguous
mineralisation. The sampled areas mostly comprised metamorphic
rocks linked to the Burrell Creek formation - a host rock for the
regional occurrences of pegmatites. The samples are at the
laboratory undergoing further analysis, with results expected in
the coming weeks.
Castillo's Managing Director Simon Paull commented: " Initial
due diligence at the Litchfield Lithium Project is off to an
excellent start, with demonstrable photographic evidence of
pegmatite outcropping along the western boundary. The Board now
awaits the outcome of assay results which will determine the
potential for contiguous mineralisation with CXO's Finniss Lithium
Project ."
Cadence CEO Kiran Morzaria added: "We are pleased to note that
the initial due diligence conducted by Castillo both at Litchfield
and Picasso bears out the initial findings announced by Cadence to
the market on March 4(th) 2019. We look forward to further
developments"
Overview
Lithium Technologies Pty Ltd ("LT") and Lithium Supplies Pty Ltd
("LS"), in which Cadence owns a 29% shareholding, each own 50% of
Synergy Prospecting Pty Ltd ("Synergy"), and have granted, as
announced on 29 September 2021, Castillo a 90-day option to acquire
100% of the outstanding shares of LT and LS and by implication 100%
of Synergy.
During this 90-day period, Castillo will be conducting due
diligence on all three entities to ensure the underlying assets are
in good standing and there are no material adverse issues. Under
the terms of the option agreement, Castillo can exercise its right
to acquire LT, LS and Synergy at any time during the 90-day
period.
Castillo Copper Limited is an Australian-based explorer
primarily focused on copper across Australia and Zambia. The group
is embarking on a strategic transformation to morph into a mid-tier
copper group underpinned by its core projects:
-- A large footprint in the in the Mt Isa copper-belt district,
north-west Queensland, which delivers significant exploration
upside through having several high-grade targets and a sizeable
untested anomaly within its boundaries in a copper-rich region.
-- Four high-quality prospective assets across Zambia's
copper-belt which is the second largest copper producer in
Africa.
-- A large tenure footprint proximal to Broken Hill's
world-class deposit that is prospective for
zinc-silver-lead-copper-gold.
-- Cangai Copper Mine in northern New South Wales, which is one
of Australia's highest grading historic copper mines.
The primary assets of Synergy, which are wholly-owned, comprise
the Litchfield Lithium Project (EL31774) in NT and Picasso Lithium
Project (E63/1888) in WA. In addition, Synergy has an application
in NT - EL31828 - known as the Alcoota Lithium Project, which
comprises ground proximal to Alice Springs. Castillo will need to
undertake further geological due diligence on this application.
LT and LS also hold applications for six lithium properties in
San Luis Province, Central Argentina. Again, Castillo will need to
undertake further geological due diligence on these
applications.
Further details on these assets and all the applications and
permits are contained on our website here
Option terms & consideration
The terms of the 90-day option are as follows:
-- A$50,000 non-refundable deposit in cash on formally granting
the option that will go directly to Synergy for working capital
purposes.
Upon exercising the option within the 90-day period, the binding
consideration terms are as follows:
-- A$1m script payment in CCZ shares will become payable to the
Vendor Group based on the 14-day WVAP calculated from the date of
which the option agreement is announced to the ASX. Note, the
Vendor Group will be subject to a 6-month voluntary escrow period
for 50% of the shares and 12-months for the 50% balance from the
date of settlement. In addition, both parties agree to sign off on
a binding term sheet.
Incremental consideration terms are applicable if the following
milestones are achieved:
-- A$1m script payment in CCZ's shares to the Vendor Group based
on the 14-day WVAP if two drill-holes produce assayed intercepts
greater or equal to a true width of at least 10m @ 1.3% Li2O.Note,
the two holes will be at least 100m apart, but not greater than
200m.
-- A$1m script payment in CCZ's shares to the Vendor Group based
on the 14-day WVAP if a JORC compliant total inferred resource of
at least 7Mt @ 1.3% Li2O is modelled by SRK Consulting.
-- In the event of commercial mining operations commencing a 2%
NSR will be payable to the nominees of the facilitator.
References
1. CXO ASX Release - 21 September 2021 (Annual Report) & CCZ
ASX Release - 29 September 2021
2. Satellite imagery from Geological Survey of Western
Australia. Available at:
https://www.dmp.wa.gov.au/Geological-Survey/Geological-Survey-262.aspx
& CCZ ASX Release - 29 September 2021
- Ends -
For further information: Cadence
Minerals plc +44 (0) 7879 584153
Andrew Suckling
Kiran Morzaria
WH Ireland Limited (NOMAD & Broker)
James Joyce +44 (0) 207 220 1666
Darshan Patel
Novum Securities Limited (Joint Broker)
Jon Belliss +44 (0) 207 399 9400
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
identi ed 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 Cadence
Minerals Plc'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 re ect 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 Cadence Minerals Plc. Although any forward - looking
statements contained in this announcement are based upon what the
Directors believe to be reasonable assumptions. Cadence Minerals
Plc cannot assure investors that actual results
will be consistent with such forward-looking statements.
, 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 rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCUPGWGUUPGGGM
(END) Dow Jones Newswires
October 07, 2021 07:20 ET (11:20 GMT)
Cadence Minerals (LSE:KDNC)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024
Cadence Minerals (LSE:KDNC)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024