DJ Cadence Minerals PLC Update - Auroch Minerals
RNS Number : 3732P
Cadence Minerals PLC
07 February 2019
Cadence Minerals Plc
("Cadence Minerals", "Cadence" or "the Company")
Auroch Minerals (ASX: AOU) Reports High Grade Copper Results From Arden Base-Metals Project.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the update published today by Auroch Minerals (ASX:AOU) 'Auroch' regarding reconnaissance sampling at its Arden Base-Metal Project 'Arden Project' located in South Australia's under-explored Adelaide Geosyncline. Auroch reports that thirteen of the thirty-six rock-chip samples taken from gossanous material near the historic artisanal Mount Arden Copper Mine returned results over 2% copper, including several high-grade results of 20.40%, 15.25%, 8.55% and 5.52% copper.
-- Reconnaissance rock-chip samples collected near the historic artisanal Mt Arden Copper Mine returned several spectacular high-grade results, including:
o 20.40%, 15.25%, 8.55% and 5.52% copper (Cu).
-- The sample results define an area of anomalous to high-grade copper at least 1km-long.
-- Results confirm the presence of high-grade base-metals mineralisation at the Mt Arden Prospect, a priority exploration area close to the recently-drilled Ragless Range Prospect which returned high-grade results from drill-hole RRDD007:
o 12.80m @ 4.96% zinc (Zn) from 53.00m, including 3.65m @ 15.47% Zn from 62.15m.
-- The encouraging results will be followed up with geological mapping and more systematic sampling in the coming months, working towards the next phase of drilling proposed for Q2.
-- The Company continues to collate and interpret all existing data for its Torrens East Copper Project.
Located some 335km north of Adelaide, the Arden Project boasts a large relatively unexplored exploration area of 1,664km2 and is highly prospective for sedimentary-exhalative (SEDEX) mineralisation. Within the Arden Project, up to three horizons of SEDEX zinc mineralisation were identified from the recent drilling programme at the Ragless Range Prospect extending over 3km of strike and open in every direction.
The sampling programme is focussed on gossanous areas in close proximity to interpreted major geological structures which coincided with the same stratigraphic horizons observed to host the zinc mineralisation at the nearby Ragless Range Prospect. This strategy followed up on the results from drill-hole RRDD007 completed by Auroch last year, which was drilled under an ironstone gossan coincident with where an interpreted fault structure intersected the stratigraphy hosting the SEDEX zinc mineralisation, resulting in significant high-grade zinc intercepts.
The sample results announced by Auroch today define an area of anomalous to high-grade copper at least 1km-long by 300m wide. Numerous ironstones and gossans outcrop within the mineralised area. The orientation of the ironstones is conformable to bedding and suggests they are stratabound. The host rocks consist of ferruginised carbonates similar to those observed at the Ragless Range Prospect.
Cadence currently owns 6.6% of the equity in Auroch Minerals, which is an exploration company targeting principally zinc, cobalt and lithium.
The full release can be found at: https://www.investi.com.au/api/announcements/aou/e7212489-71b.pdf
Cadence Minerals CEO Kiran Morzaria commented: "Following the high-grade zinc results announced at the recently-drilled Ragless Range Prospect, the Auroch investment case continues to build with a set of high-grade copper results announced from the Arden Project. As Auroch CEO Aidan Platel says, to get such high-grade copper results from first-pass surface-sampling over a 1km-long area is 'extremely encouraging'. We look forward to further developments."
- 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 Hannam & Partners LLP (Joint Broker) +44 (0) 207 907 8500 Neil Passmore Giles Fitzpatrick Novum Securities Limited (Joint Broker) +44 (0) 207 399 9400 Jon Belliss
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.
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 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 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 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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(END) Dow Jones Newswires
February 07, 2019 05:04 ET (10:04 GMT)