Cadence Minerals strong drilling results at EMH’s Cinovec project

Cadence Minerals plc (LON:KDNC) has noted that European Metals Holdings Limited has announced initial results from its current nineteen hole resource drilling programme at the Cinovec Project  in which it holds a 49% interest. The current programme of work was announced by the Company on 10 August 2020 (Measured Resource Drilling Commenced). Drilling of twelve of the nineteen holes has been completed and the thirteenth hole is currently underway. Analytical results for first six of the drill holes from the Cinovec South deposit are reported.

Highlights:

·      Completion of 12 of a total of 19 hole programme at the Cinovec Project.

·      Interim results from first 6 holes in line with or better than expectations

·      Cinovec contains the largest hard rock lithium deposit in Europe

·      Cinovec is fully funded to final investment decision with approximately EUR 26.7m in Project Company currently

·      EMH intending to become one of the lowest carbon footprint producers of battery grade Lithium Hydroxide and lithium carbonate in Europe

·      Cinovec is situated within 250 km of numerous existing or proposed end users of battery grade Lithium chemicals

Given the relative ease of beneficiation of the Cinovec deposit through wet magnetic separation it was decided that it was important to report the drill results and the “in lab” beneficiation results.  As reported to the market 21 October 2016 (Outstanding Lithium Recoveries at Coarse Grind) wet magnetic separation (“WMS”) achieved a near pure lithium mica concentrate grading 2.85% Li2O with a lithium recovery of 92%.

Results:

·      Resource drill holes CIS-18, CIS-19, CIS-20, CIS-21, CIS-22 and CIS-23 have been completed including analytical reports.

·      Resource drill holes CIS-24, CIS-25, CIS-26, CIS-28, CIS-29 and CIS-30 have been drilled with analytical results pending.

·      Drilling of resource hole CIS-27 is currently underway.

·      Hole CIS-18 returned 57m averaging 0.41% Li2O, incl. 5m @ 0.96% Li2O, 3 m @ 1.13% Li2O, 0.12% Sn (Tin) and 0.104% W (Tungsten), and 7 m @ 0.136% W.

·      Hole CIS-19 returned 68.9m averaging 0.45% Li2O and 0.11% Sn, incl. 10.8m @ 0.75% Li2O, 10m @ 0.13% Sn, 2.25m @ 0.54% Li2O, 0.15% Sn and 0.13% W, 4m @ 0.95% Sn, and 2m @ 0.15% Sn.

·      Hole CIS-20 returned 82.8m averaging 0.41% Li2O, incl. 8.9m @ 0.66% Li2O.

·      Hole CIS-21 returned 76.3m averaging 0.55% Li2O, incl. 12m @ 0.81% Li2O.

·      Hole CIS-22 returned 115.5m averaging 0.47% Li2O, incl. 3m @ 0.91% Li2O and 3m @ 0.87% Li2O, and 28m @ 0.27% Sn.

·      Hole CIS-23 returned 98.6m averaging 0.51% Li2O, incl. 9.7m @ 0.92% Li2O, 1m @ 1.49% Li2O, and 2.9m @ 1.31% Li2O.

In all of the six holes, the upper section of the drilled ore body is elevated in tin. The best intercept was returned from the hole CIS-22, with an interval of 28m averaging 0.27% Sn. If considered no cut-off and internal waste, following tin intercepts were recorded: 29 m @ 0.1% Sn in CIS-18, 52m @ 0.14% Sn in CIS-19, 74m @ 0.06% Sn in CIS-20, 37m @ 0.1% Sn in CIS-21, 50.5m @ 0.17% Sn in CIS-22, 71.5m @ 0.09% Sn in CIS-23.

The current drill programme has been planned to define blocks of resource for the first 5 years of mining within the Cinovec-South area, with a goal to convert the resource from indicated to measured category. The holes have been terminated in ore consistent with the aim of targeting the first 5 years of resource blocks for the mine.

Link here for the full EMH announcement, detailed mineralized intercepts and lithology, and project background:  https://www.londonstockexchange.com/news-article/EMH/drilling-report/14848789

European Metals Executive Chairman Keith Coughlan commented; “We are pleased to report that these interim results of the current drilling programme at Cinovec are either in line with, or better than our expectations. The primary purpose of the programme is to convert a larger portion of the resource to the measured category to provide greater certainty of the financial model and security to the financiers we are currently in discussions with. It is important to note that the first stage of the proposed process, the wet magnetic separation has the effect of greatly increasing the grade of lithium oxide in the concentrate to approximately 2.85%. 

The zinnwaldite concentrate produced from Cinovec requires only roasting, compared to the calcination and roasting required of processing spodumene.  The combined effect of not requiring calcination, energy intensification and use of natural gas is expected to considerably reduce greenhouse gas emissions of the Project when compared to existing spodumene projects.”

Cadence CEO Kiran Morzaria added; “These strong drilling results serve to highlight the overall quality of the Cinovec project, and the reason EMH has attracted a partner of the calibre and size of CEZ Group. With Cinovec set to play a key role as a battery grade lithium supplier to the lithium market in Europe and Worldwide.”

Cadence Minerals Holding in EMH

Cadence holds approximately 12% percent of the equity in European Metals, which owns 49% of  Geomet s.r.o. (“Geomet”) which owns the mineral exploration licenses awarded by the Czech State over Cinovec.

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