Cadence (AIM/NEX: KDNC; OTC: REMMY) reports that Auroch Minerals in which Cadence currently owns a 7.7% stake has announced that it has entered into option agreements giving it the right to acquire 100% of the historic Tisová copper mine and 3 exploration licence applications (subject to approval by relevant authorities) in the Czech Republic.
The full Auroch release is available at: https://clients3.weblink.com.au/pdf/AOU/01870742.pdf .
Highlights
- The Tisová underground mine has a long history, being mined intermittently since the end of the 12th century and more recently operated from 1959 to 1973 when it produced 560kt of ore containing 0.68% Cu
- Deposit style is volcanogenic massive sulphide (VMS) with copper being confined to specific horizons of chalcopyrite-rich ore within a much broader sequence of massive, semi-massive and disseminated sulphides
- Sampling of the broader sulphide envelope produced significant grades of cobalt, copper and gold
- Grades of up to 0.68% Co and 3.5% Cu (with potential gold by-product between 0.2-3.7g/t Au) were returned from assay of recent grab samples
- Previous exploration and mining at Tisová focussed on the copper-rich VMS, and did not regularly sample for cobalt and, and hence these opportunities were not exploited nor evaluated
- Extensive underground development has been completed at Tisová which will be examined to determine the most efficient method to progress mine exploration and subsequent development
- The Tisová project comprises a granted exploration licence which includes the historic Tisová mine and 3 exploration licence applications in the Czech Republic
- Deposit 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 to commence in 3rd Quarter 2017
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.
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For further information please contact |
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Cadence Minerals plc |
+44 (0) 207 440 0647 |
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Andrew Suckling |
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Kiran Morzaria |
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WH Ireland Limited (NOMAD & Broker) |
+44 (0) 207 220 1666 |
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James Joyce |
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James Bavister |
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Square1 Consulting |
+44 (0) 207 929 5599 |
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David Bick |
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Brian Alexander |