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04 Mar 2019 | 08:37

Cadence Minerals acquires lithium assets in Australia

Cadence Minerals on Monday agreed to acquire three highly prospective assets in Australia in regions with 'proven' high-grade lithium mineralisation.

The acquisition covered three projects: Picasso (Western Australia - WA), Litchfield (Northern Territories - NT) and Alcoota (NT).

The agreement was facilitated through varying binding investment agreements in place with Lithium Technologies and Lithium Supplies that were entered on 11 December 2017 to acquire up to 100% of six prospective hard rock lithium assets in Argentina, the company said. Demonstrating exploration upside for Picasso, the Bald Hill Mine had a JORC compliant mineral resource of 26.5m tonnes at 0.96% lithium with probable ore reserves at 11.3m tonnes at 1.01% lithium, the company added.

The Litchfield project, located near Darwin (NT), had JORC compliant mineral resource of 8.55m tonnes at 1.33% of lithium for its Finnis project.

Geochemistry samples from 10km south of the Alcoota project - license to be-granted - had returned assays of 10.2% and 9.6% of lithium, suggesting there was a pegmatite zone within tenure prospective for lithium mineralisation, the company said. 'The Board is delighted with this variation agreement since it will enable the exploration team in Australia to commence work immediately on developing prime lithium assets, starting with the Picasso project in Western Australia. Alliance Mineral Assets' recently raised AU$ 40 million to develop its lithium assets in the region, including its high-profile Bald Hill Mine, which located as it is nearby to Picasso, underlines the opportunity and potential upside for Cadence,' said Kiran Morzaria, Chief Executive Officer. 'More importantly, this transaction is strategically beneficial as the Australian projects were acquired without any material variation to the monetary value of the acquisition agreed over the six Argentina assets. At a stroke, this delivers Cadence three additional opportunities to create incremental value for shareholders while continuing to progress the highly prospective Argentina assets.'

At 8:37am: (LON:KDNC) Cadence Minerals Plc share price was +0.01p at 0.11p

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