Cadence
Minerals Plc
("Cadence
Minerals", "Cadence", or "the Company")
European
Metals Holdings #EMH - Extension Granted to all
Cinovec Exploration Licenses
Cadence Minerals (AIM/NEX: KDNC;
OTC: KDNCY) is pleased to note the announcement by European Metals
Holdings Limited (ASX & AIM: EMH, OTCQX: EMHXY, ERPNF and
EMHLF) in regard to the granting of an extension to all four
Cinovec Exploration Licences ("the licences"). These licenses fully
cover all three granted Preliminary Mining Permits ("PMP's")
comprising the Cinovec Project. All four licences have been
extended until 31 December 2026. The granting of this extension
follows a comprehensive evaluation by the relevant state
authorities of results achieved to date in exploring the deposit.
Plans for future exploration work, including further resource
drilling, and compliance with conditions set by the Czech Ministry
of Environment were also assessed.
The extension was necessary as the
granted PMP's, whilst conveying the sole and exclusive rights to
apply for a Final Mining Permit, do not allow for further drilling
until the final mining area is granted. As the Company plans to
conduct further metallurgical and measured resource drilling, an
extension to the exploration licenses due to expire in December
2023 was sought.
The licences extension applies to
the Exploration Areas Cínovec, Cínovec II, Cínovec III and
Cínovec IV, which fully cover the East, South and NorthWest
PMP's.
Link
here to view the full EMH
announcement
Cinovec Lithium/Tin Project
Geomet s.r.o. controls the mineral
exploration licenses awarded by the Czech State over the Cinovec
Lithium/Tin Project. Geomet has been granted a preliminary mining
permit by the Ministry of Environment and the Ministry of Industry.
The company is owned 49% by EMH and 51% by CEZ a.s. through its
wholly owned subsidiary, SDAS. Cinovec hosts a globally significant
hard rock lithium deposit with a total Measured Mineral Resource of
53.3Mt at 0.48% Li2O and 0.08% Sn, Indicated Mineral Resource of
360.2Mt at 0.44% Li2O and 0.05% Sn and an Inferred Mineral Resource
of 294.7Mt at 0.39% Li2O and 0.05% Sn containing a combined 7.39
million tonnes Lithium Carbonate Equivalent and 335.1kt of
tin.
Cadence Minerals holds approximately
5.6% percent of the equity in European Metals Holdings.
For further information
contact:
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Cadence Minerals plc
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+44
(0) 20 3582 6636
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Andrew Suckling
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Kiran Morzaria
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WH
Ireland Limited (NOMAD & Broker)
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+44
(0) 20 7220 1666
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James Joyce
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Darshan Patel
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Fortified Securities - Joint Broker
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+44
(0) 20 3411 7773
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Guy Wheatley
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Brand Communications
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+44
(0) 7976 431608
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Public & Investor
Relations
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Alan Green
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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.
Cautionary and
Forward-Looking Statements
Certain statements in this
announcement are or may be deemed to be forward-looking statements.
Forward-looking statements are identified 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 reflect 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.
The
information contained within this announcement is deemed by the
company to constitute Inside Information as stipulated under the
Market Abuse Regulation (E.U.) No. 596/2014, as it forms part of
U.K. domestic law under the European Union (Withdrawal) Act 2018,
as amended. Upon the publication of this announcement via a
regulatory information service, this information is considered to
be in the public domain.