Business
Argentine Hard Rock Acquisition
Argentine Hard Rock Acquisition.
About this update from Cadence Minerals Plc
[{"type":"text","content":"\n \nRNS Number : 8931Y Cadence Minerals PLC 11 December 2017 \n\nCadence Minerals Plc\n \n(\"Cadence Minerals\", \"Cadence\" or \"the Company\")\n \nAcquisition of up to 100% of Hard Rock Lithium Prospects in Argentina\n \nCadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is delighted to inform shareholders that it has executed binding investment agreements with Lithium Technologies Pty Ltd and Lithium Supplies Pty Ltd (\"The Vendors\") to acquire up to 100% of six prospective hard rock lithium assets in Argentina.\nThese transactions mark the start of the Company's strategic shift to earn in to early stage lithium assets in well-known lithium jurisdictions where we see the potential to deliver shareholder value by investing in projects that have shorter development timeline to cashflow than a typical lithium carbonate producer. \nHIGHLIGHTS\n· The Vendors have claims over 55,773 hectares for six exploration permits within the known spodumene bearing pegmatite fields in San Luis Province, Central Argentina.\n· Initial site visit and reviews by Cadence have confirmed multiple pegmatite outcrops across the six claims. Some of these occurrences are proximate or along strike from known mineralised pegmatites that have been previously mined for lithium minerals (such as spodumene or lepidolite).\n· The pegmatite fields of San Luis have an important past record of producing mica, beryl, spodumene, tantalite (tantalum oxide), columbite (niobium oxide), and recently potassium feldspar, albite and quartz.\n· Historic mines outside of the claims have produced lithium oxide (\"Li2O\") at grades ranging from 4.5% to 6.5%.\n· The properties have good access and infrastructure support for exploration activities on a year-round basis.\n· On grant of the exploration permits Cadence will acquire up to 49% by spending £1.1m on exploration and drilling, and by issuing £0.4 million of new ordinary shares in Cadence to The Vendors.\n· Cadence has an option to acquire up to 100% by issuing a further £1.75m of new ordinary shares in Cadence.\nKiran Morzaria, Chief Executive Officer of Cadence, commented:\n\"These assets tick all the boxes that we were looking for: located in a well-known lithium producing country and in a large pegmatite field with kno...