Business
Castillo Extends Option Over Lithium Projects
Castillo Extends Option Over Lithium Projects.
About this update from Cadence Minerals Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 6198T\n Cadence Minerals PLC\n 25 November 2021\n \n \n \n \n Cadence Minerals Plc \n \n \n \n \n \n (\"Cadence Minerals\", \"Cadence\")\n \n \n \n \n \n Castillo Copper (ASX/LON: CCZ) - \n Option extension to acquire Litchfield and Picasso Lithium Projects\n .\n \n \n \n \n \n Cadence Minerals (AIM/AQX: KDNC; OTC: KDNCY) is pleased to announce that it has been advised by Castillo Copper (ASX/LON: CCZ) (\"Castillo\") that it will be extending the 90-day option to acquire the Picasso and Litchfield Lithium Projects in prime regions in Western Australia (WA) and the Northern Territory (NT) respectively. This is primarily due to processing delays at the laboratories, due to the huge demand to process samples, which is extending timelines significantly.\n \n \n \n \n \n For the full Castillo announcement, please click link \n \n here\n \n \n \n \n \n \n Highlights\n \n \n · \n CCZ is extending the 90-day option period to acquire the Litchfield and Picasso Lithium Projects1: \n \n \n o \n More than 650 surface assays for the Litchfield Lithium Project1, which is contiguous to Core Lithium's (ASX: CXO) strategic Finniss Lithium Project (JORC compliant ore reserves: 7.4Mt @ 1.3% Li2O)2, remain in process queues at the laboratory\n \n \n o \n Analysing and interpreting these assay results should potentially enable CCZ's geology team to determine if lithium mineralisation is contiguous between the Lichfield and Finniss Lithium Projects1\n \n \n · \n Under the terms of the option agreement, the extension remains effective until 30 days after the receipt of the full suite of assay results.\n \n \n \n \n \n Option Extended: \n \n \n Whilst reviewing available information for both projects has been positive, enhancing their potential to host lithium mineralisation, the assays are critical to enable due diligence to be finalised. This is especially the case for the Litchfield Lithium Project as it is contiguous to CXO's Finniss Lithium Project which has JORC compliant ore reserves of 7.4Mt @ 1.3% Li2O2. \n \n \n \n \n \n There are over 650 surface samples from four zones on the boundary with the Finniss Lithium Project. Analysing and interpreting these ass...