Business
Investment in Austrian Leogang Project
Investment in Austrian Leogang Project.
About this update from Cadence Minerals Plc
[{"type":"text","content":"\n \nRNS Number : 1594I Cadence Minerals PLC 15 June 2017 \n\n15 June 2017\n Cadence Minerals Plc\n(\"Cadence\" or the \"Company\")\n Cadence to acquire first interest in Cobalt with investment in Austrian Leogang Project\n \nCadence Minerals Plc (AIM: KDNC), the AIM quoted listed resources investment company, advises that it has signed a binding Memorandum of Understanding (\"MOU\") with Australian- listed Clancy Exploration Limited (\"Clancy\" ASX: CLY) to earn into an initial 10% interest, with an option to increase its interest to 20%, in the high grade Leogang Cobalt-Nickel Sulphide Project in Austria (the \"Leogang Project\"). \nThe MOU allows for a period of 14 days for Cadence to complete the necessary due diligence and obtain the necessary board and regulatory approvals.\nFull technical details, maps and diagrams on the Project are detailed in the News Release made on 15 June 2017 by Clancy and are available their website [Insert link]. The following is summarised from the Clancy News Release.\nHighlights:\n· Cadence to acquire a 10% direct interest in the Leogang Project by issuing Clancy 73,750,000 Cadence shares.\n· Cadence has a six-month exclusive option to acquire a further 10% interest in the Leogang Project by paying Clancy a further A$1 million that can either be paid in cash or Cadence shares at the time of exercising its option, or a combination of at Cadence's election.\n· High grade cobalt-nickel-copper rock chip sampling Includes: \n· Nockelberg Historical Mine: \nØ Sample 1: 3.9% Cobalt, 1.55% Nickel & 2.19% Copper \nØ Sample 2: 3.6% Cobalt, 4.38% Copper \nØ Sample 3: 1.95% Cobalt, 2.35% Nickel & 3.59% Copper \nØ Sample 4: 2.75% Cobalt, 2.36% Nickel & 3.19% Copper \nØ Sample 5: 4.65% Cobalt, 3.14% Nickel & 12.7% Copper \n· Leogang Historical Mine:\nØ Sample 6: 11.67% Cobalt, 6.52% Nickel & 3.82% Copper \nØ Sample 7: 15.76% Cobalt, 8.12% Nickel & 4.91% Copper \n· Substantial ground holding covering 80km2 secured.\n· No modern exploration completed to date - Airborne magnetic survey to be flown this year.\nAndrew Suckling, Cadence...