REG - Cadence Minerals PLC - EMH Announcement: Outstanding Lithium Recoveries

Cadence MineralsAnnouncement

25/05/2023 08:45

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RNS Number : 6522A  Cadence Minerals PLC  25 May 2023

Cadence Minerals Plc

 

("Cadence Minerals", "Cadence", or "the Company")

 

European Metals Announcement: Testwork Realises Continued Outstanding Lithium
Recoveries

 

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) that it has achieved favourable testwork results
which confirm separation efficiency and capability of flotation of
lithium-bearing zinnwaldite.

 

Highlights:

·      Testwork confirms separation efficiency and capability of
flotation of lithium- bearing zinnwaldite from the Cinovec Lithium / Tin
Project.

·      Flotation testwork repeatedly reached >95% lithium recovery to
flotation concentrates at target Li-grades and mass yield

·      DFS remains on track for completion in Q4 2023

 

The updated flotation testwork recently undertaken at Nagrom Laboratories
(Perth) has repeatedly reached >95% lithium recovery from flotation
concentrates at target Li-grades and mass yield. Ongoing testwork to confirm
the robust nature of the process and optimise the DFS design has surpassed
previous performance indicators.

 

Results from testing and optimisation of flotation for the concentration of
zinnwaldite in fine ore has exceeded expectations and further demonstrated the
potential for high overall lithium recoveries when combined with magnetic
separation for the coarse particle size ranges.

 

European Metals Executive Chairman Keith Coughlan commented; "The exceptional
lithium extraction results are outstanding and further underline the
commercial viability of operations at Cinovec. These results show
repeatability of >95% lithium recovery at neutral pH and confirm both capex
and opex reductions, demonstrating the strong operational viability of the
FECAB plant. We look forward to further results of the ongoing optimisation
work as part of the DFS. The neutral pH of the flotation further enhances the
already strong ESG credentials of the Cinovec Project particularly when
compared to the acid flotation used on micas elsewhere around the globe. We
expect the current testwork to be completed by the end of June and will
publish the full results."

 

Cadence CEO Kiran Morzaria added; "These outstanding lithium recoveries
further enhances Cinovec's already exceptional potential as a future battery
grade lithium supply hub for Europe and the rest of the world. We are
pleased to remain shareholders and supporters of EMH, and we look forward to
further developments."

 

Link here
(https://www.londonstockexchange.com/news-article/EMH/testwork-realises-outstanding-lithium-recoveries/15971370)
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 6.8% percent of the equity in European
Metals Holdings.

 

 For further information contact:

 Cadence Minerals plc                                           +44 (0) 20 3582 6636
 Andrew Suckling
 Kiran Morzaria

 WH Ireland Limited (NOMAD & Broker)                            +44 (0) 207 220 1666
 James Joyce
 Darshan Patel

 Enzo Aliaj

 Brand Communications                                           +44 (0) 7976 431608
 Public & Investor Relations
 Alan Green

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.

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