The move will generate incremental value for Cadence shareholders while continuing to advance its highly prospective assets.
Cadence Minerals, an early investment strategy & development firm within the mineral resource sector, has recently agreed to purchase three highly prospective assets in Australia for high-grade lithium mineralization. As per reliable sources, the acquisition would cover three projects namely Litchfield (Northern Territories – NT), Picasso (Western Australia – WA) and Alcoota (NT).
Commenting on the move, the company said that the agreement had been brought to fruition via a series of binding investment agreements in place with Lithium Supplies and Lithium Technologies that were entered to acquire 100% of the six prospective lithium assets.
Signifying exploration advantage for Picasso, the company said that the Bald Hill Mine had a mineral resource of 26.5 million tons at 0.96 percent lithium, with plausible ore reserves at 11.3 million tons, at 1.01 percent lithium.
Further, the Litchfield project, situated close to Darwin (NT), had a mineral resource of 8.55 million tons at 1.33 percent of lithium for its Finnis project, while the geochemistry samples near the Alcoota project had returned assays of 10.2 percent and 9.6 percent of lithium, figures that suggest the presence of a pegmatite zone within term prospective for lithium mineralization, claims the company.
Speaking on the acquisition, Kiran Morzaria, CEO, Cadence, said that the board is rather thrilled with this variation agreement as it will enable its exploration team in Australia to start work immediately on the development of key lithium assets, beginning with the Picasso project in Western Australia.
He said that Australia’s Alliance Mineral Assets had raised close to AU$ 40 million recently for developing its lithium assets in the zone, inclusive of its Bald Hill Mine, that underlines the opportunity and potential upside for Cadence.
Furthermore, Morzaria added that the acquisition delivers Cadence three additional opportunities to generate incremental value for shareholders while continuing to advance the highly prospective assets.