Fortified Securities, acting as Joint Broker to Cadence Minerals Plc (AIM: KDNC), has successfully led a £1 million fundraising. The proceeds will enable Cadence to advance its investment into highly prospective tungsten, antimony, and gold projects in Spain and Portugal, while continuing its commitment to the Amapá Iron Ore Project in Brazil.
Key Highlights:
£1 million raised via institutional placing at 1.5p per share. Pompeya Project (Spain):
Covers 470 km² with historic mine workings and significant tungsten mineralisation.
Rock chip samples: 3.3% to 4.8% WO₃. Sarzedas Project (Portugal):
Covers 57 km² with old workings and waste dumps.
Gold grab samples: 0.4 g/t to 109.9 g/t (median grade 30.9 g/t). Tungsten remains a critical strategic material, with prices showing strong upward momentum.
Summary of the Projects
Pompeya Project (Spain)
Located in Extremadura, southwest Spain, covering 470 km² of tenements.
Situated in the Ossa-Morena Zone, featuring mineralised skarns formed by interactions between intrusive rocks and carbonate host rocks.
Historically mined for magnetite (iron ore); tungsten potential identified recently.
Recent UV surveys and surface sampling confirmed tungsten-bearing scheelite with assay results between 3.3% and 4.8% WO₃.
Next steps: Detailed geological mapping, sampling, and scout drilling to define resource targets.
Sarzeda Project (Portugal)
Located in eastern Portugal, 19 km west of Castelo Branco, covering 57 km².
Includes several historic antimony and tungsten mines (operated 1916–1951).
Waste dump sampling in the 1980s returned significant gold grades: 0.4 g/t to 109.9 g/t (median grade: 30.9 g/t).
Situated within the Variscan Iberian Antimony Belt, a 400 km mineralised zone.
Tungsten Market Potential
Tungsten is a critical strategic material, recognised by the US, EU, and UK due to its economic importance and supply risks.
Key properties: Highest melting point of all pure metals (3,422°C) and exceptional hardness (e.g., tungsten carbide rivals diamond).
Applications include cutting tools, aerospace, defence, mining, medical, and consumer electronics.
Tungsten materials are under evaluation for use in lithium-ion batteries.
Details of the Letter of Intent (LOI) with Hesperian
Cadence secures exclusivity until Q1 2025 to conduct due diligence and finalise agreements.
Investment Stages:
Phase 1: €430,000 investment over 6 months for initial exploration (mapping, drilling) and €175,000 in Cadence shares for 15% interest.
Phase 2: €2 million investment over 24 months for advanced exploration and €600,000 in Cadence shares for an additional 25% interest.
Cadence retains a first right of refusal to enter a joint venture post-Phase 2.
Cadence intends to drive targeted exploration over the next six months in the Pompeya Project to identify further mineral resource potential at the project. We are proud to support Cadence Minerals on this important step forward and look forward to seeing these projects progress.
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