Cadence Minerals Plc (LON:KDNC) and Australian-listed Clancy Exploration Limited (ASX:CLY) have agreed that they will continue to explore the potential of the Leogang Cobalt-Nickel Sulphide Project in Austria despite concerns about overlapping licences.
AIM-listed Cadence noted that Clancy has provided an update on its exploration licences at the Leogang Project. Cadence owns a 10% direct interest in these licenses.
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In a statement to the Australian Stock Exchange, as previously announced, Clancy pointed out that it has been granted 200 exploration licences covering approximately 80 km2 at Leogang by the Austrian Federal Ministry of Science, Research and Economy.
Clancy said it has subsequently determined that there are 28 overlapping licences that have preceding priority claimants that predated the Australian firm’s applications by a number of weeks, which cover approximately 12 km2 or about 15% of the project area.
The ASX-listed firm said it continues to have priority over the balance of the project area, being 172 licenses covering approximately 68 km2, all of which have not undergone any forms of modern day exploration since the beginning of the 20th century.
It pointed out that this includes the areas around, but not immediately surrounding, the historical mines and extensions through the dolomite which was the target mineralisation for the original applications.
In its statement, Cadence said it and Clancy have agreed that to continue to explore the potential of the Leogang Project “with the view of identifying a new cobalt mining precinct in the heart of Europe and on the doorstep of the battery and renewable technology sectors.”
In addition, it continued, Cadence and Clancy will “work together to identify and acquire additional strategic mineral properties focused on the battery technology sector throughout Europe and in other international jurisdictions.”