4th Oct 2018 11:09
LONDON (Alliance News) - Cadence Minerals PLC said Thursday Australian exploration company Auroch Minerals has discovered a new base-metals mineralised system at its 100% owned Bonaventura project in south Australia.
Cadence has a 6.6% stake in Auroch.
The drill-hole at the Dewrang target intersected 8.90 metres at 2.1% zinc and 0.51% lead from 180.6 metres, including 1.0 metre at 4.5% zinc and 1.0% lead from 186.7 metres.
This was the first drill-hole from the maiden drill programme at the target.
Cadence said the "significant" zinc-lead mineralisation correlates "very well" with a geophysical induced polarisation anomaly which is up to 1.5 kilometres long, which had never previously been drill tested.
Chief Executive Officer Kiran Morzaria commented: "We stated that Auroch Minerals had reached a pivotal point in its history as a company. With the first drill hole indicating a significant mineralised base-metals system, Auroch looks well placed as the drilling programme progresses. For Cadence Minerals, the discovery provides further validation of our investment strategy, and we await further developments from both Bonaventura and Arden with great interest."
Shares in Cadence Minerals in were down 0.7% Thursday at 0.15 pence each.
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