28th May 2019 12:14
LONDON (Alliance News) - Cadence Minerals PLC on Tuesday noted an investee has bought two projects in Western Australia for AUD1.5 million.
Auroch Minerals Ltd, listed in Sydney, is buying the Saints and Leinster nickel projects from peer Minotaur Exploration Ltd.
These two projects are "advanced and high-quality", said Cadence, with Saints holding inferred resources of 1.1 million tonnes of ore at 2.0% nickel. Leinster has 600 million tonnes at 1.4% nickel.
Kiran Morzaria, the chief executive of Cadence, said: "The acquisition of Saints and Leinster nickel projects represents another milestone for Aidan Platel and the Auroch team, and an excellent addition to Auroch's existing portfolio of projects.
"As highlighted in the announcement, both projects offer multiple drill-ready targets that will be tested immediately. We look forward to the results and subsequent developments."
Cadence, which has a 6.5% stake in Auroch, was 0.4% lower on Tuesday in London at 0.14 pence each.
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