16th Jan 2019 17:50
LONDON (Alliance News) - Cadence Minerals PLC on Wednesday said it was encouraged by results from the nickel sulphide targets at its Lake Giles project in Western Australia.
Shares in Cadence closed up 13% at 0.16 pence on Wednesday.
The miner said that the two reverse circulation drill holes at the Moonshine North area of Lake Giles "returned encouraging assay results".
Anomalous nickel was found in hole 18MRC001, with an average grade of 0.2% nickel over 31 metres from 26 metres.
Both holes successfully intersected sulphide minerals at depth and semi-massive sulphide was recorded over 12 metres in hole 18MRC002 from 185 metres to the end of the hole.
The sulphide mineralisation was open at depth, and was on strike with the hole ending in sulphide mineralisation.
"This drilling update from Macarthur provides encouraging assay results to follow the earlier geophysical surveys. We look forward to further updates," said Candence Minerals Chief Executive Kiran Morzaria.
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