10th Apr 2019 14:13
LONDON (Alliance News) - Cadence Minerals PLC on Wednesday said it will increase its holdings in two investees following positive work on lithium assets in Australia.
Cadence will up its stake in Lithium Technologies Pty Ltd and Lithium Supplies Pty Ltd to 24% from 4%.
These companies own the Picasso, Litchfield, and Alcoota lithium projects in Australia, and have recently reported positive drilling results.
At Picasso, they found at leas 70 mineralised surface ores, with the pegmatites to now be fast-tracked to follow-up work.
The two found "encouraging" high grade lithium at Litchfield, and Cadence is also confident on finding "multiple" lithium-rich pegmatites at Alcoota.
Cadence Chief Executive Kiran Morzaria said: "Cadence's geology consultant has moved swiftly over the past month to broaden the understanding of our newly acquired lithium assets in Australia, uncovering 70 potentially mineralised occurrences at the Picasso project and verifying there is a pegmatite continuum across the Alcoota tenure."
"Furthermore, Core Lithium's recent drill assay results from its BP33 deposit, which are arguably among the highest in Australia in the past 12 months, clearly benefits Cadence's Litchfield project given it is only 900 metres away."
"These initial findings represent a highly encouraging start and clearly set the stage for an exciting exploration program to unfold over the balance of the year, as the geology consultancy moves quickly to develop these highly prospective lithium projects," Morzaria added.
Cadence shares were 1.3% higher Wednesday afternoon at 0.15 pence each.
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