Cadence Minerals Investee Buys Two South Australian Zinc Assets

6th Mar 2018 13:37

LONDON (Alliance News) - Cadence Minerals PLC said Tuesday its investee Auroch Minerals has taken a 90% stake in the Arden zinc project and the entirety of the Bonaventura project, both in South Australia.

Cadence said there is a 710 square kilometre exploration licence granted at Arden, with multiple assays of between 9% and 10% zinc and 0.1% cobalt.

Bonaventura, it said, covers "highly" prospective geology and historic mines. Previous drilling found high-grade zinc, and samples from the historic Kohinoor gold mine returned grades of up to 28 grammes of gold per tonne of ore.

Cadence has a 7.7% stake in Auroch Minerals.

Shares in Cadence were up 3.9% on Tuesday at 0.239 pence each.

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