11th Dec 2019 12:53
(Alliance News) - Cadence Minerals PLC on Wednesday said Macarthur Minerals has identified a zone of high-grade magnetite mineralisation at its Lake Giles iron project in Western Australia.
Cadence holds a 7.4% interest in Macarthur, a mining exploration company.
The AIM-listed investment company said reverse circulation drilling has intersected the high-grade magnetite mineralisation at Moonshine North deposit, which forms a part of Lake Giles project.
The drilling programme commenced on August 17 and concluded on Sunday last week, with a total of 21 reverse circulation holes and 9 diamond drill holes completed.
Cadence said previous test work has demonstrated the potential to produce a processed high-grade magnetite concentrate of approximately 68% to 69%.
"As major shareholders in the company, the Cadence board remains enthused by the ongoing potential at the Lake Giles Iron project, and the increased profile Macarthur now enjoys as a dual listed entity," said Cadence Chief Executive Kiran Morzaria.
Cadence shares were trading 1.9% higher in London on Wednesday at 8.15 pence each.
By Evelina Grecenko; [email protected]
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