Cadence Minerals' Investee Gets Encouraging Results In Nevada

8th Mar 2018 13:23

LONDON (Alliance News) - Cadence Minerals PLC said Thursday investee Macarthur Minerals Ltd has found zones suggesting a lithium brine aquifer at the Reynolds Springs lithium brine project in the US state of Nevada.

The Railroad valley, where Reynolds Springs is situated, has geological attributes similar to the nearby Clayton Valley, Cadence said, which hosts North America's only producing lithium mine.

Cadence has a 15% interest in Australian resources firm Macarthur.

Chief Executive Kiran Morzaria said: "Macarthur Minerals believes this is the start of something very significant in the US lithium sector. We now look forward to the development of a basin-wide geological model, ahead of permitting and drill testing."

Shares were up 2.1% on Thursday at 0.245 pence each.

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