11th Feb 2020 11:36
(Alliance News) - Cadence Minerals PLC on Tuesday said its Australian investee Macarthur Minerals Ltd reported promising drilling results from a gold project in Western Australia.
Macarthur Minerals, listed in Toronto, has a stake in the Pilbara Hillside project alongside joint-venture partner Fe Ltd. Cadence holds roughly a 6.0% interest in Macarthur .
Macarthur's partner Fe, a mineral exploration firm, has now received all of the results from assay work at the asset.
"Initial interpretation shows three holes have been positively identified to have intercepted down dip extensions of the surface gossan," Fe said in a statement, referring to gossan, a section of rock at the surface of an ore deposit.
Fe continued: "The holes with the intercepts span the entire length of the mapped strike pength demonstrating down dip extension of the surface mineralisation. Grades in all intersections show strongly anomalous mineralisation and provide valuable guidance for hole location in the next phase of drilling."
Cadence shares were flat at 5.75 pence each in London on Tuesday morning.
By Eric Cunha; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
Cadence Mineral