26th Oct 2018 16:49
LONDON (Alliance News) - Cadence Minerals PLC on Friday said Macarthur Minerals has intersected sulphide minerals at depth when drilling high-priority targets at its Lake Giles project in western Australia.
Shares in Cadence closed up 9.8% at 0.13 pence on Friday.
The nickel sulphide targets were chosen based on geophysical surveys. Following the selection of these targets, 395 metres of reverse circulation drilling were conducted, with both of the drilled holes intersecting sulphide minerals at depth.
Cadence holds a 12% stake in Macarthur, an Australian mining exploration company. At present, Macarthur is still awaiting assay results from the drilling. A follow up stage two drill programme is planned, the goal of which is to determine the extent and depth of the mineralisation and determine if the results so far indicate a deeper or nearby nickel sulphide mineralisation system.
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