24th Aug 2018 11:21
LONDON (Alliance News) - Cadence Minerals PLC said Friday that its 12%-owned investee MacArthur Minerals Ltd has applied for an exploration licence near its Tambourah Lithium Project in Pilbara, Australia.
Historical data has indicated that the area is prospective for nickel-copper-cobalt and platinum group element mineralisations, the company said, adding that a further close spaced geochemical sampling is required along these structures.
"Macarthur Minerals already has a sizeable land package of 1,328 square kilometres in the Pilbara area which is highly prospective for conventional gold and conglomerate gold deposits. The company's Tambourah Lithium Project has already yielded promising rock chip results up to 1.47% lithium oxide, so the addition of a new tenement with a solid exploration pedigree in our view further enhances the Macarthur Minerals investment case," said Chief Executive Officer Kiran Morzaria.
Shares in Cadence Minerals were up 1.4% at 0.18 pence on Friday.
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