26th Mar 2020 06:59
(Alliance News) - Cadence Minerals PLC on Wednesday noted that Macarthur Minerals is seeking a joint venture for the Lake Giles iron ore project in Western Australia.
Cadence holds a 4.1% equity interest in Australian miner Macarthur, which recently undertook rock chip sampling at Lake Giles. This sampling is looking at the potential for nickel and cobalt mineralisation at the project.
Previous rock chip sampling has confirmed nickel, cobalt, and chromium grades which "warrant further exploration".
Macarthur Executive Chair Cameron McCall said: "On the back of the company's initial exploration for nickel and base metals, the company has undertaken a comprehensive review of its previous drilling and soil sample assays and targeted several areas for on-ground exploration. Recent exploration was successful in extending the anomalous nickel and cobalt rock samples along the extent of the bedrock conductor identified in mid-2018.
"The company is now in the process of seeking a venture partner interested in furthering this opportunity at Lake Giles."
By Anna Farley; [email protected]
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