7th Feb 2019 11:21
LONDON (Alliance News) - Cadence Minerals PLC on Thursday said more than a third of recent rock-chip samples taken at the Arden base metal project in South Australia returned over 2% copper.
Shares in mineral resource investor Cadence were up 5.5% at 0.12 pence on Thursday.
Of the 36 samples taken near the historic Mount Arden copper mine, 13 returned results over 2% copper with several high-grade results of 20%, 15%, 8.6%, and 5.5% copper.
The results were announced by Auroch Minerals Ltd, which owns the project. Cadence holds a 6.6% equity stake in Auroch.
Cadence Minerals Chief Executive Morzaria said: "Following the high-grade zinc results announced at the recently-drilled Ragless Range Prospect, the Auroch investment case continues to build with a set of high-grade copper results announced from the Arden project. As Auroch CEO Aidan Platel says, to get such high-grade copper results from first-pass surface-sampling over a 1 kilometre-long area is 'extremely encouraging'. We look forward to further developments."
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