3rd Sep 2019 13:30
(Alliance News) - Cadence Minerals PLC said Tuesday that investee Auroch Minerals Ltd had received all permits to begin its maiden drilling programme as a recently acquired nickel project.
Sydney-listed Auroch - in which Cadence holds a 6.5% stake - reported all required permits and access required to begin its maiden diamond drilling programme at the Saints Nickel Project in Australia was now secured.
A drilling contract for a 3,000 metre hole has been signed, with the drilling targeted to grow the current 1.1 million tonnes at 2.00% nickel, 0.2% copper and 0.06% cobalt resource estimate at the site.
Drilling is expected to begin at Saints within the next two weeks.
"The Auroch investment case continues to build," Cadence Chief Executive Officer Kiran Morzaria said. "With high quality drilling targets already identified at Saints, we look forward to the initial results."
Shares in Cadence were 7.3% lower at 0.095 pence in London on Tuesday.
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