8th May 2019 11:45
LONDON (Alliance News) - Cadence Minerals PLC said Wednesday Auroch Minerals Ltd, in which Cadence holds a 6.5% stake, has started a ground-gravity survey at its Arden project in Port Augusta, South Australia.
Shares in natural resources-focused investor Cadence were down 1.8% at 0.14 pence on Wednesday.
The survey will cover two highly-prospective target areas of the Ragless Range prospect and a third target area at the Radford Creek prospect.
Atlas Geophysics Pty Ltd has been appointed to carry out the gravity survey, which is expected to be completed in a week. The initial line-spacing has been planned at 125 to 200 metres, which might be infilled to closer spacing if required as the survey progresses.
"Aidan Platel and the Auroch team continue to build the investment case for Cadence Minerals. We look forward to the survey results and subsequent developments," said Chief Executive Kiran Morzaria.
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