Macarthur Minerals, in which Cadence holds a 15.2% equity interest, has expanded its exploration of Pilbara with the acquisition of licence E45/4685, covering an area of 35 square kilometres.
“Historical sampling suggests that this area is highly prospective for gold with rock chip sampling returning results up to 447 grams per tonne gold and 7.8% copper,” said Cadence chief executive, Kiran Morzaria.
“Previous prospecting has also found surface nugget gold in the area.”
The area adjoins Macarthur’s exploration licence applications E45/4824, E45/4708 and E45/4709, comprising the Hillside Gold Project.
The acquisition follows a letter of intent announced on 12 September.