Macarthur reported on a reconnaissance trip to the Lake Giles where it found surface rock samples containing the cobalt mineral asbolite, and it highlighted that assays included up to 2.6% cobalt and 2.0% nickel.
“The company has undertaken a comprehensive review of its previous drilling and soil sample assays and targeted several areas for on-ground exploration,” Macarthur executive chairman Cameron McCall said.
“Recent exploration was successful in collecting rock samples containing a significant concentration of cobalt and nickel. The company is excited by this find that coincides with several targets derived from geophysical surveys.
He added: “The company is now in the process of undertaking further geophysical surveys across the area and several other targets identified in its review.”
Kiran Morzaria, Cadence chief executive, separately said: “As we have observed previously, this area is highly prospective for gold.
“Adjoining its three, existing tenement Exploration Licence Applications, we are pleased that Macarthur Minerals has now completed this enlargement of its exploration position in the region."
Cadence owns an 18% stake in Macarthur Minerals.