Cadence Minerals Plc’ (LON:KDNC) investee company Auroch Minerals has taken out an option to acquire 100% of the historic Tisová copper mine and three exploration licence applications in the Czech Republic.
The Tisová mine operated most recently between 1959 and 1973 when it produced 560,000 tonnes of ore containing 0.68% copper.
Samples have also indicated significant grades of cobalt and gold, with little exploration carried out so far on the cobalt mineralisation.
The deposit at the mine is open along strike and down-dip and through the deal Auroch has secured a significant ground holding which provides scope to prove up a substantial deposit.
Drilling at the site will start in the next quarter. Cadence owns 7.7% of Auroch.
Separately, Cadence added that it has completed its due diligence and has elected to acquire an initial 10% direct interest in the historically high grade Leogang Cobalt-Nickel Sulphide Project in Austria.
Six early stage exploration targets have now been identified around the Nokelberg and Schwarzleo historical mining centres.
Kiran Morzaria, Cadence Mineral's chief executive, said: "Our initial review of the Leogang Project has been very encouraging.
“There is good exploration potential for cobalt, nickel, copper and other precious metals around the historical mines and the potential of much more extensive exploration targets over the dolomite-schist contact which the licences cover. “
“Our particular focus will be in the identification and definition of high-grade Cobalt mineralised areas, which we hope will become part of the supply chain in the heart of Europe's new battery manufacturing region."