Cadence Minerals PLC (LON:KDNC) said Auroch Minerals - in which Cadence currently owns a 7.7% stake – has revealed encouraging sampling results from the second round of multi-elemental analysis on waste dumps at the Tisová - Co Cu Au project in the Czech Republic.
In a statement, Cadence said Auroch's results from second round testing of the historic waste dumps confirm cobalt presence, as well as significant grades of copper, gold and silver.
The firm said the best results showed 0.69% cobalt, 17.1% copper, 3.7 parts per million (ppm) gold and 178 ppm silver
Cadence added that Auroch said approvals have been secured for an initial drill programme with an in-country team mobilised and preparing for a drilling campaign in mid-September, with a 3D model of the ore body under construction.
Kiran Morzaria, Cadence’s chief executive officer commented: "It is great to see such encouraging initial results from the Tisová project.
“The dump sampling has encountered economic grades of Cobalt, which along with the polymetallic nature of the mineralisation in the samples make for a highly prospective exploration target."
He added: "With Auroch scheduled to start drilling this September and initial geological interpretation work indicating an ore body of substantial tonnage, we look forward to the news flow and results over the coming months."
In a separate statement today, Cadence also noted the announcement today from Bacanora Minerals PLC (LON:BCN) - in which Cadence currently owns a 16.1% shareholding - providing an update on the Sonora Lithium Project in Mexico, including progress on the work processes for the feasibility study and debt funding discussions.