Cadence Minerals PLC’s (LON:KDNC) associate Macarthur Minerals Ltd (CVE:MMS) has identified high grade gold and copper potential from a review of historical data at its Australian exploration licences.
Originally acquired by Macarthur for their lithium potential, surface rock samples from 1984 indicated gold of up to 111 grams per tonne and copper up to 3.2%.
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“The company is interested in attracting a farm-in partner to take these projects forward while we continue our focus on exploration of our lithium properties and moving our iron ore projects forward,” said David Tapln, Macarthur’s chief executive said in a statement.
The three licences, which are in the Pilbara region of Australia, have been explored before for gold, copper, zinc and lead but there has been little drilling, he added.
Cadence has a 20.3% stake in Canadian Venture Exchange-listed Macarthur.