Cadence Minerals PLC (LON:KDNC) has told investors that Auroch Minerals – the ASX-listed explorer in which Cadence has a 7.7% stake – is making good progress with the third drill hole at its Alcoutim copper-zinc project in Portugal.
Auroch said hole ALP003, which has so far been drilled to just over half of the planned depth of 1,200m, shares similarities with the nearby Neves Corvo mine and other major deposits within the Iberian Pyrite Belt.
“The geology intersected in from ALP003 is certainly a strong indication of the prospectivity of the current target,” said Auroch boss Andrew Tunks.
“We are now in the volcanic sedimentary complex target sequence and there is a significant correlation with the previous results from Billiton’s historic AC-1 hole, which is what we were aiming for.
“We anticipate hole 3 being completed during the second week of September, having been slightly delayed by only operating a single shift during the Portuguese August summer holidays.”
Tunks added that Auroch expects to complete the drilling of the third hole by the middle of this month.
Cadence shares fell 2.4% to 0.4p in late-morning trade on Monday.