logo-loader
viewCadence Minerals PLC

Cadence Minerals’ investee company Auroch Minerals hails “promising” results from latest drill hole at Alcoutim

“The geology intersected in from ALP003 is certainly a strong indication of the prospectivity of the current target”

drill bit
Hole 3 has been drilled to 689m out of a planned total depth of 1,200m

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.

READ: Cadence Minerals says Yangibana joint venture partner signs second MOU for an off-take deal

“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.

READ: Cadence Minerals associate Macarthur encouraged by gold and copper indications in Pilbara

Cadence shares fell 2.4% to 0.4p in late-morning trade on Monday.

Quick facts: Cadence Minerals PLC

Price: 6.7 GBX

AIM:KDNC
Market: AIM
Market Cap: £7.07 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Purpose Investments launch Europe's first cannabis funds

Greg Taylor, CIO of Purpose Investments, tells Proactive London how he wants to capture the growth potential of the global cannabis industry following his inception and management of a similar cannabis equity fund model in Canada. Taylor explains how Purpose is the first in Europe to complete...

15 minutes ago

2 min read