Cadence Minerals Plc (LON:KDNC) stands to gain from Macarthur Minerals Limited’s decision to expand its exploration licence in Pilbara, Western Australia.
Macarthur, in which Cadence owns a 16.1% stake, said it wants to expand its tenements to include historical rock chip sampling results of up to 447 grams per tonne gold and 7.8% copper. The tenements were initially acquired for lithium.
Macarthur has entered into a letter of intent to acquire exploration licence E45/4685, which immediately adjoins exploration licence applications E45/4824, E45/4708 and E45/4709.
The group of tenements, which indicate potential for gold and copper, surround the mining lease of the historic Edelwiess gold mine.
The area, located about185km south-east of Port Hedland and 50km south-west of Marble Bar, has previously been explored by various companies for gold, copper, zinc and lead but limited drilling has been conducted.
“Historical results, in addition to numerous gold occurrences recorded between the Table Top and Edelweiss mines over a strike of 7.5 km, suggest the area is highly prospective for both gold and copper mineralisation,” Cadence said in a statement.
David Taplin, president and chief executive of Macarthur, said the company is interested in attracting a farm-in partner to take its projects forward.
He said the group would continue to focus on exploration of its lithium properties and move its iron ore projects forward.