Rock chip sampling at Cadence Minerals Plc’s (LON:KDNC) investee company Macarthur Minerals Limited (CVE:MMS) has once again highlighted the potential for high grade gold at its Pilbara tenements in Western Australia.
A rock chip from a recent reconnaissance visit to its Hillside project returned 8.5 grams per tonne (g/t) of gold.
The purpose of that trip was to investigate further the “highly anomalous” gold results reported in the past.
“Macarthur Minerals is excited about the potential for high grade gold on its Pilbara tenements that were primarily acquired for lithium,” said Macarthur chief executive David Taplin.
“Historical rock chip sampling on its Hillside Project returned results up to 447 g/t gold and 7.8% copper.
“A rock chip from a recent reconnaissance visit with Artemis Resources to the Hillside project returned 8.5 g/t gold.”
He added: “This further confirms the potential for high grade gold on the project. The Project is located on or adjacent to the same geological formations as the recent gold nugget discovery of Kalamazoo Resources Limited further north.”
Cadence has a 15.7% equity stake in Macarthur – an Australian explorer focused primarily on lithium and iron ore in the Pilbara region of Western Australia. It also has a lithium project in the USA.
Cadence shares were up 3.6% to 0.35p in afternoon trading on Friday.