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Cadence Minerals lifted by investee company Auroch Minerals' zinc projects purchase

Shares in Cadence were up 3.9% at 0.239p in late morning trading

Zinc capsule
The Bonaventura project has several high-grade zinc and gold targets that are drill-ready

Cadence Minerals PLC’s (LON:KDNC) investee firm Auroch Minerals is to acquire two zinc projects in South Australia.

Auroch announced it is to acquire 90% of the tenement known as the Arden zinc project and 100% of the tenement known as the Bonaventura zinc project.

READ: Cadence Minerals boosted by Macarthur Minerals Ltd breakthrough at Lake Giles

The Arden project is said to have the potential to host large-scale zinc, lead, copper and cobalt stratiform sedimentary exhalative deposits, while the Bonaventura project covers highly prospective geology and historic mines along 30km of strike of the regional-scale Cygnet-Snelling fault.

Cadence currently owns a 7.7% equity stake in Auroch Minerals, which is an exploration company targeting principally zinc, cobalt and lithium.

"We are pleased to see Auroch Minerals pursue acquisitions which are in historical mine areas and contain multiple highly prospective targets," said Kiran Morzaria, the chief executive officer of Cadence.

Shares in Cadence were up 3.9% at 0.239p in late morning trading.

Quick facts: Cadence Minerals PLC

Price: 9.4 GBX

Market: AIM
Market Cap: £11.96 m

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