Auroch Minerals, in which Cadence Minerals PLC (LON:KDNC) has a stake, has announced results from reconnaissance sampling at the Arden base metals project.
During reconnaissance field mapping and sampling at the Arden project, extensive sedimentary exhalative-style base metal mineralisation was observed at three of the advanced target areas: Ragless Range, Radford Creek and Kanyaka.
READ: Cadence Minerals lifted by investee company Auroch Minerals' zinc projects purchase
Sedimentary exhalative deposits, such as the giant Mt Isa deposit in Queensland, are globally significant in that they account for over half of the world's zinc and lead production.
High-grade zinc, copper and cobalt mineralisation was confirmed by laboratory analyses of rock-chip samples.
At Ragless Range, results from rock chips included 6.97% zinc (Zn), 6.53% Zn and 5.55% Zn.
At the Radford Creek lead-zinc (Pb-Zn) target results from rock-chips taken from existing trenches included 3.9% Pb & 1.7% Zn, and 2.9% Pb & 1.6% Zn.
At the Kanyaka copper-cobalt (Cu-Co) target results of rock chips taken from old workings included 12.4% Cu, 2.4% Zn and 0.5% Co plus 9.9% Cu, 4.0% Zn, 0.2% Co and 0.2 grams per tonne of gold.
"These very pleasing results confirm potential for a substantial zinc, lead, copper and cobalt play supported by excellent infrastructure,” declared Kiran Morzaria, chief executive officer of Cadence.
Cadence has a 7.7% equity stake in Australian explorer Auroch.
Shares in Cadence were up 2.2% in late-morning trading.