The AIM-listed company said Auroch, in which it holds a 6.7% equity stake, discovered the Dewrang Target following interpretation of a recently completed induced polarisation (IP) survey that confirmed the “significant exploration upside and potential of the Bonaventura project”.
The IP survey at the Dewrang Target showed two highly-chargeable anomalies at about 200m depth over a strike length of over 400m.
Anomalies indicated potential for the presence of high-grade base metal sulphides, making the Dewrang Target a high-priority area for exploration.
Exploratory drilling at the project of up to 2,500m will begin in the third quarter, targeting highly-prospective copper, zinc and gold prospects.
"The early results from the Auroch Induced Polarisation survey are nothing short of spectacular," said Cadence chief executive Kiran Morzaria.
"IP results have not only confirmed drill-ready targets at Auroch's priority Vinco and Grainger prospects, but results from the new fourth drill Dewrang Target shows the IP chargeability anomaly is more than twice as strong than at Grainger."