Shares in Cadence Minerals PLC (LON:KDNC) rose on Wednesday after it flagged a statement from Auroch Minerals, in which it has a 7% stake.
Auroch Minerals (ASE:AOU) has started drilling at its Arden base-metals project in South Australia.
READ: Cadence Minerals ‘delighted’ with activity at Auroch Minerals Arden project
The maiden drill programme was initiated at the first planned drill-hole location at the Ragless Range Target, where the initial drill-hole is targeting the depth extensions of a high-grade zinc sedimentary-exhalative. In addition to the Ragless Range target, the maiden drilling programme at the Arden project will also test the base-metals potential at the Radford Creek and Kanyaka prospects, where rock-chip samples assaying as high as 12.4% copper, 2.4% zinc and 0.5% cobalt present exciting drill targets, Cadence reported.
Cadence Minerals #KDNC - @Auroch_Minerals ASX:AOU commences drilling programme at Arden base-metas Project #Lithium #Zinc #Cobalt #Copper https://t.co/k5EriCGRrl pic.twitter.com/6Zf09qiXMt
— Cadence (@CadenceMinerals) August 2, 2018
"Along with Aidan Platel and the Auroch team, myself and the staff at Cadence are wholly enthused by the sheer potential of the Arden base-metals project,” said Kiran Morzaria, the chief executive officer of Cadence.
“Drilling is expected to take around six weeks to complete, with results published as soon as they become available," he added.
Shares in Auroch closed at A$0.11 on Thursday, up 4.8%. Cadence shares were trading 3.8% higher at 0.2p in London.
#ASX UPDATE: The maiden drill programme was initiated with the first planned drill-hole location at the Ragless Range Target. Read more https://t.co/ds8S8SvRzx #basemetals $AOU pic.twitter.com/LXPuJqa7Vj
— Auroch Minerals (@Auroch_Minerals) August 2, 2018