Cadence Minerals (AIM:KDNC ) noted that Macarthur Minerals has received assay results for the infill drilling at its Lake Giles Iron Project confirming ‘significant’ intersections of magnetite.
Cadence holds around 4.1% of the issued equity interest in Macarthur, an Australian mining exploration firm which owns 100% of the project located near Kalgoorlie in Western Australia.
The Davis Tube Recovery (“DTR”) assays confirmed significant intersections of magnetite mineralisation with DTR concentrate grades up to 68.9% iron, this morning’s statement said.
Drilling at the Moonshine North deposit at Lake Giles comprised 21 reverse circulation holes for 3379 metres and 9 diamond drill holes for 1676.2 metres, totalling 5055.2m.
Shares in Cadence Minerals closed at 6.25p on Tuesday afternoon.
A weighted average DTR concentrate grade of 66.6% iron and weighted average mass recovery of 31.2% was recorded while 25 holes were submitted for x-ray fluorescence and DTR analysis.
“This has been a successful program, and these intersections will form the basis of a revised mineral resource estimate that will underpin the Feasibility Study,” said Executive Chairman of Macarthur Mineral, Cameron McCall.
The company said it has been “working hard” to progress key components of the project and “is well underway” with discussions to reach a contract with port and rail service providers.
Macarthur has engaged mining consultancy CSA Global to complete an updated resource model and classification which will advise further on the company securing a route to market.
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