Cadence Minerals (KDNC) announced that its portfolio company Macarthur Minerals, through its Joint Venture partner Fe Limited, is to ramp-up exploration at the Hillside project in Pilbara, Western Australia.
Earlier in the month, ASX listed Fe Limited (FEL), found copper results of up to 18.8% and a manganese oxide result of 59.4% in recent sampling at the Hillside project.
Cadence Minerals holds an approximate 9.8% equity interest in Macarthur Minerals, the Australian mining company focused on Western Australia.
Cadence CEO Kiran Morzaria commented; "FEL's announcement yesterday will allow the company to ramp-up exploration activities at the Hillside Project and, following the assay results announced earlier this month, is both great news for Macarthur Minerals and for Cadence as a major shareholder in Macarthur.”
Shares in Cadence Minerals ticked up 1.54% following the announcement
Fe Limited benefited from a $645,775 iron ore royalty payment from its Deception Iron Ore mine in September, which was two and a half times its June royalties, after production from the mine began ramping up.
Macarthur Minerals Executive Chairman Cameron McCall said; “I am pleased to report that Fe Limited is expanding its drilling program at the Hillside Project in the Pilbara.”
He continued: "FEL has raised over $1.2m since commencement of the Joint Venture which will be used to fund exploration and drilling activities across the tenements.”
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