Cadence Minerals (KDNC) notes that Macarthur Minerals (TSX-V: MMS) (ASX; MIO), of whom Cadence hold a 4.1% Equity stake, has announced a grant valued at $85,000 from the Western Australian Government to support drilling of a diamond drill hole at its Moonshine North Nickel Prospect, located within its Lake Giles Iron Project in Western Australia.
The grant is provided under the Exploration Incentive Scheme (EIS) administered by the Department of Mines, Industry Regulation and Safety (DMIRS). The program has been set up to support innovative drilling in green fields and under-explored areas of the State and offers up to 50 per cent contribution to drilling costs.
Highlights:
- The grant was awarded diamond drilling program targeting nickel mineralisation at Moonshine.
- Deep drilling is planned, targeting two prospective targets:
- A ~20,000 Siemens plate conductor (MC02) geophysical anomaly.
- An anomalous nickel horizon found in a nearby drill hole (LGDD_054) close to surface. This hole intersected 19 meters @ 1% Ni (from 8 meters to 27 meters) including 1 meter @ 1.42% Ni (from 13m). This weathered surface expression could be a secondary dispersion of a massive sulphide source at depth
Moonshine Nickel Prospect
The Moonshine North Nickel Prospect lies within the Lake Giles Iron Project located 150 kilometres northwest of Kalgoorlie and 450 kilometres north east of Perth in Western Australia.
The Project area covers part of the Yerilgee Archean Greenstone belt within the Yilgarn craton. The geology consists of volcanic sequences mainly comprising of high magnesium basalts, komatiitic and ultramafic flows with numerous interflow banded iron formations (BIFs). The ultramafic rocks at Lake Giles are considered of Kambalda komatiite type. The extensive komatiite sequences of thick olivine cumulate flow units and felsic-intermediate volcanism indicates that the area fits a regional geological criterion for hosting komatiite nickel sulphide deposits such as those existing nickel mines within the Kalgoorlie Terrane.