Cadence Minerals discovers high-grade magnetite at Lake Giles Iron Project
The group said that infill drilling took place at a zone identified previously at the Moonshine North deposit, which forms as part of the project.
Cadence reported successful reverse circulation (RC) drilling at the zone identifying high-grade magnetite mineralisation.
The programme commenced on 17 August 2019 and concluded on 8 December 2019 with a total of 21 reverse circulation holes and nine diamond drill holes completed.
The successful intersection showed high-grade magnetite concentrate averaging at 40.51% and 40.23%, whilst in some cases the highest grades recorded across intervals were 47.52% and 60.64%.
Cadence has said that previous test work has demonstrated the potential to produce a processed high-grade magnetite concentrate of approximately 68-69%.
"As major shareholders in the company, the Cadence board remains enthused by the ongoing potential at the Lake Giles Iron project, and the increased profile Macarthur now enjoys as a dual listed entity,” commented Cadence’s Chief Exectuvie, Kiran Morzaria.
Cadence holds a roughly 7.4% interest in Australian-based Macarthur, with its percentage equity interest in the mining exploration firm having lowered as a result of the completion of Macarthur’s recent listing on ASX which occurred on Friday.
“Macarthur's dual listing on the ASX and the TSX-V will provide the Company with increased opportunities in the pre-development stage of its flagship Moonshine Magnetite Project,” said Macarthur’s Chairman, Cameron McCall who added that he had already witnessed positive market response in the first two days of trading.
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