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(Alliance News) - Cadence Minerals PLC said Monday investee Macarthur Minerals has started its diamond and reverse circulations drilling program in the central region of the Moonshine deposit at its Lake Giles iron project in Western Australia.
Cadence holds a 9.8% interest in Australian mining exploration company Macarthur.
Cadence said the drilling program has been designed to upgrade the resource classification to include indicated and measured mineral resources. The updated mineral resource will underpin the bankable feasibility study, Cadence added.
The infill drilling program has been designed at closer drill hole spacing than previous drilling programs. The new program includes a total of 21 reverse circulation and 9 diamond holes.
The first batch of drill samples are being prepared to be sent to the laboratory, Cadence said. Among those samples include: diamond drill hole LGDD 066 which intersected the banded iron formation at a depth of 12.6 metres, including a section of 81.1 meters from 49.9 metres with "strong visual magnetite content".
Shares in Cadence Minerals closed down 0.5% in London at 0.097 pence each.