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(Alliance News) - Natural resources investment company Cadence Minerals PLC said Monday that investee Auroch Minerals Ltd has started its maiden drilling programme on its recently acquired Saints Nickel project in Australia.
Sydney-listed Auroch - in which Cadence holds a 4.3% stake, - has started the 3,000 metre diamond drilling programme, which will target the untested near-resource electromagnetic plates and possible down-plunge extensions to existing high-grade nickel sulphide mineralisation.
Drilling will also focus on confirming historical drilling data and high-grade nickel intersections, which comprise the current Saints resource of 1.1 million tonnes at a grade of 2.0% nickel and 0.2% copper and 0.06% cobalt.
"Topdrive and our exploration team are to be commended on the speed and professionalism with which the preparation for the drilling programme was completed. We have commenced the programme to test a compelling EM target down-plunge from high-grade nickel sulphide mineralisation on the Western Contact," said Aidan Platel, managing director at Auroch.
"Our programme will test similar high-priority targets at the St Patricks and St Andrews prospects, as well as drill deeper and along strike from previous drilling in order to collect valuable DHEM data that will be used to generate additional targets for a much larger drilling programme planned for 2020," Platel added.
Shares in Cadence Minerals remained flat at 0.098 pence on Monday in London.