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(Alliance News) - AIM-listed Cadence Minerals PLC on Monday said Macarthur Minerals reported "very positive" results across its iron ore, gold, nickel and cobalt projects in Western Australia.
Cadence holds about a 7% stake in Macarthur, and Australian miner and exploration company.
The UK-based investment firm said Macarthur is progressing on its feasibility study at Lake Giles iron project following the completion of infill drilling programme in December. Several drill holes from this programme intersected a zone of high-grade magnetite mineralisation, the company noted.
Turning to the Hillside project in the Pilbara region, Cadence said Macarthur has completed a drilling programme, testing potential supergene and hypogene mineralisation. This programme also tested outcropping quartz vein mineralisation.
Looking ahead, Macarthur will work closely with its partner, Fe Ltd, to advance exploration of its lithium, gold and base metal tenements in the Pilbara region.
In the meantime, infill drilling of the Moonshine Magnetite deposit has been completed with samples submitted to the laboratory, Cadence noted.
"Macarthur's focus remains on delivering a high-quality, low-impurity magnetite fines product which will target Asian steel mills that are focused on producing quality steel products, enhanced furnace efficiencies, reduced consumption of coking coal and improved environment emissions standards," said Macarthur Executive Chair Cameron McCall.
Cadence shares were trading 0.9% lower in London on Monday at 6.56 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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