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(Alliance News) - Investment firm Cadence Minerals PLC on Wednesday said investee Macarthur Minerals has secured an AUD85,000 grant from the Western Australian government.
Cadence has a 4.1% stake in mining exploration company Macarthur.
The grant is part of the state's AUD5 million Exploration Incentive Scheme to encourage drilling in greenfields and under-explored areas of Western Australia and offers up to 50% contribution to drilling costs
It was awarded to support diamond drilling at Macarthur's Moonshine North Nickel Prospect, located within its Lake Giles iron project. Cadence said drilling will target a 20,000 Siemens plate conductor geophysical anomaly and an anomalous nickel horizon found in a nearby drill hole.
Drill holes from the programme intersect a zone of high-grade magnetite mineralisation, Cadence has previously noted.
Cadence shares were trading 7.7% higher at 3.45 pence each on Wednesday afternoon in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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