Cadence updates on Macarthur projects in Western Australia
Source - SMW
Cadence Minerals has reported that Macarthur Minerals, in which it owns a 20.3% shareholding, has announced it has discovered the potential for cobalt, nickel and chromium at its iron ore orojects in Western Australia.
Background and review of samples for cobalt:
Macarthur Iron Ore Pty Ltd ("MIO"), a subsidiary of Macarthur Australia Limited ("Macarthur Australia") holds 15 granted mining leases, situated in the Eastern Goldfields region of Western Australia. The Company owns approximately 90% of Macarthur Australia, which is currently undertaking an Initial Public Offering ("IPO") on the Australian Securities Exchange ("ASX").
MIO recently commenced a review of the historical drilling data to conduct selected assays for the potential for other minerals, including cobalt, nickel and chromium, to occur at the Iron Ore Projects. Since July 2006, MIO has drilled 1,841 reverse circulation percussion drill holes (for 142,443 metres) and 49 diamond drill holes (for 4,170 metres) targeting iron mineralisation associated with banded iron formation ("BIF") units.
As previous work on the Iron Ore Projects has mainly focussed on the development of the Ularring Hematite Project and the Moonshine Magnetite Project, only a fraction of drilling samples have been assayed for base metals including cobalt. MIO still holds samples from 1,890 drill holes, which allows for re-assay of other minerals including cobalt. MIO has recently dispatched over 2,600 samples to the lab to be assayed for other minerals including cobalt.
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