Cadence lauds acceleration of Auroch Minerals' drilling programme

Cadence Minerals on Wednesday reported that investee company Auroch Minerals accelerated its drilling programme with the start of works at its Bonaventura base metals project in South Australia.

The commodities investment firm, which owns approximately 7% of the equity in Auroch, said the maiden drill programme has already been initiated at the Arden project, with concurrent drilling now underway at both projects.

Aiden Platel, chief executive of Auroch, said: "In just four months we have concurrent drill programmes underway at both Arden and Bonaventura Projects over seven target areas, all of which have the ability to deliver the next major discovery in these respective areas."

Drilling of the first hole at the Dewrang target is underway, targeting high-grade zinc, lead and gold mineralisation.

The first hole is targeting an anomaly at between 150 and 200m in depth and continues over a strike of at least 1.5km squared that has been identified by Aurochs’ IP survey.

Kiran Morzaria, chief executive of Cadence, said: "Once again Cadence Minerals are delighted by the rapid progress made by Aidan Platel and his team. Auroch Minerals is at a pivotal moment in its history as a company."

Cadence’s shares were unchanged at 0.20p at 1156 BST.