Cadence Minerals investee finds lithium indicators at Nevada site

Cadence Minerals announced on Thursday that its investee company Macarthur Minerals has identified indications of a lithium brine aquifer at its project in Railroad Valley, Nevada.

According to resource investment company Cadence, Macarthur has identified several zones which are indicative of the aquifer, which is a permeable rock structure which could contain or transmit groundwater.

A statement from Cadence said the Railroad Valley site has "geological attributes that closely match the Clayton Valley," which hosts Albemarles Silver Peak Lithium Mine, the only producing lithium mine in North America.

Cadence holds a 15.2% interest in Australian mining exploration company Macarthur, which focuses primarily on lithium, iron ore and gold in Western Australia.

Kiran Morzaria, chief executive of Cadence Minerals, said: "Macarthur Minerals believes this is the start of something very significant in the US lithium sector. We now look forward to the development of a basin-wide geological model, ahead of permitting and drill testing."

Cadence Minerals has invested over £25m worldwide to fund resource projects for the production of rechargeable batteries, with a particular focus on upstream exploration and development companies.

As of 1127 GMT, Cadence Minerals, shares were up 2.08% at 0.25p.