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Rare earths & specialist minerals

Cadence Minerals: Macarthur Minerals completes acquisition of 15% of Yalgoo Exploration

Yalgoo Exploration owns two granted exploration licences (E59/2077 and E59/2140), covering an area of 191 square kilometres (47,161 acres) in the Murchison region, which are alocated approximately 500 km north-east of Perth

Proactive

Cadence Minerals Plc (LON:KDNC) noted that investee firm Macarthur Minerals Limited has completed its acquisition of 15% of Yalgoo Exploration Pty Ltd which owns the Melville Gold Project in Western Australia.

Yalgoo Exploration owns two granted exploration licences (E59/2077 and E59/2140), covering an area of 191 square kilometres (47,161 acres) in the Murchison region, which are alocated approximately 500 km north-east of Perth.

READ: Cadence Minerals: Macarthur Minerals cleared for exploration in Pilbara

Cadence has a 15.7% equity interest in Macarthur, which is an Australian mining exploration company focused primarily on lithium and iron ore in the Pilbara region of Western Australia. It also has a lithium project in the USA.

Kiran Morzaria, chief executive officer of Cadence, commented: "We believe that this acquisition brings additional value to the Macarthur Minerals, especially with the gold price at its current level."