Cadence Minerals agrees to acquire Pilbara asset from Macarthur Minerals

London-based early investment and development company Cadence Minerals agreed to acquire a 35 square kilometre exploration license in the Pilbara region of Western Australia from Macarthur Minerals.

Kiran Morzaria, chief executive officer of Cadence, said, "Historical sampling suggests that this area is highly prospective for gold with rock chip sampling returning results up to 447 grams per tonne gold and 7.8% copper. "

"Previous prospecting has also found surface nugget gold in the area," Morzaria added.

The E45/4685 license adjoins Macarthur's other exploration licences, E45/4824, E45/4708 and E45/4709, comprising the Hillside Gold Project.

Cadence held a 15.2% equity interest in Macarthur, a lithium, iron ore and gold exploration company focused primarily on the Pilbara, but which also operated a lithium project in Nevada, USA.

As of 1600 GMT, shares had slipped 2.86% to 0.340p.