Cadence Minerals plc reported an agreement to conduct due diligence over 10 tenements at the Leonora gold fields region, western Australia.
Australian miner Macarthur Minerals, in which Cadence has 1% interest, entered the exclusive agreement with Zanil Pty Ltd.
The Leonora tenements are approximately 237 kilometres north of the city of Kalgoorlie and near active gold mines such as Agnew, Gwalia and Sunrise Dam.
The tenement portfolio consists of two mining leases and eight prospecting licences, with nine of the areas located on historic gold workings.
The key tenements are Garden Well, Camel Lease, Great Northern, Barlow’s Gully, and Coppermine.
Cadence said that the Barlow’s Gully had no established mine workings, but has had surface gold extraction for more than 100 years.
Zanil is an Australian proprietary company and either directly holds rights over, or is authorised on behalf of the relevant tenement holders, to enter into the agreement with Macarthur in respect of the tenement areas.
Cadence Minerals plc is an investor with global interests in upstream exploration and development of strategic minerals.
The company’s interests include Cinovec, Czech Republic (lithium); Amapa, NE Brazil (iron ore); Sonora, Northern Mexico (lithium); Gascoyne, western Australia (rare earths); western and northern Australia (lithium).