Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that ASX listed Evergreen Lithium Limited (“Evergreen”) (ASX: EG1) has announced the first batch of assays from its Phase 3 geochemical soil sampling at Bynoe in the Northern Territory which has identified new large and significant lithium anomalism. These new targets are in the central area of the tenement, demonstrating the widespread nature of potential mineralisation in the Bynoe pegmatite field. The anomalies demonstrate a north to north-east trend, similar to that found elsewhere in the Bynoe pegmatite field.
Highlights:
- EverGreen’s largest geochemical signatures identified to date in first 1007 soil samples in from Phase 3 soil sampling at Central Bynoe.
- Assay results show additional large-scale lithium (Li) trends to those previously identified.
- Additional infill and regional surface geochemical sampling completed with 2050 soil samples delivered for analysis. Results pending.
- Regional and prospect-scale mapping programs completed with additional field activities currently underway.
- Modelling of the geochemical results and previous Ambient Noise Tomography (ANT) is underway aiming to identify large “blind” pegmatite systems which do not outcrop.
- Preparation underway for the commencement of maiden drill program.
Exploration at Evergreen’s Bynoe Project has focused on the discovery of economic lithium mineralisation hosted in lithium-bearing lithium- caesium-tantalum (LCT) pegmatites.
The Bynoe Project is located contiguous to Core Lithium’s (ASX:CXO) Finniss Project which contains an estimated Total Mineral Resource of 30.6Mt at 1.31% Li2O. In 2022, Core Lithium (ASX:CXO), utilised ANT technology developed by Fleet Space Technologies at its Finniss Project.
Cadence holds 15,830,138 million shares, equivalent to 8.74% of the issued share capital of Evergreen and is its largest shareholder. Evergreen was listed on the Australian Stock Exchange on 11 April 2023.
Link here to view the full Evergreen ASX announcement
Evergreen Chairman Simon Lill commented: “Geochemical results from sample analysis at Central Bynoe is significant as it points to additional zones of interest further south-east from those identified along the Core Lithium boundary, announced previously1. Our latest mapping program across the geochemical anomalies and ANT survey targets, has identified structures hosting quartz veins with intermittent muscovite, which may be using the same structures as the pegmatite targets. The upcoming drill program, expected to commence shortly, will test several geochemical anomalies, ANT survey targets and depth extensions.”
Background to Cadence’s investment in Evergreen Lithium
Cadence Minerals received approximately 15.8 million shares in Evergreen in July 2022 when Cadence sold its 31.5% stake in Lithium Technologies and Lithium Supplies (“LT and LS”) to Evergreen as announced on 27 June 2022. A further AS$ 3.47 million (£1.86 million) of shares in Evergreen are due to Cadence on the achievement of certain performance milestones by Evergreen. The pricing of Evergreen shares associated with this consideration is based on a defined pricing mechanism linked to the VWAP and the date at which the performance milestones are achieved. Further details of these milestones can be found in the Evergreen prospectus available here . Cadence’s shares are subject to a 2-year escrow agreement as determined by the listing rules of the ASX.
|
For further information contact:
|
|
| Cadence Minerals plc | +44 (0) 20 3582 6636 |
| Andrew Suckling | |
| Kiran Morzaria | |
| WH Ireland Limited (NOMAD & Broker) | +44 (0) 20 7220 1666 |
| James Joyce | |
| Darshan Patel | |
| Fortified Securities – Joint Broker | +44 (0) 20 3411 7773 |
| Guy Wheatley | |
| Brand Communications | +44 (0) 7976 431608 |
| Public & Investor Relations | |
| Alan Green |