Cadence Minerals (AIM: KDNC; OTC: KDNCY) is pleased to note that ASX listed Evergreen Lithium Limited (“Evergreen”) (ASX: EG1) has announced the approval of its Mine Management Plan (MMP), enabling EverGreen to commence high impact exploration activities such as auger sampling and drilling at its flagship Bynoe project.
Geochemical, geophysical and mapping activities completed to date demonstrate the potential for lithium bearing LCT pegmatite style mineralisation within EverGreen’s EL 31774 lease, spanning 231 square Kilometers of tenure.
Highlights:
- EverGreen has received approval for its Mine Management Plan (MMP) which will allow for drilling and other higher impact activities to commence at its Bynoe Project. These activities include auger sampling, AC/RAB, RC and diamond drilling.
- Aboriginal Areas Protection Authority certificate (AAPA) has already been received in December 2023.
- The Bynoe project is now fully permitted to commence exploration.
- Auger sampling and drilling contractors have been secured and work is scheduled
- to commence when field conditions are suitable.
- Planned work programs for 2024 will include auger, RAB/AC and RC drilling testing of geochemical and geophysical anomalies, with potential follow-up diamond drilling.
Link here to view the full Evergreen ASX announcement
Evergreen Exploration Manager Andrew Harwood commented: “With all Bynoe exploration and drilling approvals now received and field conditions improving, it is expected that field activities will commence in the coming weeks. The Company looks forward to drilling on its 231Km2 lease at Bynoe, one of the largest land holdings in the Bynoe Pegmatite Field. The Company believes that its Bynoe Lithium Project hosts excellent and compelling drill-ready targets”.
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 |