Cadence Minerals PLC Corporate Update - Evergreen Lithium (2076V)
30 Novembre 2023 - 10:06AM
UK Regulatory
TIDMKDNC
RNS Number : 2076V
Cadence Minerals PLC
30 November 2023
Cadence Minerals Plc
("Cadence Minerals", "Cadence", or "the Company")
Corporate Update - Evergreen Lithium (ASX: EG1) - Major
Pegmatite Targets Uncovered in Central Bynoe's Phase 3 Geochemical
Sampling
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 (GBP1.86
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
Qualified Person
Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the
information contained in this announcement. Kiran holds a Bachelor
of Engineering (Industrial Geology) from the Camborne School of
Mines and an MBA (Finance) from CASS Business School.
Cautionary and Forward-Looking Statements
Certain statements in this announcement are or may be deemed to
be forward-looking statements. Forward-looking statements are
identi ed by their use of terms and phrases such as "believe",
"could", "should", "envisage", "estimate", "intend", "may", "plan",
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expressions including references to assumptions. These
forward-looking statements are not based on historical facts but
rather on the Directors' current expectations and assumptions
regarding the company's future growth results of operations
performance , future capital, and other expenditures (including the
amount, nature, and sources of funding thereof) competitive
advantages business prospects and opportunities. Such
forward-looking statements re ect the Directors' current beliefs
and assumptions and are based on information currently available to
the Directors. Many factors could cause actual results to differ
materially from the results discussed in the forward-looking
statements, including risks associated with vulnerability to
general economic and business conditions, competition,
environmental and other regulatory changes actions by governmental
authorities, the availability of capital markets reliance on key
personnel uninsured and underinsured losses and other factors many
of which are beyond the control of the company. Although any
forward-looking statements contained in this announcement are based
upon what the Directors believe to be reasonable assumptions. The
company cannot assure investors that actual results will be
consistent with such forward-looking statements.
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the company to constitute Inside Information as stipulated under
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