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Cadence Minerals PLC - London-based early stage investment and development company within the mineral resource sector - Says investee Evergreen Lithium Ltd has identified large-scale lithium pegmatite targets during a geochemical programme at Bynoe project 50 kilometres south of Darwin, Australia. Cadence is Evergreen's largest shareholder with an 8.7% stake or 15.8 million shares. Soil samples at Bynoe show significant NE-trending lithium anomalism, extending previously identified lithium anomalies and revealing two broad NE-trending zones. These host multiple lithium pegmatite targets. Geochemical sampling and mapping are underway to further define existing and additional targets. Geophysical ambient noise tomography survey data has been received and interpretation is in progress.
Evergreen Head of Exploration Jason Ward says: "These recent results add to the geochemical picture at Bynoe and indicate several very large zones of lithium anomalism. The lithium anomalies are supported by the pathfinder elements...We will use this data together with the results of our recently conducted Fleet Exosphere ANT study, which we are currently analysing, to define drill targets."
Current stock price: 8.62 pence, down 2.0% on Thursday in London
12-month change: down 39%
By Emma Curzon, Alliance News reporter
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