Last checked at 14 Mar 2024 09:18
Cadence Minerals Plc
("Cadence Minerals", "Cadence", or "the Company")
Corporate Update - Evergreen Lithium (ASX: EG1) Uncovers Additional Large Pegmatite Targets in Central-West Bynoe
Cadence Minerals (AIM: KDNC; OTC: KDNCY) is pleased to note that ASX listed Evergreen Lithium Limited ("Evergreen") (ASX: EG1) has announced that it has received subsequent assays from its Phase 3 geochemical soil sampling at Bynoe in the Northern Territory, identifying additional large lithium targets. These new targets are in the central area of the tenement further demonstrating the potential for additional lithium spodumene mineralisation in the Bynoe pegmatite field, and within EverGreen's 231 square Kilometers of tenure.
Highlights:
· EverGreen's Phase 3 Geochemical sampling continues to yield additional large geochemical anomalies at Central Bynoe.
· Assay results from 1,214 samples received reflect similar large-scale lithium trends to those previously identified.
· 3 large new lithium pegmatite prospects have been identified.
· Assays for a further 900 samples are expected to be received shortly.
· Planned work programs for 2024 (dry season) include auger, RAB/AC and RC drilling testing geochemical and geophysical anomalies with potential follow-up diamond drilling.
Exploration at Evergreen's Bynoe Project has focused on the discovery of economic lithium mineralisation hosted in lithium-bearing lithium-cesium-tantalum (LCT) pegmatites.
Link here to view the full Evergreen ASX announcement
Evergreen Exploration Manager Andrew Harwood commented: ""These soil results add to the potential of EverGreen identifying an economic LCT pegmatite discovery at the company's Bynoe Project. Using a variety of proven exploration tools, the team is looking forward to the upcoming dry season to recommence field activities targeting the anomalies outlined by the soils program, the ANT geophysical work, and recent field mapping."
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 |
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", "will", or the negative of those variations or comparable 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.
The information contained within this announcement is deemed by the company to constitute Inside Information as stipulated under the Market Abuse Regulation (E.U.) No. 596/2014, as it forms part of U.K. domestic law under the European Union (Withdrawal) Act 2018, as amended. Upon the publication of this announcement via a regulatory information service, this information is considered to be in the public domain.