REG - Cadence Minerals PLC - Corporate Update - Evergreen Lithium

Cadence MineralsAnnouncement

30/11/2023 09:15

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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
(https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02747637-6A1183858?access_token=83ff96335c2d45a094df02a206a39ff4)
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
(https://evergreenlithium.com.au/prospectus/)  . 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 identified 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 reflect 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.

 

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