REG - Cadence Minerals PLC - Corporate Update - Evergreen Lithium ANT Analysis

Cadence MineralsAnnouncement

28/06/2023 09:15

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230628:nRSb2227Ea&default-theme=true

RNS Number : 2227E  Cadence Minerals PLC  28 June 2023

Cadence Minerals Plc

 

("Cadence Minerals", "Cadence", or "the Company")

 

Corporate Update - Evergreen Lithium (ASX: EG1) ANT Analysis identifies
Priority Pegmatite Targets at Bynoe Northern Area 1

 

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that ASX
listed Evergreen Lithium Limited ("Evergreen") (ASX: EG1) has announced the
preliminary analysis of its EXOSPHERE BY FLEET® Ambient Noise Tomography
(ANT) geophysics survey at Bynoe.

 

ANT is a ground geophysics method that uses natural or man-made seismic noise
as a signal source to measure the seismic velocity of the subsurface in three
dimensions. The key objective of the survey was to identify potential lithium
bearing pegmatites at depth otherwise known as blind pegmatites, and the ANT
analysis has identified priority pegmatite targets within Bynoe Northern Area
1 adjacent to Core Lithium.

 

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.

 

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.

 

Bynoe Results - Highlights:

 

·      Ambient Noise Tomography ("ANT") Survey analysis received for
northern Survey Area 1.

·     Preliminary analysis identifies multiple large scale potential
pegmatite targets situated along strike from Core Lithium's Carlton, and Hang
Gong resources, characterised by low seismic velocity anomalies.

·      EverGreen priority ANT targets show similar low velocity features
as Core Lithium's BP33 survey.

·      Interpretation and analysis of ANT data in Survey Area 1
continues, with analysis of Survey Areas 2, 3 & 4 to follow.

·      Geochemical sampling and mapping currently underway at Bynoe.

 

Link here
(https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02680279-6A1155827?access_token=83ff96335c2d45a094df02a206a39ff4)
to view the full Evergreen ASX announcement

 

Fleet Space Technologies' Director of Planetary Geophysics, Dr. Gerrit Oliver
commented: "The data we recorded at EverGreen's Bynoe Project was exceptional.
The proximity to the coast and the nearby mining and exploration activities
provided abundant low and high frequency seismic noise, which in turn enabled
us to image the subsurface down to 500m depth with high resolution. From these
results, and our earlier work at Core Lithium's BP33 pegmatite, it is becoming
clear that the method is well suited to imaging potential pegmatites in this
region due to the favourable noise conditions and the velocity contrast
between the pegmatites and the host rock."

 

EverGreen Lithium's Head of Exploration, Jason Ward commented: "This ANT
Survey has given us another tool to target lithium pegmatites. The
preliminary, and priority low seismic velocity anomalies appear to show some
coincidence with our geochemical and geological interpretations and have also
revealed new targets at depth and beneath cover. This data will be used
together with our geochemical results to assist us in planning our maiden
drilling program."

 

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) 207 220 1666
 James Joyce
 Darshan Patel

 Enzo Aliaj

 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.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDFPMPTMTMTMIJ