REG - Cadence Minerals PLC - Corporate Update - Evergreen Lithium (ASX: EG1)

Cadence MineralsAnnouncement

10/05/2023 12:15

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RNS Number : 9755Y  Cadence Minerals PLC  10 May 2023

10/05/2023

Cadence Minerals Plc

 

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

 

Corporate Update - Evergreen Lithium (ASX: EG1)

 

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that ASX
listed Evergreen Lithium Limited ("Evergreen") (ASX: EG1) has announced the
results of its auger geochemical programme at the Kenny project, which has
resulted in the identification of significant and widespread lithium. The
Kenny Project is located 50km east of Norseman and just 17km east of Liontown
Resources' (ASX:LTR) Buldania lithium deposit of 14.9Mt @ 0.97% Li(2)O.

 

Cadence holds 15,830,138 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.

 

Kenny Results - Highlights:

·      Geochemical anomalies indicate the potential for Lithium Caesium
Tantalum (LCT) pegmatites at Kenny, evidenced by the presence of significant
and widespread lithium.

·      5 priority lithium target zones have been identified with Li(2)O
assay results showing maximum values up to 250 ppm Li(2)O.

·      Lithium pathfinders of interest included maximum values of:

o  3.54ppm Be, 46.2ppm Cs, 5.17% K,159.00ppm La, 427ppm Rb & 11.9ppm Ta

·      Further geochemical analysis is being undertaken to assess
prospectivity for other critical minerals, including Rare Earth Elements.

·      Results demand further work and planning for follow up
exploration activities at Kenny is currently underway.

 

Link here
(https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02664364-6A1149501?access_token=83ff96335c2d45a094df02a206a39ff4)
to view the full Evergreen ASX announcement

 

Evergreen Head of Exploration, Jason Ward commented: "This is an excellent
start for Evergreen Lithium. These geochemical results from Evergreen's maiden
soil auger program at the Kenny Project in WA show strong lithium values over
a widespread area and the coincident anomalies in pathfinder elements have
identified several compelling targets for LCT pegmatites. We look forward to
following these up with further work including a drilling program."

 

Evergreen Chairman, Simon Lill commented: "After a successful IPO listing
based primarily on the Company's flagship Bynoe Project, it is extremely
pleasing to remind the market that we have other quality projects. These
initial results should elevate Kenny's status in shareholder perceptions."

 

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.

 

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