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

Cadence MineralsAnnouncement

25/05/2023 13:45

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RNS Number : 6921A  Cadence Minerals PLC  25 May 2023

 

25/05/2023

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 that
Geochemical results from its soil auger survey at the Kenny Project in Western
Australia have identified Rare Earth Element ("REE") targets, indicated by
several Cerium and Lanthanum anomalies. Evergreen said that four priority REE
target zones have been identified with CeO2 assay results showing maximum
values up to 451ppm CeO2.

 

Evergreen's 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%
Li20 (LTR, 2019).

 

Cadence holds 15,830,138 million shares, equivalent to 8.74% of the issued
share capital of Evergreen and is its largest shareholder.

 

Kenny Results - Highlights:

·      Geochemical results from Evergreen's soil auger survey at Kenny
have identified Rare Earth Element ("REE") targets, indicated by
several Cerium and Lanthanum anomalies.

·      Four priority REE target zones have been identified with CeO2
assay results showing maximum values up to 451ppm CeO2.

·      A partial suite of REE's were assayed as part of a multi-element
assay method used to identify lithium and its pathfinder elements. The partial
suite included three (3) REE elements: Cerium (Ce), Lanthanum (La) and Yttrium
(Y).

·      Assays of interest within the partial suite included maximum
values, as converted to oxides, of 451ppm CeO2, 186.5ppm La2O3, & 62.4ppm
Y2O3;

·      CeO2, La2O3, & Y2O3 REE anomalies compare favourably to other
first pass soil anomalies.

 

Link here
(https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02669486-6A1151580?access_token=83ff96335c2d45a094df02a206a39ff4)
to view the full Evergreen ASX announcement

 

Evergreen Head of Exploration, Jason Ward commented: "Geochemistry from our
phase 1 soil auger sampling program has detected several anomalies in the rare
earth minerals Cerium, Lanthanum and Yttrium. We are now undertaking further
assays to determine the Total Rare Earth Oxide (TREO) of these samples, so
that we can consider this information in our prioritisation of drill targets."

 

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 from the 11 April 2023, 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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