REG - Cadence Minerals PLC - Corporate Update - Evergreen Lithium

Cadence MineralsAnnouncement

01/06/2023 09:15

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RNS Number : 3331B  Cadence Minerals PLC  01 June 2023

Cadence Minerals Plc

 

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

 

Corporate Update - Evergreen Lithium (ASX: EG1) identifies large-scale Lithium
Pegmatite Targets at Bynoe

 

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 geochemical program at Bynoe. The soil samples show significant
NE-trending lithium anomalism. The anomalies are up to several kilometres long
and include anomalies in the geochemical pathfinder elements Beryllium (Be),
Caesium (Cs), Potassium (K), Lanthanum (La), Rubidium (Rb), Tin (Sn) and
Tantalum (Ta).

 

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:

·     Phase 2 soil geochemical results extend previously identified lithium
anomalies and reveal two broad NE-trending zones which host multiple lithium
pegmatite targets.

·      These targets are along strike from and parallel to the strike of
neighbouring spodumene bearing pegmatites.

·     The lithium anomalies are coincident with lithium pathfinder elements
Beryllium (Be), Caesium (Cs), Lanthanum (La), Rubidium (Rb), Tin (Sn) and
Tantalum (Ta).

·     Geochemical sampling and mapping are currently underway to further
define existing and additional lithium pegmatite targets.

·      Geophysical Ambient Noise Tomography (ANT) survey data has been
received and interpretation is currently being undertaken.

 

Link here
(https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02671847-6A1152534?access_token=83ff96335c2d45a094df02a206a39ff4)
to view the full Evergreen ASX announcement

 

Evergreen Head of Exploration, Jason Ward commented: "These recent results add
to the geochemical picture at Bynoe and indicate several very large zones of
lithium anomalism. The lithium anomalies are supported by the pathfinder
elements which are commonly associated with the surface expression of lithium
bearing LCT pegmatites below. We will use this data together with the results
of our recently conducted Fleet Exosphere ANT study, which we are currently
analysing, to define 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 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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