REG - Cadence Minerals PLC - Corporate Update - Evergreen Lithium

Cadence MineralsAnnouncement

18/09/2023 08:45

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RNS Number : 7543M  Cadence Minerals PLC  18 September 2023

Cadence Minerals Plc

 

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

 

Corporate Update - Evergreen Lithium (ASX: EG1) ANT Geophysical Survey
Interpretation Identifies 9 Priority 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
final analysis of its EXOSPHERE BY FLEET® Ambient Noise Tomography (ANT)
geophysics survey at Bynoe.

 

Highlights:

·      Final Ambient Noise Tomography ("ANT") geophysical interpretation
received.

·      Nine potential pegmatite targets in total have been identified,
each characterised by low seismic velocity anomalies.

·      Survey data integration with geochemical data shows surface
expression of anomalies.

·      Geochemical sampling and mapping continues at Bynoe in advance of
maiden drill program which awaits conclusion of MMP and AAPA approval process.

·      Geophysical and geochemical integration and analysis ongoing.

 

ANT Background

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.
Lithium pegmatites in the Bynoe Pegmatites Field have been shown to be
indicated by zones of slower velocities than the surrounding metamorphic host
rocks of the Burrell Creek Formation. The data has been processed and
undergone a complete analysis, with a view to initially defining priority
targets within each survey grid.

 

Preliminary results from the ANT Survey Grid 1 were announced by EverGreen on
28 June 2023 in an ASX Release titled "ANT Survey Identifies Priority
Pegmatite Targets at Bynoe".

 

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/2924-02712670-6A1168729?access_token=83ff96335c2d45a094df02a206a39ff4)
to view the full Evergreen ASX announcement

 

Cadence's ownership in Evergreen Lithium

 

Cadence Minerals currently owns 8.74% of the equity in Evergreen.   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 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

 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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