REG - Cadence Minerals PLC - Corporate Update - Evergreen Lithium

Cadence MineralsAnnouncement

01/07/2024 08:45

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RNS Number : 5626U  Cadence Minerals PLC  01 July 2024

Cadence Minerals Plc

 

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

 

Corporate Update - Evergreen Lithium (ASX: EG1) Commences Drilling &
Continues Field Activities at Bynoe

 

Cadence Minerals (AIM: KDNC; OTC: KDNCY) is pleased to note that ASX listed
Evergreen Lithium Limited ("Evergreen") (ASX: EG1) has announced the
commencement of RAB/Aircore drilling at its highly prospective Bynoe Project
directly east of Core Lithium's Finniss Mine. The RAB/Aircore drilling will be
used to test priority targets and to further progress geochemical studies in
higher priority areas obscured by Quaternary and Tertiary cover units.

 

Gearing up for this second field program follows the approval of the Company's
Mine Management Plan (MMP) in April 2024, and ground conditions being dry
enough to allow access for heavier vehicles.

 

Geochemical, geophysical and mapping activities completed to date demonstrate
the potential for lithium bearing LCT pegmatite style mineralisation within
EverGreen's EL 31774 lease.

 

Highlights:

·      RAB/Aircore drilling has commenced successfully at the Bynoe
Project

·      Early auger program results provide further direction towards
identifying potential lithium-cesium-tantalum (LCT) pegmatite corridors at
Bynoe

·      Planned work programs for 2024 will include auger and RAB/AC
drilling, field mapping with potential follow-up RC and diamond drilling

 

Link here
(https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02822708-6A1213727)
to view the full Evergreen ASX announcement

 

Evergreen Exploration Manager Andrew Harwood commented: "We are pleased to
have commenced drilling on EverGreen Lithium's 231km2 lease at the Bynoe
Project, one of the largest land holdings in the Bynoe Pegmatite Field. The
Company believes that this project hosts excellent and compelling drill-ready
lithium targets."

 

"The RAB/AC drilling program's primary objectives are lithological mapping
beneath the thin cover units, and to test priority targets. These targets
include interpreted fault structures, soil geochemical anomalies, historic
tin-tantalum surface workings and the Ambient Noise Tomography (ANT)
geophysical targets."

 

"This shallow phase of drilling will only test the leached lithium depleted
zone of the pegmatite target, and thus initial geochemical results will not
necessarily be representative of the lithium potential at depth. However, we
are excited by the potential shown by the Bynoe Project to contain an
extension of the mineralised pegmatites which have been discovered in the
neighbouring Core Lithium' and Lithium Plus ground directly to the west. While
there is still more work to do, we look forward to expanding our understanding
of the prospectivity of the Bynoe Project."

 

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/wp-content/uploads/2023/06/Prospectus-Evergreen-Lithium-13-01-23-ASIC-Version3135111.1.pdf)
. 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) 20 7220 1666
 James Joyce
 Darshan Patel

 Isaac Hooper

 Fortified Securities - Joint Broker                          +44 (0) 20 3411 7773
 Guy Wheatley

 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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