REG - Cadence Minerals PLC - Corporate Update

Cadence MineralsAnnouncement

17/10/2024 08:15

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RNS Number : 5855I  Cadence Minerals PLC  17 October 2024

Cadence Minerals Plc

 

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

 

Corporate Update - EverGreen Targets Lithium and

Gold Mineralisation at Bynoe

 

Cadence Minerals (AIM: KDNC) is pleased to announce the progress of the
exploration of ASX-listed Evergreen Lithium Limited ("EverGreen") (ASX: EG1)
assets in Australia. Cadence is an 8.74% shareholder in EverGreen. Link here
(https://urldefense.proofpoint.com/v2/url?u=https-3A__gmail.us17.list-2Dmanage.com_track_click-3Fu-3D153621a7f1ce4c7a7263a6d20-26id-3De18210e404-26e-3D8268adb765&d=DwMFaQ&c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&r=VKaYB0zzSibw45EwfYmQT_O5SVtx-6M7f6_UVdrTZEo&m=LjMFNEAh_OHKxkXTC7ro9jF8A0c7fC_SnUseRbSGH6Bklytk9whSKNFOGYHENNmL&s=HLNpbo9D9MiBpw5szBQlIYgKn5oNM5rfb-oHLO29eAA&e=)
to view the full Evergreen ASX announcement

 

Highlights:

 

•       The second phase of near-surface drilling has commenced at
Bynoe, targeting two LCT pegmatite high-potential zones and an area of
gold-arsenic anomalism

•       Mapping has identified prospective areas to undertake air-core
drilling targeting LCT pegmatites in the west and north-west of the lease

•       Arsenic anomalism in soil sampling results, in association
with geological mapping, has highlighted an extensive zone with the potential
for gold mineralisation

•       Further favourable results will pave the way for follow-up
work programs, including additional air-core drilling and RC drilling

 

EverGreen announced the progress from its latest exploration activities at its
prospective Bynoe Project, 50km south of Darwin and directly east of Core
Lithium's Finniss Mine in Australia's Northern Territory.

 

On Saturday, 28 September, EverGreen commenced air-core drilling targeting
three new areas: two prospective lithium-caesium-mantalum (LCT) pegmatites and
an orogenic gold target.

 

Evergreen Exploration Manager Andrew Harwood commented: "Our team is excited
to be in the field drilling again. The Bynoe property is huge and unexplored,
with multiple gold and lithium targets. The potential for a new discovery is
significant and demonstrated by the multiple lithium pegmatite resources
discovered within a 5km radius on adjacent properties in the last 5 years. We
believe evidence of gold mineralisation complements EverGreen's lithium
exploration activities and augments the Company's value by becoming a
multi-commodity project."

 

EverGreen has previously intersected shallow pegmatites east of Lithium Plus'
Perseverance and Jewellers advanced prospects. The prospects currently being
tested at EverGreen's Bynoe Project are in a similar geological setting to
Core Lithium's Grants mine.

 

The current drilling program utilises air-core and auger drilling techniques
to test for LCT pegmatites and gold mineralisation at shallow levels. This
exploration phase is the first time EverGreen has targeted gold mineralisation
at Bynoe. The gold targets are interpreted extensions of the nuggety gold
associated with quartz veins discovered at Core Lithium's Far East prospect,
less than 50m from the tenure boundary (see Core Lithium Limited 17 Feb 2021
press release (ASX: CXO)). CXO's prospects of Windswept, Hurricane and Far
East (SSW to NNE) are interpreted to trend NNE into EverGreen's Bynoe project
(EL31774).

 

 

Figure 1: Bynoe Project, showing areas of intense activities

 

EverGreen's geological team believes these gold occurrences are associated
with the Pine Creek Orogen. The Pine Creek Orogen has a 150-year history of
gold mining, with more than 4 million ounces of gold produced. Most deposits
are orogenic gold deposits in the Palaeoproterozoic Cosmo Supergroup, with
gold commonly hosted in quartz veins, lodes, sheeted veins, stockworks, and
saddle reefs and occasionally hosted within iron-rich sediments. Gold in this
orogen also occurs with zinc and silver associated with volcanic-associated
massive sulphide deposits.

 For further information contact:

 Cadence Minerals plc                                         +44 (0) 20 3582 6636
 Andrew Suckling
 Kiran Morzaria

 Zeus Capital Limited (NOMAD & Broker)                        +44 (0) 20 3829 5000
 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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