REG - Cadence Minerals PLC - EverGreen: LCT Pegmatite & Gold at Bynoe Project

Cadence MineralsAnnouncement

15/01/2025 10:30

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RNS Number : 4425T  Cadence Minerals PLC  15 January 2025

 

 

 

Cadence Minerals Plc

 

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

 

EverGreen - Confirms LCT pegmatite plus gold potential at Bynoe Project,
Northern Territory.

 

Cadence Minerals (AIM: KDNC) is pleased to announce the successful completion
of the 2024 work program at the Bynoe Project by ASX-listed Evergreen Lithium
Limited ("EverGreen") (ASX: EG1). Cadence is an 8.74% shareholder in
EverGreen. Link here (https://wcsecure.weblink.com.au/pdf/EG1/02903195.pdf) to
view the full Evergreen ASX announcement

 

Highlights:

 

•      Multiple field programs completed in 2024 have validated the
lithium potential at Bynoe, strengthening Evergreen's confidence in the Bynoe
Project's potential.

•      RC drilling of Lithium Aircore targets has confirmed the
presence of LCT pegmatites

•      Field activities also identified large areas prospective for
gold mineralisation, several of which have been drill-tested-assays are due in
the first quarter of 2025.

The field programs aimed to build a geological knowledge base, understand the
potential for mineralisation, and test several of the priority areas for LCT
pegmatites and gold mineralisation.

 

The work involved geological mapping, rock chip sampling, auger sampling,
air-core, RAB and RC drilling. Exploration has identified spodumene-bearing
pegmatites in the western part of the lease, adjacent to Core Lithium's
Finniss project. Additionally, the potential for gold mineralisation similar
to other parts of the Pine Creek Gold Fields has been recognised. Evergreen
awaits assays to confirm the presence of gold in targets identified after
fieldwork.

 

Figure 1 Drill rig with associated support trucks at Byone

 

Field Exploration Programs

Geological Mapping and Rock Chip Sampling Programs

Regional and prospect scale mapping, along with rock chip sampling, was
undertaken. The mapping programs identified numerous quartz veins which may be
the surface expression of blind pegmatites or potential hosts to gold
mineralisation. A total of 217 rock chip samples were taken in the recent
program aimed at delineating potential gold hosting quartz veins.

 

 

Auger Sampling Program

Auger sampling was carried out in several key areas targeting LCT pegmatites
from June to August, aiming to collect geochemical samples for lab analysis
and map the host rock types beneath thin cover layers.

 

The auger program drilled 1,314 m and took 578 samples during 2024. The
results identified lithium anomalous zones in the SW of the lease, which
received follow-up air-core and RC drilling. Interpretation of the results is
ongoing, with re-assaying of selected laboratory pulps for gold (results
pending).

 

RAB / Aircore Drilling

An initial drilling program commenced mid-year and was completed in June and
July. This initial program consisted of 6,872 meters and was aimed at testing
structures for blind pegmatites in areas not affected by wet field conditions
(second-priority areas).

 

Afterwards, an air core drilling program testing for both LCT pegmatites and
gold mineralisation was conducted in September and October across several of
the high-priority areas for 6,456 meters.

The completed AC program included: -

 

·      156 x 2m short holes to test for gold mineralisation across three
soil arsenic anomalous trends near

·      Core Lithium's Far East Prospect.

·      32 x 5m vertical short holes to obtain geochemical and
lithological samples testing for LCT pegmatites (regional geochemical near
surface program to test beneath cover units)

·      109 inclined holes testing for the presence of pegmatites in the
west of the lease.

 

AC drilling identified eleven different pegmatite bodies, two of which, given
their timing, received follow-up RC drill testing. The market will be updated
once laboratory results are received and interpreted.

 

RC Drilling

 

RC drilling was conducted in three areas within EL31774, testing LCT pegmatite
and gold targets. This drill program was undertaken late in the year and was
interrupted by wet field conditions, which restricted access to many areas.
The RC program's aims were:-

 

•              Test pegmatite targets identified in the AC
drilling program;

•              Test areas identified as priority gold targets.

 

Fourteen holes were completed for 1,799 meters drilled before rain interrupted
the program.

Holes EBRC001 to 006 targeted pegmatites, and holes EBRC007 to 014 targeted
gold.

 

Results targeting LCT pegmatites proved positive, with pegmatites intercepted
in 4 holes. The best result came from EBRC001, which intercepted 5m of
spodumene-bearing pegmatite from 91m. EverGreen is considering following up
with deeper drilling in 2025 to better understand the extent of the system.

 

Drilling tested gold targets noted quartz veins with minor sulphides. Assay
results for this program are pending and expected within Q1.

 

 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

 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.

 

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