REG - Cadence Minerals PLC - Evergreen Lithium Intercepts Pegmatites at Byone

Cadence MineralsAnnouncement

22/07/2024 07:00

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RNS Number : 2496X  Cadence Minerals PLC  22 July 2024

Cadence Minerals Plc

 

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

 

Evergreen Lithium (ASX: EG1) Intercepts Pegmatites at Byone

 

Cadence Minerals (AIM: KDNC; OTC: KDNCY) is pleased to note that ASX listed
Evergreen Lithium Limited ("Evergreen") (ASX: EG1) in which Cadence has an
8.74% equity stake has announced progress from initial exploration activities
at its highly prospective Bynoe Project, 50km south of Darwin and directly
east of Core Lithium's Finniss Mine in Australia's Northern Territory.

 

Initial aircore drilling in the north of the Bynoe Project has intercepted
pegmatitic intrusions in multiple locations. Logging of drill samples at the
company's Lunchbox and Frogmouth prospects has identified pegmatites close to
surface.

 

Highlights:

 

·      Initial aircore drill lines intercept pegmatites at first two
prospects at the Bynoe Project, 50km south of Darwin and directly east of Core
Lithium's Finnis Mine.

 

·      Early drilling at Bynoe provides evidence that Core Lithium's
mineralised pegmatite field continues into EverGreen Lithium's Bynoe Project.

 

·      With an extensive aircore drilling program ongoing at Bynoe, the
Company hopes to build upon its early success by identifying additional
pegmatites prospective for lithium-spodumene mineralisation.

 

·      A follow-up deeper RC drilling program is being planned to test
the newly identified pegmatites below the weathered zone.

 

Link to view the full Evergreen ASX announcement is available here
(https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02829850-6A1216562&v=4015c7b87631faf94ecd96975272ff9ad5cb14c3)

 

Evergreen Exploration Manager Andrew Harwood commented: "Intercepting a blind
pegmatite that is not outcropping on your first day of drilling shows that we
are at the start of something good. Achieving this early proof of concept
gives us confidence in our approach for EverGreen Lithium's ongoing
exploration programs. The field team and drilling contractors have done a
great job getting to this point and the program will move forward quickly from
here.

 

"The current program's objectives involve delineating prospective pegmatites
beneath the thin cover units by testing priority geochemical and geophysical
targets. Our team at Bynoe are excited by the early success and eagerly
anticipate drill testing the numerous pegmatite targets in the coming weeks.

 

"We are now planning a follow-up reverse circulation (RC) program to test
depth and strike extensions of the identified pegmatites, and to understand
lithium potential beneath the near surface lithium depleted zone."

 

Background to Cadence's investment in Evergreen Lithium

 

In July 2022, Cadence Minerals received approximately 15.8 million shares in
Evergreen Lithium ("Evergreen") when Cadence sold its 31.5% stake in Lithium
Technologies and Lithium Supplies ("LT and LS") to Evergreen as announced on
27 June 2022.During 2023 Evergreen was listed on the Australian Stock Exchange
("ASX"). Before listing, Cadence's equity stake in Evergreen was 13.16%; due
to the IPO and associated fundraising, this was reduced to 8.74%.

 

A further AS$ 6.63 million (£3.80 million) shares in Evergreen are due to
Cadence on achieving certain performance milestones by Evergreen. Further
details of these milestones can be found in the Evergreen prospectus.
Cadence's shares are subject to a 2-year escrow agreement as determined by the
listing rules of the ASX (expiring in May 2025).

 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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