Cadence Minerals PLC Corporate Update - Evergreen Lithium (3331B)
01 Junio 2023 - 3:01AM
UK Regulatory
TIDMKDNC
RNS Number : 3331B
Cadence Minerals PLC
01 June 2023
Cadence Minerals Plc
("Cadence Minerals", "Cadence", or "the Company")
Corporate Update - Evergreen Lithium (ASX: EG1) identifies
large-scale Lithium 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 results of its geochemical program at Bynoe. The
soil samples show significant NE-trending lithium anomalism. The
anomalies are up to several kilometres long and include anomalies
in the geochemical pathfinder elements Beryllium (Be), Caesium
(Cs), Potassium (K), Lanthanum (La), Rubidium (Rb), Tin (Sn) and
Tantalum (Ta).
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.
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.
Bynoe Results - Highlights:
-- Phase 2 soil geochemical results extend previously identified
lithium anomalies and reveal two broad NE-trending zones which host
multiple lithium pegmatite targets.
-- These targets are along strike from and parallel to the
strike of neighbouring spodumene bearing pegmatites.
-- The lithium anomalies are coincident with lithium pathfinder
elements Beryllium (Be), Caesium (Cs), Lanthanum (La), Rubidium
(Rb), Tin (Sn) and Tantalum (Ta).
-- Geochemical sampling and mapping are currently underway to
further define existing and additional lithium pegmatite
targets.
-- Geophysical Ambient Noise Tomography (ANT) survey data has
been received and interpretation is currently being undertaken.
Link here to view the full Evergreen ASX announcement
Evergreen Head of Exploration, Jason Ward commented: "These
recent results add to the geochemical picture at Bynoe and indicate
several very large zones of lithium anomalism. The lithium
anomalies are supported by the pathfinder elements which are
commonly associated with the surface expression of lithium bearing
LCT pegmatites below. We will use this data together with the
results of our recently conducted Fleet Exosphere ANT study, which
we are currently analysing, to define drill targets."
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 (GBP1.86
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 . 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) 207 220 1666
James Joyce
Darshan Patel
Enzo Aliaj
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
identi ed 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 re ect 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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