TIDMKDNC
RNS Number : 2227E
Cadence Minerals PLC
28 June 2023
Cadence Minerals Plc
("Cadence Minerals", "Cadence", or "the Company")
Corporate Update - Evergreen Lithium (ASX: EG1) ANT Analysis
identifies Priority Pegmatite Targets at Bynoe Northern Area 1
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note
that ASX listed Evergreen Lithium Limited ("Evergreen") (ASX: EG1)
has announced the preliminary analysis of its EXOSPHERE BY FLEET(R)
Ambient Noise Tomography (ANT) geophysics survey at Bynoe.
ANT is a ground geophysics method that uses natural or man-made
seismic noise as a signal source to measure the seismic velocity of
the subsurface in three dimensions. The key objective of the survey
was to identify potential lithium bearing pegmatites at depth
otherwise known as blind pegmatites, and the ANT analysis has
identified priority pegmatite targets within Bynoe Northern Area 1
adjacent to Core Lithium.
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:
-- Ambient Noise Tomography ("ANT") Survey analysis received for northern Survey Area 1.
-- Preliminary analysis identifies multiple large scale
potential pegmatite targets situated along strike from Core
Lithium's Carlton, and Hang Gong resources, characterised by low
seismic velocity anomalies.
-- EverGreen priority ANT targets show similar low velocity
features as Core Lithium's BP33 survey.
-- Interpretation and analysis of ANT data in Survey Area 1
continues, with analysis of Survey Areas 2, 3 & 4 to
follow.
-- Geochemical sampling and mapping currently underway at Bynoe.
Link here to view the full Evergreen ASX announcement
Fleet Space Technologies' Director of Planetary Geophysics, Dr.
Gerrit Oliver commented: "The data we recorded at EverGreen's Bynoe
Project was exceptional. The proximity to the coast and the nearby
mining and exploration activities provided abundant low and high
frequency seismic noise, which in turn enabled us to image the
subsurface down to 500m depth with high resolution. From these
results, and our earlier work at Core Lithium's BP33 pegmatite, it
is becoming clear that the method is well suited to imaging
potential pegmatites in this region due to the favourable noise
conditions and the velocity contrast between the pegmatites and the
host rock."
EverGreen Lithium's Head of Exploration, Jason Ward commented:
"This ANT Survey has given us another tool to target lithium
pegmatites. The preliminary, and priority low seismic velocity
anomalies appear to show some coincidence with our geochemical and
geological interpretations and have also revealed new targets at
depth and beneath cover. This data will be used together with our
geochemical results to assist us in planning our maiden drilling
program."
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
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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
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forward-looking statements re ect the Directors' current beliefs
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materially from the results discussed in the forward-looking
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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
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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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END
UPDFPMPTMTMTMIJ
(END) Dow Jones Newswires
June 28, 2023 04:11 ET (08:11 GMT)
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