Cadence Minerals PLC Corporate Update - Evergreen Lithium (ASX: EG1) (6921A)
May 25 2023 - 8:43AM
UK Regulatory
TIDMKDNC
RNS Number : 6921A
Cadence Minerals PLC
25 May 2023
25/05/2023
Cadence Minerals Plc
("Cadence Minerals", "Cadence", or "the Company")
Corporate Update - Evergreen Lithium (ASX: EG1)
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note
that ASX listed Evergreen Lithium Limited ("Evergreen") (ASX: EG1)
has announced that Geochemical results from its soil auger survey
at the Kenny Project in Western Australia have identified Rare
Earth Element ("REE") targets, indicated by several Cerium and
Lanthanum anomalies. Evergreen said that four priority REE target
zones have been identified with CeO2 assay results showing maximum
values up to 451ppm CeO2.
Evergreen's Kenny project is located 50km east of Norseman and
just 17km east of Liontown Resources' (ASX: LTR) Buldania lithium
deposit of 14.9Mt @0.97% Li20 (LTR, 2019).
Cadence holds 15,830,138 million shares, equivalent to 8.74% of
the issued share capital of Evergreen and is its largest
shareholder.
Kenny Results - Highlights:
-- Geochemical results from Evergreen's soil auger survey at
Kenny have identified Rare Earth Element ("REE") targets, indicated
by several Cerium and Lanthanum anomalies.
-- Four priority REE target zones have been identified with CeO2
assay results showing maximum values up to 451ppm CeO2.
-- A partial suite of REE's were assayed as part of a
multi-element assay method used to identify lithium and its
pathfinder elements. The partial suite included three (3) REE
elements: Cerium (Ce), Lanthanum (La) and Yttrium (Y).
-- Assays of interest within the partial suite included maximum
values, as converted to oxides, of 451ppm CeO2, 186.5ppm La2O3,
& 62.4ppm Y2O3;
-- CeO2, La2O3, & Y2O3 REE anomalies compare favourably to other first pass soil anomalies.
Link here to view the full Evergreen ASX announcement
Evergreen Head of Exploration, Jason Ward commented:
"Geochemistry from our phase 1 soil auger sampling program has
detected several anomalies in the rare earth minerals Cerium,
Lanthanum and Yttrium. We are now undertaking further assays to
determine the Total Rare Earth Oxide (TREO) of these samples, so
that we can consider this information in our prioritisation of
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 from the 11 April 2023, 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",
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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
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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
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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