Cadence Minerals
Plc
("Cadence Minerals",
"Cadence", or "the Company")
Corporate Update
- Evergreen Lithium (ASX: EG1) Uncovers Additional Large Lithium
Pegmatite Targets at Bynoe
Cadence Minerals (AIM: KDNC; OTC:
KDNCY) is pleased to note that ASX listed Evergreen Lithium Limited
("Evergreen") (ASX: EG1) has announced that the last of its Phase 3
geochemical soil sampling results from the Bynoe Project in the
Northern Territory have been received. The results further confirm
the likely presence of LCT pegmatites within the Bynoe lease. Of
further interest is another anomalous zone to the east of those
outlined in previous announcements (14/03/24 & 30/11/23). The
latest new target area in the east of the tenement further
demonstrating the potential for additional lithium spodumene
mineralisation in the Bynoe pegmatite field, and within EverGreen's
231 square km of tenure.
Highlights:
· EverGreen's final Phase 3 geochemical sample results continues
to build on positive results at Central Bynoe.
· Assay
results from 1,174 soil samples received reflect similar
large-scale lithium trends to those previously
identified.
· Additional large scale lithium pegmatite targets
identified.
· Planned work programs for 2024 include auger, RAB/AC and RC
drilling testing geochemical and geophysical anomalies with
potential follow-up diamond drilling.
Link
here to view the full Evergreen
ASX announcement
Evergreen Exploration Manager Andrew Harwood
commented: "These final soil results
add to the picture that the Bynoe Project has great LCT pegmatite
potential. Yet another soil anomalous area to the east is a
significant outcome for the company. Using a variety of proven
exploration tools such as auger, RAB and RC drilling, the team is
looking forward to the upcoming exploration season to further test
the potential of the project."
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 (£1.86 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:
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Cadence Minerals plc
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+44
(0) 20 3582 6636
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Andrew Suckling
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Kiran Morzaria
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WH
Ireland Limited (NOMAD & Broker)
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+44
(0) 20 7220 1666
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James Joyce
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Darshan Patel
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Fortified Securities - Joint Broker
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+44
(0) 20 3411 7773
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Guy Wheatley
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Brand Communications
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+44
(0) 7976 431608
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Public & Investor
Relations
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Alan Green
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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.