Corporate Update - Evergreen Lithium (ASX: EG1)

Cadence Minerals PLC

30 May 2024

 

Cadence Minerals Plc

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

Corporate Update - Evergreen Lithium (ASX: EG1) Commences Field Activities at Bynoe

Cadence Minerals (AIM: KDNC; OTC: KDNCY) is pleased to note that ASX listed Evergreen Lithium Limited ("Evergreen") (ASX: EG1) has announced the commencement of the next round of field work at its highly prospective Bynoe Project directly east of Core Lithium's Finniss Mine. The commencement of the 2024 field program follows the approval of its Mine Management Plan (MMP), enabling EverGreen to commence high impact exploration activities at its flagship Bynoe project.

This initial auger program will operate for approximately eight weeks with samples analyzed in the field by pXRF. RAB/AC drilling contractors have been secured and are expected to commence drilling shortly to test higher priority areas for prospective for LCT pegmatites.

Geochemical, geophysical and mapping activities completed to date demonstrate the potential for lithium bearing LCT pegmatite style mineralisation within EverGreen's EL 31774 lease.

Highlights:

·      Following receiving approval for its Mine Management Plan (MMP) auger sampling has commenced at the Bynoe Project.

·      RAB/AC Drilling contractors have been secured and are scheduled to commence shortly.

·      Planned work programs for 2024 will include auger, RAB/AC and RC drilling, testing of 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: "Following the receipt of the approved MMP, our exploration team is now in the field undertaking the planned exploration program. The active auger program will help us explore under the thin cover layer and assist us to locate extensions of the pegmatite units identified by Core Lithium to our west."

"With field conditions continuing to dry out following a record wet season, the team is also keen to get the RAB/AC drill rig into the field in the coming weeks. This drilling unit is quick and efficient at testing large areas of our high potential ground and will also be used to delineate shallow LCT pegmatite targets."

Background to Cadence's investment in Evergreen Lithium

Cadence Minerals received approximately 15.8 million shares, representing 8.7% of the issued share capital, 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:
Cadence Minerals plc	[phone]
Andrew Suckling
Kiran Morzaria
WH Ireland Limited (NOMAD & Broker)	[phone]
James Joyce
Darshan Patel
Fortified Securities - Joint Broker	[phone]
Guy Wheatley
Brand Communications	[phone]
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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