Corporate Update - Evergreen Lithium
Cadence Minerals Plc
("Cadence Minerals", "Cadence", or "the Company")
Corporate Update - Evergreen Lithium (ASX: EG1) ANT Geophysical Survey Interpretation Identifies 9 Priority 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 final analysis of its EXOSPHERE BY FLEET® Ambient Noise Tomography (ANT) geophysics survey at Bynoe.
· Final Ambient Noise Tomography ("ANT") geophysical interpretation received.
· Nine potential pegmatite targets in total have been identified, each characterised by low seismic velocity anomalies.
· Survey data integration with geochemical data shows surface expression of anomalies.
· Geochemical sampling and mapping continues at Bynoe in advance of maiden drill program which awaits conclusion of MMP and AAPA approval process.
· Geophysical and geochemical integration and analysis ongoing.
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. Lithium pegmatites in the Bynoe Pegmatites Field have been shown to be indicated by zones of slower velocities than the surrounding metamorphic host rocks of the Burrell Creek Formation. The data has been processed and undergone a complete analysis, with a view to initially defining priority targets within each survey grid.
Preliminary results from the ANT Survey Grid 1 were announced by EverGreen on 28 June 2023 in an ASX Release titled "ANT Survey Identifies Priority Pegmatite Targets at Bynoe".
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. In 2022, Core Lithium (ASX:CXO), utilised ANT technology developed by Fleet Space Technologies at its Finniss Project.
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.
Link here to view the full Evergreen ASX announcement
Cadence's ownership in Evergreen Lithium
Cadence Minerals currently owns 8.74% of the equity in Evergreen. 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 escrow agreement as determined by the listing rules of the ASX.
For further information contact:
Cadence Minerals plc
+44 (0) 20 3582 6636
WH Ireland Limited (NOMAD & Broker)
+44 (0) 207 220 1666
+44 (0) 7976 431608
Public & Investor Relations
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 identied 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 reect 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.