Cadence Minerals #KDNC – Corporate Update – EverGreen Targets Lithium and Gold Mineralisation at Bynoe

Cadence Minerals (AIM: KDNC) is pleased to announce the progress of the exploration of ASX-listed Evergreen Lithium Limited (“EverGreen”) (ASX: EG1) assets in Australia. Cadence is an 8.74% shareholder in EverGreen. Link here to view the full Evergreen ASX announcement 

Highlights: 

•       The second phase of near-surface drilling has commenced at Bynoe, targeting two LCT pegmatite high-potential zones and an area of gold-arsenic anomalism

•       Mapping has identified prospective areas to undertake air-core drilling targeting LCT pegmatites in the west and north-west of the lease

•       Arsenic anomalism in soil sampling results, in association with geological mapping, has highlighted an extensive zone with the potential for gold mineralisation

•       Further favourable results will pave the way for follow-up work programs, including additional air-core drilling and RC drilling 

EverGreen announced the progress from its latest exploration activities at its prospective Bynoe Project, 50km south of Darwin and directly east of Core Lithium’s Finniss Mine in Australia’s Northern Territory.

On Saturday, 28 September, EverGreen commenced air-core drilling targeting three new areas: two prospective lithium-caesium-mantalum (LCT) pegmatites and an orogenic gold target.

Evergreen Exploration Manager Andrew Harwood commented: “Our team is excited to be in the field drilling again. The Bynoe property is huge and unexplored, with multiple gold and lithium targets. The potential for a new discovery is significant and demonstrated by the multiple lithium pegmatite resources discovered within a 5km radius on adjacent properties in the last 5 years. We believe evidence of gold mineralisation complements EverGreen’s lithium exploration activities and augments the Company’s value by becoming a multi-commodity project.”

EverGreen has previously intersected shallow pegmatites east of Lithium Plus’ Perseverance and Jewellers advanced prospects. The prospects currently being tested at EverGreen’s Bynoe Project are in a similar geological setting to Core Lithium’s Grants mine. 

The current drilling program utilises air-core and auger drilling techniques to test for LCT pegmatites and gold mineralisation at shallow levels. This exploration phase is the first time EverGreen has targeted gold mineralisation at Bynoe. The gold targets are interpreted extensions of the nuggety gold associated with quartz veins discovered at Core Lithium’s Far East prospect, less than 50m from the tenure boundary (see Core Lithium Limited 17 Feb 2021 press release (ASX: CXO)). CXO’s prospects of Windswept, Hurricane and Far East (SSW to NNE) are interpreted to trend NNE into EverGreen’s Bynoe project (EL31774). 

Figure 1: Bynoe Project, showing areas of intense activities 

EverGreen’s geological team believes these gold occurrences are associated with the Pine Creek Orogen. The Pine Creek Orogen has a 150-year history of gold mining, with more than 4 million ounces of gold produced. Most deposits are orogenic gold deposits in the Palaeoproterozoic Cosmo Supergroup, with gold commonly hosted in quartz veins, lodes, sheeted veins, stockworks, and saddle reefs and occasionally hosted within iron-rich sediments. Gold in this orogen also occurs with zinc and silver associated with volcanic-associated massive sulphide deposits.

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.