Cadence Minerals #KDNC – Evergreen Lithium (ASX: EG1) Uncovers Additional Large Pegmatite Targets in Central-West Bynoe

Cadence Minerals (AIM: KDNC; OTC: KDNCY) is pleased to note that ASX listed Evergreen Lithium Limited (“Evergreen”) (ASX: EG1) has announced that it has received subsequent assays from its Phase 3 geochemical soil sampling at Bynoe in the Northern Territory, identifying additional large lithium targets. These new targets are in the central area of the tenement further demonstrating the potential for additional lithium spodumene mineralisation in the Bynoe pegmatite field, and within EverGreen’s 231 square Kilometers of tenure.

Highlights:

• EverGreen’s Phase 3 Geochemical sampling continues to yield additional large geochemical anomalies at Central Bynoe.
• Assay results from 1,214 samples received reflect similar large-scale lithium trends to those previously identified.
• 3 large new lithium pegmatite prospects have been identified.
• Assays for a further 900 samples are expected to be received shortly.
• Planned work programs for 2024 (dry season) include auger, RAB/AC and RC drilling testing geochemical and geophysical anomalies with potential follow-up diamond drilling.

Exploration at Evergreen’s Bynoe Project has focused on the discovery of economic lithium mineralisation hosted in lithium-bearing lithium-cesium-tantalum (LCT) pegmatites.

Link here to view the full Evergreen ASX announcement.

Evergreen Exploration Manager Andrew Harwood commented: ““These soil results add to the potential of EverGreen identifying an economic LCT pegmatite discovery at the company’s Bynoe Project. Using a variety of proven exploration tools, the team is looking forward to the upcoming dry season to recommence field activities targeting the anomalies outlined by the soils program, the ANT geophysical work, and recent field mapping.”

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.