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Cadence Minerals #KDNC – Evergreen Lithium (ASX: EG1) – Aboriginal Areas Protection Authority (AAPA) Certificate Granted
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that ASX listed Evergreen Lithium Limited (“Evergreen”) (ASX: EG1) has announced the receipt of its Aboriginal Areas Protection Authority Certificate for the Bynoe Project in the Northern Territory, where the Company has identified multiple large and significant lithium pegmatite targets for drill testing.
Highlights:
- EverGreen’s Aboriginal Areas Protection Authority (AAPA) Certificate granted.
- A revised Mine Management Plan (MMP) for Bynoe is being finalised for approval.
- Contractors for maiden drill program at Bynoe have been secured.
- Geochemical and geophysical activities during the 2023 field season have identified multiple high priority drill targets.
- Drill testing of these targets will commence on MMP approval, subject to weather conditions.
- Drilling of high priority targets identified.
- 2,050 soil sample assays are at the laboratory awaiting assay.
Aboriginal Areas Protection Authority Certificate
Under the Northern Territory Aboriginal Sacred Sites Act, the Aboriginal Areas Protection Authority is responsible for overseeing the protection of Aboriginal sacred sites on land and sea across the whole of Australia’s Northern Territory.
The Authority consults with Aboriginal custodians to ensure they are fully informed about development; and to ensure land users and developers are given clear conditions regarding proposed work in the vicinity of sacred sites.
Through the work of the Authority, developers can have confidence to proceed with investment.
The authority certificate covers aspects of exploration including but not limited to:
- Exploration drilling (RC, Diamond, Air Core & Rotary techniques)
- Track related works (new tracks, update of existing tracks and maintenance)
- Construction of drill pads and sumps
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
Evergreen Chairman Simon Lill commented: “Receipt of AAPA is a significant milestone in progressing the Bynoe project and ensuring the protection and preservation of Aboriginal sacred sites. With so many compelling drill targets and a drill rig on standby, we look forward to a very active and successful 2024 exploration season.”
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.
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For further information contact:
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| Cadence Minerals plc | +44 (0) 20 3582 6636 |
| Andrew Suckling | |
| Kiran Morzaria | |
| WH Ireland Limited (NOMAD & Broker) | +44 (0) 20 7220 1666 |
| James Joyce | |
| Darshan Patel | |
| Fortified Securities – Joint Broker | +44 (0) 20 3411 7773 |
| Guy Wheatley | |
| Brand Communications | +44 (0) 7976 431608 |
| 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
Mosman Oil & Gas #MSMN – EP 145 Update
Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development and production company, advises an update in respect to EP 145 in the Amadeus Basin in the Northern Territory of Australia (“NT”).
As previously advised, Mosman is now operating in two distinct divisions. Dr Julie Daws, in consultation with the Technical Director, Mr. Andy Carroll, is managing Mosman’s exploration work in Australia, specifically EP 145 airborne gravity and seismic acquisition. Bids have now been received for the airborne gravity data acquisition and are currently being evaluated. As there are not currently any Covid-19 restrictions in the Northern Territory where EP145 is located, and no ground access is required, this survey is able to proceed in the near future once a contractor is selected and equipment is available.
Planning for the seismic acquisition is ongoing. Mr. Andy Carroll and Dr Julie Daws met with the Aboriginal Areas Protection Authority (“APAA”) and the Central Land Council (“CLC”) in Alice Springs to discuss the current work programme. An AAPA Sacred Site Clearance Certificate is required to ensure no damage to sacred sites, and this has been received.
Other requirements prior to the seismic acquisition include the CLC requirement for a heritage survey (needed prior to ground access), where Mosman is awaiting clarity from CLC on timing and also the requirement for an on-ground environmental survey and Environmental Management Plan before the crews can access the area to acquire the seismic data. Given delays related to Covid-19, Mosman no longer considers it feasible to obtain and process the seismic data under the original EP 145 permit seismic schedule of August 2021, and Mosman has applied to the NT Government for an extension.
The subsalt play is a focus of exploration across the Amadeus Basin, including Mosman operated EP145. Two wells in the Amadeus Basin, Magee-1 in EP38 (Pacific O&G, 1992) and Mt Kitty-1 in EP125 (Santos, 2014), encountered hydrocarbons with up to 9% helium within this interval and other significant structures have been identified including Dukas-1 in EP112 (Santos, 2019) and the Zevon lead in EP115 (Central Petroleum) which is located close to EP145.
In addition to the subsalt prospectivity, EP145 contains the West Walker-1 gas discovery which lies on trend with the Mereenie oil and gas field which produces from the Ordovician Pacoota Sandstone unit and the Palm Valley gas field that have both been under production for over 30 years.
Two wells have been drilled in EP145, the first West Walker -1 (1982) tested the western end of an anticlinal feature and flowed wet gas to surface at a rate of 3.5MMscf/d from the Pacoota Sandstone, also the main producing reservoir in the Mereenie Field. A follow up well drilled, called Tent Hill -1 (1984), located to the southeast on the same anticline was deemed unsuccessful, although oil was observed weeping from cores.
As previously announced, independent resource estimates by SRK (2016) support prospective resources of 22Bcf in the Pacoota Sandstone play and additional unconventional prospective resources of 1,456Bcf in the Horn Valley Siltstone (SRK report 2016, P50 gross unrisked) on EP145.
Mr. Andy Carroll and Dr Julie Daws attended the Annual Geoscience Exploration Seminar 2021 Conference in Alice Springs on 19-20 April. The presentations included Federal and State Minister speeches with government supporting investment in exploration and infrastructure. Part of the State $9 million per annum pledge of support includes a 50% grant for geophysical work (up to $100,000 per survey) and Mosman has applied for this grant.
There was also a presentation of the SEEBASE basement map for the whole of N Northern Territory, which will help Mosman integrate the local data obtained in EP 145 with regional geophysical data.
Further details of timing will be provided once known.
Qualified Person’s Statement
The information contained in this announcement has been reviewed and approved by Andy Carroll, Technical Director for Mosman, who has over 35 years of relevant experience in the oil industry. Mr. Carroll is a member of the Society of Petroleum Engineers.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
Enquiries:
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Mosman Oil & Gas Limited John W Barr, Executive Chairman Andy Carroll, Technical Director |
NOMAD and Broker SP Angel Corporate Finance LLP Stuart Gledhill / Richard Hail / Adam Cowl +44 (0) 20 3470 0470 |
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Alma PR Justine James +44 (0) 20 3405 0205 +44 (0) 7525 324431 |
Joint Broker Monecor (London) Ltd trading as ETX Capital Thomas Smith 020 7392 1432 |
Updates on the Company’s activities are regularly posted on its website: