Tag Archives: Bynoe

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that ASX listed Evergreen Lithium Limited (“Evergreen”) (ASX: EG1) has announced the results of its geochemical program at Bynoe. The soil samples show significant NE-trending lithium anomalism. The anomalies are up to several kilometres long and include anomalies in the geochemical pathfinder elements Beryllium (Be), Caesium (Cs), Potassium (K), Lanthanum (La), Rubidium (Rb), Tin (Sn) and Tantalum (Ta).

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.

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.

Bynoe Results – Highlights:

• Phase 2 soil geochemical results extend previously identified lithium anomalies and reveal two broad NE-trending zones which host multiple lithium pegmatite targets.
• These targets are along strike from and parallel to the strike of neighbouring spodumene bearing pegmatites.
• The lithium anomalies are coincident with lithium pathfinder elements Beryllium (Be), Caesium (Cs), Lanthanum (La), Rubidium (Rb), Tin (Sn) and Tantalum (Ta).
• Geochemical sampling and mapping are currently underway to further define existing and additional lithium pegmatite targets.
• Geophysical Ambient Noise Tomography (ANT) survey data has been received and interpretation is currently being undertaken.

Link here to view the full Evergreen ASX announcement

Evergreen Head of Exploration, Jason Ward commented: “These recent results add to the geochemical picture at Bynoe and indicate several very large zones of lithium anomalism. The lithium anomalies are supported by the pathfinder elements which are commonly associated with the surface expression of lithium bearing LCT pegmatites below. We will use this data together with the results of our recently conducted Fleet Exosphere ANT study, which we are currently analysing, to define drill targets.”

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.