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Cadence Minerals (AIM: KDNC) is pleased to announce the discovery of spodumene-bearing pegmatites at the Bynoe Project by ASX-listed Evergreen Lithium Limited (“EverGreen”) (ASX: EG1). Cadence is an 8.74% shareholder in EverGreen. Link here to view the full Evergreen ASX announcement

Highlights: 

•      Initial results from the ongoing AC drilling program along Line 6 on the western flank have confirmed multiple intersections of spodumene-bearing pegmatites

•      The pegmatite intersections have initially been confirmed in four drill holes – 349, 350, 351, and 352 – with downhole intervals of up to 10m

•      Sporadic spodumene crystals were observed in air-core chips within the oxidised and leached pegmatites

•      Initial interpretation indicates multiple stacked, shallow-dipping pegmatites, like lithium-bearing systems like Hang Gong and Lees Booth

•      Ongoing pegmatite analysis will guide exploration strategies, including deeper RC drilling and optimal drill hole orientation and spacing 

EverGreen announced significant progress in its ongoing exploration program at the Bynoe Project, located 50km south of Darwin in the Northern Territory. Preliminary results from air-core drilling along Line 6 on the western side of Evergreen’s Bynoe project have confirmed multiple spodumene bearing pegmatite intersections, demonstrating Bynoe project’s lithium potential.

Evergreen Exploration Manager Andrew Harwood commented: “The recent drilling results along Line 6 are very promising, strengthening our confidence in the lithium potential at the Bynoe Project. It’s exciting to have encountered blind pegmatites early in our reconnaissance air-core drilling program. With numerous targets still to explore, we anticipate more significant discoveries. Our geological team is diligently analysing the data to enhance our understanding of the pegmatite system. Comparisons with nearby prospects, such as Hang Gong, highlight the potential scale of Bynoe’s system. We are planning deeper RC drilling and optimising our air-core program to fully assess these promising targets.”

Figure 1: Bynoe Project, showing new discovery zone and areas of planned drilling

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.

Cadence Minerals (AIM: KDNC; OTC: KDNCY) is pleased to note that ASX listed Evergreen Lithium Limited (“Evergreen”) (ASX: EG1) has announced the commencement of RAB/Aircore drilling at its highly prospective Bynoe Project directly east of Core Lithium’s Finniss Mine. The RAB/Aircore drilling will be used to test priority targets and to further progress geochemical studies in higher priority areas obscured by Quaternary and Tertiary cover units.

Gearing up for this second field program follows the approval of the Company’s Mine Management Plan (MMP) in April 2024, and ground conditions being dry enough to allow access for heavier vehicles.

Geochemical, geophysical and mapping activities completed to date demonstrate the potential for lithium bearing LCT pegmatite style mineralisation within EverGreen’s EL 31774 lease.

Highlights:

·      RAB/Aircore drilling has commenced successfully at the Bynoe Project

·      Early auger program results provide further direction towards identifying potential lithium-cesium-tantalum (LCT) pegmatite corridors at Bynoe

·      Planned work programs for 2024 will include auger and RAB/AC drilling, field mapping with potential follow-up RC and diamond drilling

Link here to view the full Evergreen ASX announcement

Evergreen Exploration Manager Andrew Harwood commented: “We are pleased to have commenced drilling on EverGreen Lithium’s 231km2 lease at the Bynoe Project, one of the largest land holdings in the Bynoe Pegmatite Field. The Company believes that this project hosts excellent and compelling drill-ready lithium targets.”

“The RAB/AC drilling program’s primary objectives are lithological mapping beneath the thin cover units, and to test priority targets. These targets include interpreted fault structures, soil geochemical anomalies, historic tin-tantalum surface workings and the Ambient Noise Tomography (ANT) geophysical targets.”

“This shallow phase of drilling will only test the leached lithium depleted zone of the pegmatite target, and thus initial geochemical results will not necessarily be representative of the lithium potential at depth. However, we are excited by the potential shown by the Bynoe Project to contain an extension of the mineralised pegmatites which have been discovered in the neighbouring Core Lithium’ and Lithium Plus ground directly to the west. While there is still more work to do, we look forward to expanding our understanding of the prospectivity of the Bynoe Project.”

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.

Cadence Minerals (AIM: KDNC; OTC: KDNCY) is pleased to note that ASX listed Evergreen Lithium Limited (“Evergreen”) (ASX: EG1) has announced the approval of its Mine Management Plan (MMP), enabling EverGreen to commence high impact exploration activities such as auger sampling and drilling at its flagship Bynoe project.

Geochemical, geophysical and mapping activities completed to date demonstrate the potential for lithium bearing LCT pegmatite style mineralisation within EverGreen’s EL 31774 lease, spanning 231 square Kilometers of tenure.

Highlights:

• EverGreen has received approval for its Mine Management Plan (MMP) which will allow for drilling and other higher impact activities to commence at its Bynoe Project. These activities include auger sampling, AC/RAB, RC and diamond drilling.
• Aboriginal Areas Protection Authority certificate (AAPA) has already been received in December 2023.
• The Bynoe project is now fully permitted to commence exploration.
• Auger sampling and drilling contractors have been secured and work is scheduled
• to commence when field conditions are suitable.
• Planned work programs for 2024 will include auger, RAB/AC and RC drilling testing of geochemical and geophysical anomalies, with potential follow-up diamond drilling.

Link here to view the full Evergreen ASX announcement

Evergreen Exploration Manager Andrew Harwood commented: “With all Bynoe exploration and drilling approvals now received and field conditions improving, it is expected that field activities will commence in the coming weeks. The Company looks forward to drilling on its 231Km2 lease at Bynoe, one of the largest land holdings in the Bynoe Pegmatite Field. The Company believes that its Bynoe Lithium Project hosts excellent and compelling drill-ready 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.

Cadence Minerals (AIM: KDNC; OTC: KDNCY) is pleased to note that ASX listed Evergreen Lithium Limited (“Evergreen”) (ASX: EG1) has announced that the last of its Phase 3 geochemical soil sampling results from the Bynoe Project in the Northern Territory have been received. The results further confirm the likely presence of LCT pegmatites within the Bynoe lease. Of further interest is another anomalous zone to the east of those outlined in previous announcements (14/03/24 & 30/11/23). The latest new target area in the east of the tenement further demonstrating the potential for additional lithium spodumene mineralisation in the Bynoe pegmatite field, and within EverGreen’s 231 square km of tenure.

Highlights:

• EverGreen’s final Phase 3 geochemical sample results continues to build on positive results at Central Bynoe.
• Assay results from 1,174 soil samples received reflect similar large-scale lithium trends to those previously identified.
• Additional large scale lithium pegmatite targets identified.
• Planned work programs for 2024 include auger, RAB/AC and RC drilling testing geochemical and geophysical anomalies with potential follow-up diamond drilling.

Link here to view the full Evergreen ASX announcement

Evergreen Exploration Manager Andrew Harwood commented: “These final soil results add to the picture that the Bynoe Project has great LCT pegmatite potential. Yet another soil anomalous area to the east is a significant outcome for the company. Using a variety of proven exploration tools such as auger, RAB and RC drilling, the team is looking forward to the upcoming exploration season to further test the potential of the project.”

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.