#SVML Sovereign Metals – SUSTAINABLE FARMING ON TARGET TO TRIPLE CROP YIELD

Sovereign Metals Limited (ASX:SVM; AIM:SVML) (the Company or Sovereign) is pleased to provide an update on its previously announced Conservation Farming Program (Program) in Malawi.

The Company is actively executing its Environmental, Social, and Governance (ESG) Strategy whilst developing the Kasiya Rutile-Graphite Project (Kasiya or Project). The Program is aimed at improving the livelihoods of local communities through the creation of successful smallholder farmers. Farmers have enthusiastically adopted the Program with 90 participants within the Project area being trained in low-input-cost, high-yield sustainable farming techniques. A further 300 farmers will be added during the 2024 planting season.

The Program has already yielded visibly higher crop growth. Preliminary yield estimates have been undertaken through a cob-count and sizing exercise of all 90 farmers. Yields are conservatively estimated at 3.2 tonnes per hectare, tripling average conventional crop yields. This is despite Malawi’s crop yields expected to be 22.5% lower than average this year due to the El Niño weather phenomenon.

Increases in maize (corn) production will be quantified in the coming months during the harvest season. Farmers participating in the Program expect to begin harvesting in May 2024, and are looking forward to a bumper harvest, despite the much drier than usual year caused by El Niño, causing widespread drought across southern Africa.

The Program ultimately aims to provide a platform where successful smallholder farmers can produce sufficient surplus crops to generate sustainable household income.

Figures 1 & 2 – Left: planted field using traditional techniques & Right: Field farmed under the Program showing substantially more crop growth

 

Sovereign’s Managing Director, Frank Eagar commented, “The incredible improvements in expected maize yields is beyond expectations and is another example of the positive impacts the Kasiya Project will have on our local communities. The 90 farmers in the Program comprise 50% women and 10% vulnerable people. We will maintain this equal opportunity policy as the Program is rolled out across Kasiya. At a time when Malawi and other southern African countries are facing severe drought due to weather conditions, Sovereign takes its social responsibility very seriously and is already delivering tangible benefits for the local community.”

The Program is being implemented by Sovereign’s experienced team on the ground, which previously ran a very successful program for First Quantum Minerals Limited’s Zambian operations, where its conservation farming program has been effectively operating since 2010. Between 2020 and 2022 harvest crops increased by 67% from 6,000 tonnes to 10,000 tonnes of maize, with over 7,000 farmers in the program at the end of 2022.

Conservation farming as a system aims to protect soil from erosion and degradation and increase crop yields. It involves three main principles:

1)   minimum soil disturbance, such as no-till farming,

2)   maintenance of a permanent soil cover, such as cover crops or crop residues and

3)   diversification of plant species, such as crop rotation.

This is a highly important program for Malawi with maize making up two-thirds of national calorie intake, with nine out of ten farming households producing maize, devoting over 70% of their land to growing it. Sovereign has already identified the next season’s farmers, with the Program being scaled up from 90 to 300 farmers in the 2024/2025 agricultural season. This quantity of farmers will prove that the program successfully increases agricultural production in a sustainable manner, during Sovereign’s upcoming Definitive Feasibility Study. Sovereign plans to roll out Conservation Farming as its cornerstone livelihood restoration and improvement project for the Kasiya Project in the medium to long term.

A group of people standing in a field of corn Description automatically generated

Figure 3 – On-site Program leader, Mr Duncan Chinkanda with local farmers and team members showing  Program adopted crops on the left and traditionally farmed land on the right

 

ENQUIRIES

Frank Eagar (South Africa/Malawi)
Managing Director

+61(8) 9322 6322

Sam Cordin (Perth)
+61(8) 9322 6322

Sapan Ghai (London)
+44 207 478 3900

 

 

Nominated Adviser on AIM and Joint Broker

 

SP Angel Corporate Finance LLP

+44 20 3470 0470

Ewan Leggat

Charlie Bouverat

Harry Davies-Ball

 

 

Joint Brokers

 

Stifel

+44 20 7710 7600

Varun Talwar

 

Ashton Clanfield

 

 

 

Berenberg

+44 20 3207 7800

Matthew Armitt

 

Jennifer Lee

 

 

 

Buchanan

+ 44 20 7466 5000

#BRES Blencowe Resources – Bulk Sample Processing underway at Pilot Plant Facility in China

Blencowe Resources Plc (LSE: BRES) is pleased to report significant progress on the Definitive Feasibility Study (“DFS”) works for the 100%-owned Orom-Cross graphite project in Uganda including commencement of the 600 tonne bulk sample test work at the Jilin Huiyang New Material Technology Company Ltd (“Jiliin”) facility in China.

 

Highlights:

·      Bulk Sample Processing – commencement of the 600-tonne commercial scale processing at Jilin in China marks a significant step forward for Orom-Cross DFS.

·      Off-take Agreements Progress – senior management and potential offtake partners to meet during April 2024 to advance off-take discussions following strong interest in the large-scale test work, samples delivered to date, and Orom-Cross products across the board.

·      Final Sample Delivery – both 96% concentrate and 99.95% spheronised purified graphite (“SPG”) provided from this latest bulk sample testing are expected to be delivered in Q2 2024 to potential off-taker parties in sufficient quantity for review, leading to product qualification and ultimately contracts.

Following the delivery of the 600 tonne bulk sample materials to China, processing has commenced at the Jilin facility. This same facility previously conducted successful bulk metallurgical test work for Blencowe on the 100-tonne Orom-Cross sample in 2023.

Blencowe plans to utilise this product to generate large volumes of both 96% concentrate and 99.95% uncoated SPG product for final qualification with potential off-take partners.  This process aims to maintain the same consistently high quality as previously delivered via this commercial-scale production process in 2023.

Senior management will visit both China and South Korea over the next few weeks to continue discussions on offtake agreements.  Strong interest has been shown to date and Blencowe is confident that this will continue with the ongoing large-scale test work.

 

 

 

Cameron Pearce, Executive Chairman commented;

“This latest 600 tonne bulk sample testing is a critical part of our DFS. We aim to demonstrate that end products maintain the same high quality and purity in commercial scale processing that have already been achieved in all previous testing to date.  The 100 tonne testing last year confirmed this quality maintains to scale and we are confident we can achieve similar results from this latest 600 tonne testing.  Thereafter we will have sufficient quantity of 99.95% SPG to provide for testing with tier one offtakers for product qualification.”

 

Mr Pearce added “We are making significant progress across all DFS objectives.  Orom-Cross is a world class graphite project with unique characteristics, and its potential is becoming increasingly evident as we deliver each milestone.”

 

 

For further information please contact:

 

 

  Blencowe Resources Plc

Sam Quinn

 

www.blencoweresourcesplc.com

Tel: +44 (0)1624 681 250

info@blencoweresourcesplc.com

Investor Relations

Sasha Sethi

Tel: +44 (0) 7891 677 441

sasha@flowcomms.com

 

Tavira Financial 

Jonathan Evans

Tel: +44 (0)20 3192 1733

jonathan.evans@tavira.group

 

Quoted Micro 15 April 2024

AQUIS STOCK EXCHANGE

Voyager Life (VOY) has terminated its merger with Northern Leaf following a decline in its share price making it difficult to fund the transaction. The cannabis products supplier says that there are other potential partners. Additional finance is required to automate production.

Supernova Digital (SOL) says NAV was 0.36p/share on 3 April 2024. A tender offer is planned when there are additional liquid funds. Director Nicholas Lyth bought two million shares at 0.19p each.

Capital for Colleagues (CFCP) has sold shares in Computer Application Services for £257,000 and it retains a 28.9% stake.

Marula Mining (MARU) issued 2.8 million shares to pay for its stakes in the Nyoriinyori and NyoriGreen graphite projects The total consideration is £350,000. This follows assay results that confirm high-grade and broad graphite mineralisation on each of the projects. Marula Mining is also about to start supplying columbite-tantalite and feldspar from the Blesberg mine in South Africa to Fujax UK.

Substrate AI (SAI) is forecasting 2024 revenues of $20.6m and pre-tax profit of $1m. This is due to organic growth.

Business assurance provider Adsure Services (ADS) has announced a maiden dividend of 0.49p/share and the shares go ex-dividend on 18 April. Trading has been strong in the second half.

KR1 (KR1) has announced a general meeting on 29 April to seek authority to acquire up to 14.9% of its share capital.

Hydrogen Future Industries (HFI) has raised £60,000 at 5p/share. This is on top of the £552,000 raised earlier in the year.  Inqo Investments (INQO) raised £1.3m at 70p/share. Dermatological technology developer Incanthera (INC) raised £174,000 from the exercise of warrants at 10p. Crushmetric (CUSH) placed shares raising £54,000 at 12.5p each.

Valereum (VLRM) has appointed Stanford Capital Partners as broker. Spirits company Rogue Baron (SHNJ) has appointed New York-based MD Global Partners as joint broker.

Rikki Devlin has increased his stake in Oscillate (MUSH) from 3.04% to 4.21%. Michael Prior sold 645 shares in brewer Shepherd Neame (SHEP) at 695p each.

AIM

Self-storage operator Lok’nStore (LOK) has agreed a 1,100p/share cash bid from Belgium-based Shurgard Self Storage. That values the company at £370m. The share price has risen above the level of the bid.

Churchill China (CHH) still managed to increase its profit in 2023 even though the third quarter trading was weak, and revenues fell. Europe was the bright spot, with growth in ceramics sales to hospitality customers in the main markets. The UK was flat, and the rest of the world sales were lower. The dividend has been raised from 31.5p/share to 36p/share. Capital investment will improve efficiency and margins. Investec forecasts flat 2024 pre-tax profit of £10.8m and that assumes an upturn in the UK.

There were no additional negatives in the Bango (BGO) 2023 figures following its disappointing trading statement earlier in the year. In fact, the previously announced foreign exchange loss was not taken through the income statement. Revenues grew from $28.5m to $46.1m with a full contribution from DOCOMO. The reported loss jumped from $4.8m to $10.2m. The NewDeep joint venture is being wound down so that stop the losses from it, while the technology can be used in the core business. Net debt is $3.9m. Capex continues at a high level and there is an unused overdraft facility of £3m that can be used. First quarter revenues are up by one-fifth and cost savings will help Bango achieve the anticipated move into profit this year. Annualised recurring revenues are $11m.

CleanTech Lithium (CTL) chief executive Aldo Boitano has resigned, although he will be a consultant, and Steve Kesler has taken over on an interim basis. This follows the revelation he entered into a loan agreement with his shareholding in the company as security in August 2023, but this was not revealed at the time. He transferred his 9.4 million shares to a custodian account nominated by the lender. It is unclear if any of the shares have been sold.

Cosmetics supplier Warpaint London (W7L) says trading continues to outperform expectations. First quarter sales are 28% higher at £23.5m. This has been achieved by adding stores and broadening the range and there has been no price rise since early 2022. Margins have also improved. Shore believes that its current pre-tax profit forecast of £19.1m for 2024 is likely to be 10% too low. The broker will not upgrade its forecast until the 2023 results are published on 24 April.

Coal miner Bens Creek (BEN) is laying off workers at its mine in West Verginia, which will be operated on a care and maintenance basis. There are 44 employees being laid off and that is described as “a substantial number” of the employees at the mine. Management is in discussions with largest shareholder and offtake partner Avani Resources to provide further finance. Earlier in the week, the company said it had secured a one-off sale of 20,000 tons of coal to Avani Resources for $1.2m, of which $1m has been received in advance of delivery. This is lower quality coal, and the deal is separate to the offtake agreement. This did not prove enough to alleviate the poor financial position of the US-based metallurgical coal miner.

European Green Transition (EGT) is seeking to build up a portfolio of mining and processing projects that can help to progress the move to cleaner energy in Europe. There is potential for grant income from the EU for European critical minerals assets, as well as looking at non-dilutive ways of raising money for individual projects. A placing and offer raised £6.46m at 10p/share. Trading commenced on 8 April. The share price ended the week at 12p. Pro forma net assets are £7.29m, which includes cash of £5.95m. The Olserum rare earth element project in Sweden is the core asset.

Fulcrum Metals (FMET) has acquired the Sylvanite gold tailings project in Ontario. This is a former producing mine, and it is near to the previous tailings investment the Teck-Hughes gold tailings project. There are plans to create a tailings hub. The historic tailings resource estimate at Sylvanite is 67,051 ounces.

First quarter revenues at carbon brake technology developer Surface Transforms (SCE) were £3m, which was lower than target. However, production yields improved in March when revenues were £1.5m. Revised delivery schedules have been agreed. Cavendish has raised its 2024 forecast loss to £3m because of higher scrappage costs and there are likely to be higher working capital requirements. There should still be net cash at the end of 2024.

Drug developer e-therapeutics (ETX) is raising £28.9m at 15p/share from M and G and Richard Griffiths. It is also the latest company to decide to leave AIM. In the future, a Nasdaq listing may be possible.

Active Energy Group (AEG) has been reviewing its operations and how to secure funding. It believes it cannot raise the cash it requires to construct a CoalSwitch biomass fuel plant and commence production. A buyer is being sought for the CoalSwitch assets. If that happens, then the company would become a shell.

Oracle Power (ORCP) has secured an option to acquire 100% of the Blue Rock Valley copper and silver project in Western Australia. The option cost £30,000 in shares. If the option is exercised there will be 913.2 million shares issued – valued at £200,000.

Weak third quarter demand at castings company Chamberlin (CMH) hit profitability. Some new programmes were delayed, and other demand was lower than forecast. The renewable offshore energy sector remained strong. There has been some recovery in the fourth quarter and costs are being reduced. Prices increases have been made.

Harvest Minerals (HMI) has made a rare earth elements discovery at its Arapua fertiliser project in Brazil. Rock samples analysis shows rare earth elements and further work will be done to firm up the opportunity by assessing previous drilling. There has been a better start to the year for sales of fertiliser.

Contract research and infectious disease study services provider hVIVO (HVO) reported 2023 results broadly in line with the trading statement. The order book covers 90% of the forecast revenues of £62m, with a strong first half expected.

MAIN MARKET

Kitchenware retailer ProCook Group (PROC) reported fourth quarter trading showing 4.8% year-on-year growth in revenues to £13.2m with the decline in ecommerce revenues slowing. Like-for-like growth was 1.5% ahead. Full year revenues were flat at £62.6m, although retail revenues were 9% higher. Net debt is £700,000.

Critical Metals (CRTM) has issued £1.6m of convertible loan notes. This will help to finance the road to the Molulu copper cobalt project in the Democratic Republic of Congo and fund initial drilling to establish a JORC resource. Management is also near to securing an $11m loan guaranteed by the US government. This will fund construction of the mine and leave additional cash for investment in other projects. Production at Molulu could start before the end of this year. The plan is to produce 10,000 tonnes of copper each month.

Standard list shell Aura Renewable Acquisitions (ARA) had £661,000 in the bank at the end of 2023. It raised £1m in April 2022. The company is still seeking an acquisition in the renewable energy sector.

Narf Industries (NARF) has won a $500,000 cybersecurity contract with the US Department of Energy. This is part of a project to strengthen the resilience of energy infrastructure.

Andrew Hore

Alan Green covers Blencowe Resources #BRES, Altona Rare Earths #REE & Oxford Cannabinoid Technologies #OCTP on this week’s Stockbox Research Talks

Alan Green covers Blencowe Resources #BRES, Altona Rare Earths #REE & Oxford Cannabinoid Technologies #OCTP on this week’s Stockbox Research Talks

ECR Minerals #ECR – CEO Nick Tulloch talks to Andrew Scott

ECR Minerals #ECR – CEO Nick Tulloch talks to Andrew Scott
✅ Kuboid Hill results
✅ Davey Road results
✅ Funded for work programmes in Victoria & Queensland
✅ Tambo next up
✅ Blue Mountain
✅ Tax losses & cash management

Cadence Minerals #KDNC – European Metals Holdings #EMH – Successful production of lithium hydroxide at Cinovec

Cadence Minerals (AIM: KDNC; OTC: KDNCY) is pleased to note the announcement by European Metals Holdings Limited (“European Metals” or “EMH”) (ASX & AIM: EMH, OTCQX: EMHXY, ERPNF and EMHLF) in regard to the Cinovec Lithium Project (“Cinovec” or the “Project”).

EMH has announced the successful production of lithium hydroxide monohydrate from pregnant leach solution manufactured during the recent larger scale Cinovec pilot programme.

Highlights:

  • The pilot programme has confirmed viability of the Lithium Chemical Plant (“LCP”) process flowsheet for the industrial scale production of either lithium carbonate or lithium hydroxide.
  • Crude lithium carbonate from the pilot programme has been converted into exceptionally clean battery-grade lithium hydroxide monohydrate at laboratory scale.
  • The pilot programme processed ore is fully-representative in all respects of the run-of-mine for the first seven years of mining planned at Cinovec, including average grade and expected rock-type mix from the bulk mining.

The Cinovec LCP flowsheet produces a high purity lithium sulphate solution which is capable of being used to produce either lithium carbonate or lithium hydroxide. The first stage (un-reprocessed) crude lithium carbonate produced is very close to battery grade and easily upgraded to battery grade in a single bicarbonation step (see the Company’s ASX/ AIM announcement of 9 November 2023 “Successful Battery-Grade pilot programme for Cinovec Lithium Project”).

The Cinovec LCP flowsheet lends itself to producing battery-grade lithium hydroxide monohydrate either directly, or indirectly via re-processing the first stage crude lithium carbonate. The project team has assessed the relative industrial process risks of manufacturing battery-grade lithium hydroxide monohydrate using both methods. It was concluded the indirect method was regarded as the lower-risk method, when considering process risks and costs.

This method of production of lithium hydroxide monohydrate has been tested as part of the pilot programme and has successfully produced battery-grade lithium hydroxide monohydrate at a laboratory scale.

Link here to view the full EMH announcement

EMH Executive Chairman, Keith Coughlan commented: We are extremely pleased with the results from the lithium hydroxide test program.  The lithium hydroxide produced was of the highest grade possible and exceptionally clean. This, when combined with the ability to produce either battery grade lithium carbonate or hydroxide enables a wider range of offtakers for the Cinovec product.”

Cadence CEO Kiran Morzaria added: “The Cadence management team are delighted to see EMH achieve another milestone step at Cinovec. In producing this high grade lithium hydroxide, the EMH team have opened up new offtake opportunities for the end product.”

Cinovec Lithium/Tin Project

Geomet s.r.o. controls the mineral exploration licenses awarded by the Czech State over the Cinovec Lithium/Tin Project. Geomet has been granted a preliminary mining permit by the Ministry of Environment and the Ministry of Industry. The company is owned 49% by EMH and 51% by CEZ a.s. through its wholly owned subsidiary, SDAS. Cinovec hosts a globally significant hard rock lithium deposit with a total Measured Mineral Resource of 53.3Mt at 0.48% Li2O and 0.08% Sn, Indicated Mineral Resource of 360.2Mt at 0.44% Li2O and 0.05% Sn and an Inferred Mineral Resource of 294.7Mt at 0.39% Li2O and 0.05% Sn containing a combined 7.39 million tonnes Lithium Carbonate Equivalent and 335.1kt of tin.

Cadence Minerals holds approximately 3.2% per cent of the equity in European Metals Holdings.

For further information contact:

 

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

Karelian Diamond Resources #KDR Chairman Shares Results from Electron Microprobe Analysis

Stockbox Media spoke to Karelian Diamond Resources Chairman Richard Conroy following the results announced this morning of Electron Microprobe Analysis of Kimberlitic garnets from till samples.

Richard Conroy highlights the promising results which have been obtained from Electron Microprobe analysis of Kimberlitic garnets from till samples near the Green diamond Discovery in Finland, Kuhmo region.

He also discusses progress in extending exploration permits at Riihivaara and securing land possession in Finland indicates the potential economic impact of mine development, which could significantly benefit the regional economy.

Altona Rare Earths #REE CEO Discusses the Botswana Option Agreement for Copper Exploration

Altona Rare Earths #REE CEO Discusses the Botswana Option Agreement for Copper Exploration

➡️ The recent acquisitions highlight Altona’s expansion into copper projects, aiming to diversify its portfolio beyond rare earth’s.

➡️ CEO Cedric Simonet emphasises the potential of the Kalahari Copper Belt in Botswana and the Central Africa Copper Belt in Zambia, highlighting their geological similarity and the favourable mining investment environment in Botswana, while hinting at potential future acquisitions.

Blencowe Resources #BRES – Third tranche US$1 million Grant Funding received from US International Development Finance Corporation

Blencowe Resources Plc (LSE: BRES) is pleased to announce the receipt of its third tranche US$1 million funding from the United States International Development Finance Corporation (“DFC”).  This payment, representing a further 20% of the full US$5 million DFC grant further supports the ongoing Orom-Cross Definitive Feasibility Study (“DFS”) costs, bringing the total received to US$3 million since the agreement was signed in Sept 2023.

Key Milestones Achieved Driving DFS Progress:

·    Completion of SPG (spheronised, purified graphite) coating test work and waste composite flake test work studies.

·    Initiation of a commercial study into a downstream processing facility to deliver 99.95% uncoated SPG, located in Uganda.

·    Completion of expandability test work by leading US graphite technical expert.

Blencowe successfully completed all of the above milestones to achieve this latest disbursement of DFC funds, with results continuing to highlight Orom-Cross as a standout graphite project with unique characteristics.

The successful coating of SPG product marks a crucial step towards product qualification, positioning Orom-Cross favourably with tier-1 offtakers. Additionally, achieving success in expandability testing enhances the potential for high value niche sales for large flake products which could drive the bulk of Orom-Cross revenues in the future.

Blencowe is exploring the potential establishment of a downstream processing facility in Uganda to further upgrade the purity of the Company’s graphite from a 96% concentrate to 99.95% uncoated SPG.  This transformation would elevate the value of the lowest value small flake concentrate from approximately $600/tonne to around $2,500/tonne, setting Orom-Cross apart from its peers and meeting significant demand for a 99.95% graphite product range sourced from outside China.  Although still in its early stages, this strategy promises significant value addition with commercial studies underway assessing its integration into the core Orom-Cross production strategy.

Blencowe remains actively engaged with potential offtake partners worldwide, fostering relationships with tier-1 offtakers who are evaluating product samples constantly.  Blencowe’s CEO and COO will travel to China and South Korea over the next few weeks to further these discussions and to establish key offtake relationships.

Cameron Pearce, Executive Chairman commented;

“I would like to thank DFC for their ongoing support, they are an outstanding project partner and we are able to accelerate the pace of our studies with their assistance.  Our DFS results underscore what an exceptional graphite project Orom-Cross is, including its size and scale, low operating costs, low capital start-up costs and high quality purified end products which are building interest with key offtakers and end users.  We are committed to adding value wherever possible to ensure that our DFS delivers a standout result ahead.”

Mr Pearce added “Blencowe is making significant strides with the feasibility study as evidenced in this latest disbursement from DFC.  We are confident in the continued expansion of the natural flake graphite market and we aim to be one of the few projects that successfully navigates both the qualification and funding processes to achieve production status ahead.” 

For further information please contact:

 

  Blencowe Resources Plc

Sam Quinn

 

www.blencoweresourcesplc.com

Tel: +44 (0)1624 681 250

info@blencoweresourcesplc.com

Investor Relations

Sasha Sethi

Tel: +44 (0) 7891 677 441

sasha@flowcomms.com

 

Tavira Financial 

Jonathan Evans

Tel: +44 (0)20 3192 1733

jonathan.evans@tavira.group

 

 

Twitter https://twitter.com/BlencoweRes

LinkedIn https://www.linkedin.com/company/72382491/admin/

Background

Orom-Cross Graphite Project

Orom-Cross is a potential world class graphite project both by size and end-product quality, with a high component of more valuable larger coarse flakes within the deposit.

A 21-year Mining Licence for the project was issued by the Ugandan Government in 2019 following extensive historical work on the deposit.  Blencowe completed a successful Pre-Feasibility Study on the Project in July 2022 and is now within the Definitive Feasibility Study phase as it drives towards first production.

Orom-Cross presents as a large, shallow open-pitable deposit, with an initial JORC Indicated & Inferred Mineral Resource of 24.5Mt @ 6.0% TGC (Total Graphite Content). This Resource has been defined from only ~2% of the total tenement area which presents considerable upside potential ahead.  Development of the resource is expected to benefit from a low strip ratio and free dig operations together with abundant inexpensive hydro-electric power off the national grid, thereby ensuring low operating costs.  With all major infrastructure available at or near to site the capital costs will also be relatively low in comparison to most graphite peers.

Cadence Minerals #KDNC – Corporate Update – Evergreen Lithium (ASX: EG1) Uncovers Additional Large Lithium Pegmatite Targets at Bynoe

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.

 

 

For further information contact:

 

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
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