Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that ASX listed Evergreen Lithium Limited (“Evergreen”) (ASX: EG1) has announced the preliminary analysis of its EXOSPHERE BY FLEET® Ambient Noise Tomography (ANT) geophysics survey at Bynoe.
ANT is a ground geophysics method that uses natural or man-made seismic noise as a signal source to measure the seismic velocity of the subsurface in three dimensions. The key objective of the survey was to identify potential lithium bearing pegmatites at depth otherwise known as blind pegmatites, and the ANT analysis has identified priority pegmatite targets within Bynoe Northern Area 1 adjacent to Core Lithium.
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:
- Ambient Noise Tomography (“ANT”) Survey analysis received for northern Survey Area 1.
- Preliminary analysis identifies multiple large scale potential pegmatite targets situated along strike from Core Lithium’s Carlton, and Hang Gong resources, characterised by low seismic velocity anomalies.
- EverGreen priority ANT targets show similar low velocity features as Core Lithium’s BP33 survey.
- Interpretation and analysis of ANT data in Survey Area 1 continues, with analysis of Survey Areas 2, 3 & 4 to follow.
- Geochemical sampling and mapping currently underway at Bynoe.
Link here to view the full Evergreen ASX announcement
Fleet Space Technologies’ Director of Planetary Geophysics, Dr. Gerrit Oliver commented: “The data we recorded at EverGreen’s Bynoe Project was exceptional. The proximity to the coast and the nearby mining and exploration activities provided abundant low and high frequency seismic noise, which in turn enabled us to image the subsurface down to 500m depth with high resolution. From these results, and our earlier work at Core Lithium’s BP33 pegmatite, it is becoming clear that the method is well suited to imaging potential pegmatites in this region due to the favourable noise conditions and the velocity contrast between the pegmatites and the host rock.”
EverGreen Lithium’s Head of Exploration, Jason Ward commented: “This ANT Survey has given us another tool to target lithium pegmatites. The preliminary, and priority low seismic velocity anomalies appear to show some coincidence with our geochemical and geological interpretations and have also revealed new targets at depth and beneath cover. This data will be used together with our geochemical results to assist us in planning our maiden drilling program.”
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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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.
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