Home » Posts tagged 'cadence minerals'

Tag Archives: cadence minerals

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

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

Cadence Minerals #KDNC – Placing to raise £500,000 and Issue of Warrants to Advance the Amapa Iron Ore Project

Cadence Minerals (AIM: KDNC; OTC: KDNCY) announces that it has successfully raised, subject to Admission, £500,000 before expenses (the “Fundraise”)  through the placing of 16,666,667 new ordinary shares (the “New Ordinary Shares”) in the capital of the Company at a price of 3 pence per Ordinary Share (the “Issue Price”) and the issue of warrants to the subscriber of the New Ordinary Shares in the ratio of one warrant to each one New Ordinary Share subscribed for (the “Warrant”). The Fundraise was with a single institutional investor.

The Issue Price represents a discount of approximately 43 per cent. to the closing price of 5.25 pence per ordinary share on 4 April 2024, being the latest practicable business day prior to the publication of this Announcement.

The Warrants in the Fundraise grant rights to subscribe for one additional Ordinary Share for each Warrant held in the ratio of one Warrant for every one New Ordinary Share issued to the investor. The Warrants are exercisable at a price of 5 pence per Ordinary Share and expire on 31 March 2025.

The net proceeds of the Fundraise will solely be used to fund Cadence’s investment in the Amapá Iron Ore Project in Brazil (“Amapá”, “Project” or “Amapá Project”), specifically:

  • Prepare a revised mine schedule, up to a Pre-Feasibility Study (“PFS”) level, to reflect an increased production of 5.5 million tonnes per annum (“Mtpa”), with 4.51 Mtpa at 65% Fe and 0.99 Mtpa at 62% Fe.
  • Prepare and publish a revised PFS economic model that reflects the production increase and the 33% lower plant capital expenditure, which we announced on March 22, 2024.
  • The sampling and testing of the 67% Fe “Green Iron” product flow sheet, to a PFS level or accuracy.
  • If the testing of the “Green Iron” flow sheet is successful, the preparation and publication of a revised PFS economic model to reflect the higher product quality increased production.
  • Working capital at the Amapá Project to fund ongoing licensing requirements, with the expectation that all the required licensing for construction will be granted by the end of 2024.

Application will be made for the admission to trading on the AIM market (“AIM”) of London Stock Exchange plc (“LSE”) for the New Ordinary Shares (“Admission”). Admission is expected to occur at 8.00 a.m. on or around 11 April 2024. The New Ordinary Shares will represent approximately 8.4 per cent. of the Company’s issued share capital immediately following Admission.

Following Admission, the Company’s issued and fully paid share capital will consist of 197,637,704 Ordinary Shares, all of which carry one voting right per share. The Company does not hold any Ordinary Shares in treasury. The figure of 197,637,704 Ordinary Shares may be used by shareholders as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority.

The New Ordinary Shares will be issued fully paid and will rank pari passu in all respects with the Company’s existing Ordinary Shares.

Cadence CEO Kiran Morzaria commented: “I am pleased that we have been able to raise this money from a single investor at a pivotal time for the development and evolution of Amapá. This will enable completion of the revised PFS and fund the licensing process through to a license for construction at the end of 2024. I look forward to reporting back with further updates.”

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

 

Edison Research – Cadence Minerals #KDNC Amapa Optimisation Adds Value

This year will be important for Cadence Minerals’ major asset, the Amapá iron ore project in Brazil. Cadence recently announced the results of an optimisation study that points to the potential to increase production by 4.8% and lower processing plant commissioning costs by 33%. An updated pre-feasibility study (PFS) level NPV will be published in the near future and we explore some of the sensitivities in this report. We have adjusted our valuation to reflect portfolio changes and the rise in Cadence’s stake in Amapá, although we have yet to include the value uplift of the optimisation of Amapá.

View the full Edison Research note – cadence-minerals_33430_20240404

Cadence Minerals #KDNC CEO Kiran Morzaria talks to StockBox Media

Stockbox Media interview with Cadence CEO Kiran Morzaria, where he discusses the successful cost savings & increased production at Amapá Iron Ore Project

Cadence Minerals #KDNC – Update on the Cadence Amapá Project investment and Equity Stake

Cadence Minerals (AIM: KDNC; OTC: KDNCY) is pleased to announce details of its increased equity stake in the Amapa Iron Ore Project (“Amapá”, “Project” or “Amapá Project”). The Amapá Project is an integrated iron ore project in the Amapá State of Brazil, with Mineral Resources of 276 million tonnes (Mt) at 38.33% Iron (Fe) and Ore Reserves of 196 Mt at 39.34% Fe.

The Amapá PFS delivered a post-tax net present value of US$949 million at a 10% discount rate and a post-tax internal rate of return of 34%, with an average annual life of mine EBITDA of US$235 million. With the planned production of 5.3 Mtpa of Fe concentrate, the Project is forecast to deliver free on-board C1 Cash Costs of US$35.53 per dry metric tonne.

The Project is about to undergo an amended economic assessment at a PFS level based on the positive results from the optimisation studies released earlier this month. This study will include lower capital expenditure, higher production rate and a possible reduction in mining costs.

Moreover, the Project is fully committed to advancing the development of the 67% Fe product flow sheet, as previously outlined in the announcement on 7 March 2024. It is anticipated to be at a production rate of 5.5 Mtpa.

Cadence Interest in the Amapá Project

At the end of September 2023, Cadence’s total investment in the Amapá Project stood at approximately US$12.1 million, with the equity stake in the project standing at 32.6%. As of March 28th 2024, Cadence’s total investment in the Amapá Project had increased by approximately US$1.1 million to a total investment of approximately US$13.2 million, and consequently the equity stake in the project now stands at 33.6%.

Cadence CEO Kiran Morzaria commented: “As our involvement and commitment to the Amapá Project increases, we’re ever more excited and enthused by the potential and promise that the newly recommissioned mine and infrastructure is set to deliver. With robust Mineral Resources and Ore Reserves, coupled with solid financial projections, we stand poised to unlock substantial value, and our increased equity stake reflects our confidence in the Project’s potential.”

“The forthcoming economic assessment builds upon our recent optimisation efforts, underscoring our commitment to maximising the project’s delivery potential wherever possible. Moreover, our commitment to advancing the 67% Fe product flow sheet underscores our proactive approach to meet evolving market demands in green steel.”

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

Cadence Minerals #KDNC – European Metals Holdings #EMH – Cinovec Project Update

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”).

Geomet (“Geomet”), 49% owned by European Metals and the owner of 100% of the Cinovec Project in the Czech Republic, is in the process of completing the Project Definitive Feasibility Study (“DFS”). DRA Global Limited (“DRA”) was appointed to complete the DFS in February 2023.

EMH has previously advised in the announcement to the market on 22 December 2023 that the delivery of the DFS for the Project had been pushed back and was expected to be completed in Q1 2024.

As a result of the engineering work and social and environmental engagement work subsequently performed as part of the DFS process, several material matters have been highlighted that may significantly improve the lithium processing component of the DFS.

The Geomet management team, in conjunction with DRA, is reviewing these matters. The Company expects to make a further announcement before the end of April 2024 detailing some of the more significant issues. Further, the Company reiterates that the process flowsheet remains as announced on 31 October 2022 and confirmed in pilot testing results announced on 9 November 2023. This review process could significantly improve the economic and social/community outcomes. Geomet considers this to be an important development in the Project and makes a further delay in the DFS well justified.

Importantly, as previously reported, the Company does not expect that the extension of the study period will impact the overall Project timeline, with the permitting process expected to be effectively coordinated pursuant to the enactment of the European Union’s Critical Raw Materials Act.

In other matters concerning the DFS Process, EMH is pleased to announce that previously published physical and hydrometallurgical process flowsheets have been confirmed to be viable for engineering and construction purposes with high levels of lithium recovery from run-of-mine ore to battery-grade end-products.

As previously noted, engineering test work programmes continue to improve process outcomes in various stages of both the physical and hydrometallurgical processing, and current test work programmes include:

  • Gangue removal from zinnwaldite concentrate to enable a higher-grade roast mix to be processed by the rotary kilns, thus maximising the throughput of lithium units in the roasting without an increase in the size of the plant;
  • recycling and regeneration of reagents in both the roasting and hydrometallurgical stages to reduce the consumption of fresh reagents and decrease opex per tonne of end-product, and
  • simplification of precipitation/crystallisation processes to reduce energy and water costs, aiming at producing end-products with the lowest economic carbon footprint.

Executive Chairman, Keith Coughlan, commented on the update: “Whilst it is unfortunate not to be able to provide a fully completed DFS at this stage, I am confident that the developments currently being finalised will add significantly to the Project. In particular, permitting and timelines are expected to be positively impacted by the team’s additional work. The Cinovec Project remains an important part of the drive to improve critical materials security in the EU.”

Link here to view the full EMH announcement

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 4.9% percent 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

Alan Green covers Forum Energy Metals #FMC , Golden Metal Resources #GMET, Ondo Insurtech #ONDO & Cadence Minerals #KDNC on this week’s Stockbox Research Talks

Alan Green covers Forum Energy Metals #FMC , Golden Metal Resources #GMET, Ondo Insurtech #ONDO & Cadence Minerals #KDNC on this week’s Stockbox Research Talks

Cadence Minerals #KDNC – Optimisation Study Delivers Material Capital Savings at the Amapá Iron Ore Project

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to report the successful completion of its capital expenditure optimisation program at the Amapá Iron Ore Project (the “Project”, “Amapa” or “Amapá Project”). The program has identified significant savings in processing plant recommissioning and increased production. The optimisation study was conducted at a pre-feasibility level and marks an important milestone in the company’s progress towards achieving cost-efficient and sustainable operations.

Highlights:

  • PFS-level optimisation studies (the “Study”) have identified 33% (US$63.2 million) of capital savings associated with the beneficiation plant at the Amapá Project.
  • The Study has resulted in a forecast increase in production of approximately 4.8% to 5.5 Mtpa of iron ore concentrate, of which 4.51 will be a 65% product and 0.99 Mtpa a 62% product.
  • Alongside our joint venture partners, we plan to redesign the mine plan to reduce mining costs.
  • The revised capex and mine plan will form the basis of an amended economic assessment at a PFS level.
  • Fully committed to advancing the development of a 67% “Green Iron” Fe product flow sheet at a production rate of 5.5 Mtpa.
  • The capital requirement for the entire Project is now in the bottom quartile of comparables at US$58 per million tonnes of annual capacity.
  • The Study was completed ahead of schedule, so we do not anticipate any delays to the timeline already announced.

Cadence CEO Kiran Morzaria commented: “We’re thrilled to announce the successful completion of our capital expenditure optimisation program at the Amapá Iron Ore Project. This effort has delivered a substantial 33% reduction in capital costs, saving $63.2 million and forecasted a 4.8% to 5.5 Mtpa increase in iron ore concentrate production.

Moreover, given the Study was completed ahead of schedule, we do not anticipate any delays to the timeline already announced, even with the additional work associated with optimising the mine plan to accommodate the increased production.

We remain fully committed to advancing the development of the 67% Fe product flow sheet, aligning with our vision for sustainable growth and value maximisation.”

Background to Optimisations Studies

As per the announcement made on 7 March 2024, our joint venture company Pedra and Branca Alliance (“PBA”), which owns 100% of the Amapá Iron Ore project, engaged an engineering firm in 2023 to carry out an in-depth review of the processing plant flowsheet to significantly reduce capital and operating expenditures and, possibly, improving the iron ore concentrate quality.

We are pleased to report that the review of capital and operating expenditures is complete, and the 67% flow sheet development continues.

Results from Amapá Project Optimisation Studies

This part of the optimisation study focused on the iron ore beneficiation plant at the Amapá Project. It aimed to reduce the capital and operational expenditure while producing a product mix of 65% Blast Furnace Pellet Feed (“BFPF”) and 58% spiral concentrate.

An independent Chinese consulting engineering company carried out this work and identified several material capital savings, particularly in the equipment and materials suppliers. As a result of their work, the direct and indirect capital associated with the beneficiation plant has been reduced by US$63.2 million (approximately 33%) from US$191.7 million to US$128.5 million. Utilising the comparables within the PFS report published in 2023, the entire capital required for the Amapá Project is in the bottom quartile of capital intensity at US$58 per million tonnes of capacity; the median of the comparable projects is US$142 per million tonnes of capacity.

In addition, the utilisation and availability rates of the beneficiation plant were increased, resulting in an increase in plant throughput and production from 5.28 million tonnes per annum (“Mtpa”) to 5.5 Mtpa, both on a dry basis. This also led to a marginal reduction in operating costs. Out of the 5.5 Mtpa, approximately 4.51 Mtpa will be 65% BFPF, and 0.99 Mtpa will be a 58% spiral concentrate.

Next Steps

Based on the positive results derived from the optimisation study, which included an increase in throughput, we have decided, in conjunction with our joint venture partners, to redesign the mine plan to reduce mining costs. As already highlighted, the Study was completed ahead of schedule. Therefore, we do not anticipate any delays in the already announced timeline.

This revision and the revised capex will form the basis of an amended economic assessment of the Project at a PFS level. Additionally, we are fully committed to advancing the development of the 67% Fe product flow sheet, as previously outlined in the announcement on 7 March 2024. We also anticipate it being at a production rate of 5.5 Mtpa. 

About the Amapá Project and Cadence’s Ownership

The Amapá Project is a brownfield integrated iron ore project in the Amapá State of Brazil. It has Mineral Resources of 276 million tonnes (Mt) at 38.33% Iron (Fe) and Ore Reserves of 196 Mt at 39.34%. The Project consists of the mine, processing plant, wholly owned port and a 194km railway, all operated by PBA. A PFS was published in January 2023. The PFS delivered a post-tax net present value of US$949 million at a discount rate of 10% and a post-tax internal rate of return of 34%, with an average annual life of mine EBITDA of US$235 million annually. In the PFS, after ramp-up, the planned yearly average production was forecast to be 5.3 Mtpa of Fe concentrate, consisting of 4.4 Mtpa at 65.4% Fe and 0.9 Mtpa at 62% Fe concentrate. Over the life of the mine, The Project is forecast to deliver free on-board C1 Cash Costs of US$35.53 / dry metric tonne.

At the end of September 2023, Cadence’s total investment in the Amapá Project stood at approximately US$12.1 million, with the equity stake in the Project standing at 32.6%. Since then, Cadence has continued to invest in the Amapá Project, and a further updated equity position will be provided at the end of March 2024.

 

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

 

Cadence Minerals #KDNC – Evergreen Lithium (ASX: EG1) Uncovers Additional Large Pegmatite Targets in Central-West Bynoe

Cadence Minerals (AIM: KDNC; OTC: KDNCY) is pleased to note that ASX listed Evergreen Lithium Limited (“Evergreen”) (ASX: EG1) has announced that it has received subsequent assays from its Phase 3 geochemical soil sampling at Bynoe in the Northern Territory, identifying additional large lithium targets. These new targets are in the central area of the tenement further demonstrating the potential for additional lithium spodumene mineralisation in the Bynoe pegmatite field, and within EverGreen’s 231 square Kilometers of tenure.

Highlights:

  • EverGreen’s Phase 3 Geochemical sampling continues to yield additional large geochemical anomalies at Central Bynoe.
  • Assay results from 1,214 samples received reflect similar large-scale lithium trends to those previously identified.
  • 3 large new lithium pegmatite prospects have been identified.
  • Assays for a further 900 samples are expected to be received shortly.
  • Planned work programs for 2024 (dry season) include auger, RAB/AC and RC drilling testing geochemical and geophysical anomalies with potential follow-up diamond drilling.

Exploration at Evergreen’s Bynoe Project has focused on the discovery of economic lithium mineralisation hosted in lithium-bearing lithium-cesium-tantalum (LCT) pegmatites.

Link here to view the full Evergreen ASX announcement.

Evergreen Exploration Manager Andrew Harwood commented: ““These soil results add to the potential of EverGreen identifying an economic LCT pegmatite discovery at the company’s Bynoe Project. Using a variety of proven exploration tools, the team is looking forward to the upcoming dry season to recommence field activities targeting the anomalies outlined by the soils program, the ANT geophysical work, and recent field mapping.”

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

I would like to receive Brand Communications updates and news...
Free Stock Updates & News
I agree to have my personal information transfered to MailChimp ( more information )
Join over 3.000 visitors who are receiving our newsletter and learn how to optimize your blog for search engines, find free traffic, and monetize your website.
We hate spam. Your email address will not be sold or shared with anyone else.