CORPORATE UPDATE – EVERGREEN LITHIUM (ASX: EG1)-CADENCE MINERALS PLC

CORPORATE UPDATE – EVERGREEN LITHIUM (ASX: EG1)-CADENCE MINERALS PLC

Corporate Update - Evergreen Lithium (ASX: EG1) Commences Field Activities at Bynoe

 

Cadence Minerals (AIM: KDNC; OTC: KDNCY) is pleased to note that ASX listed Evergreen Lithium Limited ("Evergreen") (ASX: EG1) has announced the commencement of the next round of field work at its highly prospective Bynoe Project directly east of Core Lithium's Finniss Mine. The commencement of the 2024 field program follows the approval of its Mine Management Plan (MMP), enabling EverGreen to commence high impact exploration activities at its flagship Bynoe project.

 

This initial auger program will operate for approximately eight weeks with samples analyzed in the field by pXRF. RAB/AC drilling contractors have been secured and are expected to commence drilling shortly to test higher priority areas for prospective for LCT pegmatites.

 

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:

·      Following receiving approval for its Mine Management Plan (MMP) auger sampling has commenced at the Bynoe Project.

·      RAB/AC Drilling contractors have been secured and are scheduled to commence shortly.

·      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: "Following the receipt of the approved MMP, our exploration team is now in the field undertaking the planned exploration program. The active auger program will help us explore under the thin cover layer and assist us to locate extensions of the pegmatite units identified by Core Lithium to our west."

 

"With field conditions continuing to dry out following a record wet season, the team is also keen to get the RAB/AC drill rig into the field in the coming weeks. This drilling unit is quick and efficient at testing large areas of our high potential ground and will also be used to delineate shallow LCT pegmatite targets."

 

Background to Cadence's investment in Evergreen Lithium

 

Cadence Minerals received approximately 15.8 million shares, representing 8.7% of the issued share capital, 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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