Cadence Minerals PLC Corporate Update - Evergreen Lithium (7543M)
18 Septembre 2023 - 9:43AM
UK Regulatory
TIDMKDNC
RNS Number : 7543M
Cadence Minerals PLC
18 September 2023
Cadence Minerals Plc
("Cadence Minerals", "Cadence", or "the Company")
Corporate Update - Evergreen Lithium (ASX: EG1) ANT Geophysical
Survey Interpretation Identifies 9 Priority Pegmatite Targets at
Bynoe
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note
that ASX listed Evergreen Lithium Limited ("Evergreen") (ASX: EG1)
has announced the final analysis of its EXOSPHERE BY FLEET(R)
Ambient Noise Tomography (ANT) geophysics survey at Bynoe.
Highlights:
-- Final Ambient Noise Tomography ("ANT") geophysical interpretation received.
-- Nine potential pegmatite targets in total have been
identified, each characterised by low seismic velocity
anomalies.
-- Survey data integration with geochemical data shows surface expression of anomalies.
-- Geochemical sampling and mapping continues at Bynoe in
advance of maiden drill program which awaits conclusion of MMP and
AAPA approval process.
-- Geophysical and geochemical integration and analysis ongoing.
ANT Background
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. Lithium pegmatites in the
Bynoe Pegmatites Field have been shown to be indicated by zones of
slower velocities than the surrounding metamorphic host rocks of
the Burrell Creek Formation. The data has been processed and
undergone a complete analysis, with a view to initially defining
priority targets within each survey grid.
Preliminary results from the ANT Survey Grid 1 were announced by
EverGreen on 28 June 2023 in an ASX Release titled "ANT Survey
Identifies Priority Pegmatite Targets at Bynoe".
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. In 2022, Core Lithium (ASX:CXO),
utilised ANT technology developed by Fleet Space Technologies at
its Finniss Project.
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.
Link here to view the full Evergreen ASX announcement
Cadence's ownership in Evergreen Lithium
Cadence Minerals currently owns 8.74% of the equity in
Evergreen. A further AS$ 3.47 million (GBP1.86 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 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) 207 220 1666
James Joyce
Darshan Patel
Brand Communications +44 (0) 7976 431608
Public & Investor Relations
Alan Green
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
identi ed 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 re ect 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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the company to constitute Inside Information as stipulated under
the Market Abuse Regulation (E.U.) No. 596/2014, as it forms part
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