LONDON - Cadence Minerals Plc (AIM: KDNC), a significant shareholder in EverGreen Lithium Limited (ASX: EG1), announced that EverGreen has completed its 2024 work program at the Bynoe Project, confirming the presence of Lithium-Cesium-Tantalum (LCT) pegmatites and identifying areas prospective for gold mineralization. The Bynoe Project is located in the Northern Territory.
EverGreen's exploration activities, which included geological mapping, rock chip sampling, auger sampling, and drilling, have strengthened the company's confidence in the lithium potential of the Bynoe Project. The exploration identified spodumene-bearing pegmatites adjacent to Core Lithium (OTC:CXOXF)'s Finniss project and recognized the potential for gold mineralization akin to other areas of the Pine Creek Gold Fields (NYSE:GFI).
The company's air-core (AC) drilling program, which ran from September to October, covered high-priority areas and resulted in identifying eleven different pegmatite bodies. Two of these bodies were followed up with Reverse Circulation (RC) drilling. The most notable result from the RC drilling was a 5-meter intercept of spodumene-bearing pegmatite. EverGreen is considering deeper drilling in 2025 to further explore the extent of the system.
Additionally, the RC drilling targeted gold prospects and intersected quartz veins with minor sulphides. Assay results for gold are anticipated within the first quarter of 2025.
Cadence Minerals, which holds an 8.74% stake in EverGreen, expressed its support for the findings at the Bynoe Project. The company awaits further assay results to validate the presence of gold in the identified targets.
The information provided is based on a press release statement from Cadence Minerals and contains forward-looking statements regarding the company's future growth and performance. These statements are not guarantees of future performance and are subject to risks and uncertainties. Cadence Minerals has cautioned that many factors could cause actual results to differ materially from those in the forward-looking statements.
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