Cadence Minerals plc portfolio company Evergreen Lithium Ltd has identified priority pegmatite targets within the Bynoe project in the Northern Territory of Australia.
BLIND PEGMATITES
Evergreen used ambient noise tomography (ANT) to measure the seismic velocity of the subsurface in three dimensions.
The survey aimed to identify potential lithium bearing pegmatites at depth, otherwise known as blind pegmatites, which were found within Bynoe Northern area 1.
Interpretation and analysis of ANT data in survey area 1 continues, with analysis of survey areas 2, 3 and 4 to follow.
Cadence, which is Evergreen’s largest shareholder, added that geochemical sampling and mapping were also underway at Bynoe.
FINANCES
The news follows publication of the company’s annual results for the year ended December 2022, showing group losses of £5.5 million its (2021: £140,000).
Cadence said that the decrease was mainly due to reduced realised and unrealised profits and losses for the year of £4.04m (2021: £1.17m) relating to its share investment portfolio held during the period.
Administrative expenses decreased from £1.80m to £1.46m, but foreign exchange gains fell from £0.455m to £0.003m.
The group’s net assets at the end of the period were £21.32m (2021: £22.15m), reflecting the losses and shares issued in the year.
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