Cadence Minerals plc’s investee company has identified “significant and widespread lithium” from auger and geochemical programme at the Kenny project within the Dundas mineral field of Western Australia.
PRIORITY ZONES
Evergreen’s results indicated “the potential for lithium, caesium and tantalum pegmatites” at the site.
Five priority lithium target zones had Li2O assay results showing maximum values up to 250 ppm Li2O.
Cadence added that lithium pathfinders included maximum values of 54ppm Be, 46.2ppm Cs, 5.17% K,159.00ppm La, 427ppm Rb and 11.9ppm Ta.
Further geochemical analysis will assess prospectivity for other critical minerals, including rare earth elements.
Evergreen has also started planning follow-up exploration activities at the project.
HOLDING
Cadence Minerals holds 15.8 million shares in Evergreen, equivalent to 8.74% of the issued share capital and is the largest shareholder after selling its 31.5% stake in Lithium Technologies and Lithium Supplies to Evergreen in June 2022.
A further A$3.47m (£1.86m) of shares in Evergreen are due to Cadence on certain performance milestones.