Cadence Minerals plc said a new “large and significant” lithium anomalism had been identified from first results of geochemical soil sampling at Bynoe in the Northern Territory.
DRILL
Operator Evergreen Lithium Ltd, of which the company holds 8.78%, collected the batches from the tenement’s central area “demonstrating the widespread nature of potential mineralisation in the Bynoe pegmatite field”.
The anomalies show a north to northeast trend, similar to that found elsewhere in the Bynoe pegmatite field.
Evergreen took 1,007 samples and additional infill and regional surface geochemical sampling with analysis results pending for 2,050 soil samples.
Preparations have also started for an inaugural drilling programme to test several geochemical anomalies, ambient noise tomography survey targets and depth extensions.
Cadence is Evergreen’s largest shareholder with 15,830,138 million shares with a further AUS$3.47m (£1.86m) of shares due on evement of certain performance milestones.
Cadence’s shares are subject to a two-year escrow agreement as determined by the listing rules of the Australian Stock Exchange.