Corporate Update

Cadence Minerals (AIM: KDNC) is pleased to announce the progress of the exploration of ASX-listed Evergreen Lithium Limited ("EverGreen") (ASX: EG1) assets in Australia. Cadence is an 8.74% shareholder in EverGreen. Link here to view the full Evergreen ASX announcement

Highlights:

• The second phase of near-surface drilling has commenced at Bynoe, targeting two LCT pegmatite high-potential zones and an area of gold-arsenic anomalism
• Mapping has identified prospective areas to undertake air-core drilling targeting LCT pegmatites in the west and north-west of the lease
• Arsenic anomalism in soil sampling results, in association with geological mapping, has highlighted an extensive zone with the potential for gold mineralisation
• Further favourable results will pave the way for follow-up work programs, including additional air-core drilling and RC drilling

EverGreen announced the progress from its latest exploration activities at its prospective Bynoe Project, 50km south of Darwin and directly east of Core Lithium's Finniss Mine in Australia's Northern Territory.

On Saturday, 28 September, EverGreen commenced air-core drilling targeting three new areas: two prospective lithium-caesium-mantalum (LCT) pegmatites and an orogenic gold target.

Evergreen Exploration Manager Andrew Harwood commented: "Our team is excited to be in the field drilling again. The Bynoe property is huge and unexplored, with multiple gold and lithium targets. The potential for a new discovery is significant and demonstrated by the multiple lithium pegmatite resources discovered within a 5km radius on adjacent properties in the last 5 years. We believe evidence of gold mineralisation complements EverGreen's lithium exploration activities and augments the Company's value by becoming a multi-commodity project."

EverGreen has previously intersected shallow pegmatites east of Lithium Plus' Perseverance and Jewellers advanced prospects. The prospects currently being tested at EverGreen's Bynoe Project are in a similar geological setting to Core Lithium's Grants mine.

The current drilling program utilises air-core and auger drilling techniques to test for LCT pegmatites and gold mineralisation at shallow levels. This exploration phase is the first time EverGreen has targeted gold mineralisation at Bynoe. The gold targets are interpreted extensions of the nuggety gold associated with quartz veins discovered at Core Lithium's Far East prospect, less than 50m from the tenure boundary (see Core Lithium Limited 17 Feb 2021 press release (ASX: CXO)). CXO's prospects of Windswept, Hurricane and Far East (SSW to NNE) are interpreted to trend NNE into EverGreen's Bynoe project (EL31774).

Figure 1: Bynoe Project, showing areas of intense activities

EverGreen's geological team believes these gold occurrences are associated with the Pine Creek Orogen. The Pine Creek Orogen has a 150-year history of gold mining, with more than 4 million ounces of gold produced. Most deposits are orogenic gold deposits in the Palaeoproterozoic Cosmo Supergroup, with gold commonly hosted in quartz veins, lodes, sheeted veins, stockworks, and saddle reefs and occasionally hosted within iron-rich sediments. Gold in this orogen also occurs with zinc and silver associated with volcanic-associated massive sulphide deposits.

Cautionary and Forward-Looking Statements