Investment accounts
Adult accounts
Child accounts
Choosing Fidelity
Choosing Fidelity
Why invest with us Current offers Fees and charges Open an account Transfer investments
Financial advice & support
Fidelity’s Services
Fidelity’s Services
Financial advice Retirement Wealth Management Investor Centre (London) Bereavement
Guidance and tools
Guidance and tools
Choosing investments Choosing accounts ISA calculator Retirement calculators
Share dealing
Choose your shares
Tools and information
Tools and information
Share prices and markets Chart and compare shares Stock market news Shareholder perks IPOs and placings
Pensions & retirement
Pensions, tax & tools
Saving for retirement
Approaching / In retirement
Approaching / In retirement
Speak to a specialist Creating a retirement plan Taking tax-free cash Pension drawdown Annuities Investing in retirement Investment Pathways
Cadence Minerals investee Evergreen reports progress at Bynoe
(Sharecast News) - Cadence Minerals updated the market on its investee company, ASX-listed Evergreen Lithium, on Thursday, after the latter disclosed significant developments in its phase three geochemical soil sampling programme at Bynoe in Australia's Northern Territory. The AIM-traded firm said the results indicated the identification of additional large lithium targets, further underscoring the potential for lithium spodumene mineralisation within the Bynoe pegmatite field, situated within Evergreen's 231 square kilometres of tenure.
It said the phase three sampling initiative uncovered highlights, including the discovery of three large new lithium pegmatite prospects within the central area of the tenement.
Assay results from 1,214 samples had been received, revealing similar large-scale lithium trends to those previously identified.
Additionally, assays for around 900 more samples were expected shortly.
The upcoming dry season in 2024 would see planned work programs, incorporating auger, RAB/AC, and reverse circulation drilling to test geochemical and geophysical anomalies.
Cadence said the programmes held the potential for further exploration, with potential follow-up diamond drilling to delve deeper into the identified prospects.
Cadence Minerals holds a significant interest in Evergreen Lithium, having acquired 15.8 million shares in Evergreen in July 2022 through the sale of its stake in Lithium Technologies and Lithium Supplies.
Further shares valued at AUD 3.47m (£1.86m) were slated for Cadence on the achievement of specific performance milestones by Evergreen.
The shares are under a two-year escrow agreement subject to ASX listing rules.
"These soil results add to the potential of EverGreen identifying an economic LCT pegmatite discovery at the company's Bynoe Project," said Evergreen's exploration manager Andrew Harwood.
"Using a variety of proven exploration tools, the team is looking forward to the upcoming dry season to recommence field activities targeting the anomalies outlined by the soils program, the ANT geophysical work, and recent field mapping."
At 0928 GMT, Cadence Minerals shares were down 3.24% at 5.08p.
Reporting by Josh White for Sharecast.com.
Share this article
Related Sharecast Articles
Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.
Award-winning online share dealing
Search, compare and select from thousands of shares.
Expert insights into investing your money
Our team of experts explore the world of share dealing.
Policies and important information
Accessibility | Conflicts of interest statement | Consumer Duty Target Market | Consumer Duty Value Assessment Statement | Cookie policy | Diversity and Inclusion | Doing Business with Fidelity | Fidelity gender pay report | Investing in Fidelity funds | Legal information | Modern slavery | Mutual respect policy | Privacy statement | Remuneration policy | Security | Statutory and Regulatory disclosures | Whistleblowing policy
Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Before opening an account, please read the ‘Doing Business with Fidelity’ document which incorporates our client terms. Prior to investing into a fund, please read the relevant key information document which contains important information about the fund.
This website is issued by Financial Administration Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA) (FCA Register number 122169) and registered in England and Wales under company number 1629709 whose registered address is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.