Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that ASX listed Evergreen Lithium Limited ('Evergreen') (ASX: EG1) has announced that Geochemical results from its soil auger survey at the Kenny Project in Western Australia have identified Rare Earth Element ('REE') targets, indicated by several Cerium and Lanthanum anomalies.

Evergreen said that four priority REE target zones have been identified with CeO2 assay results showing maximum values up to 451ppm CeO2.

Evergreen's Kenny project is located 50km east of Norseman and just 17km east of Liontown Resources' (ASX: LTR) Buldania lithium deposit of 14.9Mt @0.97% Li20 (LTR, 2019).

Cadence holds 15,830,138 million shares, equivalent to 8.74% of the issued share capital of Evergreen and is its largest shareholder.

Kenny Results - Highlights

Geochemical results from Evergreen's soil auger survey at Kenny have identified Rare Earth Element ('REE') targets, indicated by several Cerium and Lanthanum anomalies.

Four priority REE target zones have been identified with CeO2 assay results showing maximum values up to 451ppm CeO2.

A partial suite of REE's were assayed as part of a multi-element assay method used to identify lithium and its pathfinder elements. The partial suite included three (3) REE elements: Cerium (Ce), Lanthanum (La) and Yttrium (Y).

ssays of interest within the partial suite included maximum values, as converted to oxides, of 451ppm CeO2, 186.5ppm La2O3, & 62.4ppm Y2O3;

CeO2, La2O3, & Y2O3 REE anomalies compare favourably to other first pass soil anomalies.

Link here to view the full Evergreen ASX announcement

Evergreen Head of Exploration, Jason Ward commented: 'Geochemistry from our phase 1 soil auger sampling program has detected several anomalies in the rare earth minerals Cerium, Lanthanum and Yttrium. We are now undertaking further assays to determine the Total Rare Earth Oxide (TREO) of these samples, so that we can consider this information in our prioritisation of drill targets.'

Background to Cadence's investment in Evergreen Lithium

Cadence Minerals received approximately 15.8 million shares in Evergreen in July 2022 when Cadence sold its 31.5% stake in Lithium Technologies and Lithium Supplies ('LT and LS') to Evergreen as announced on 27 June 2022. A further AS$ 3.47 million (GBP1.86 million) of shares in Evergreen are due to Cadence on the achievement of certain performance milestones by Evergreen. The pricing of Evergreen shares associated with this consideration is based on a defined pricing mechanism linked to the VWAP and the date at which the performance milestones are achieved. Further details of these milestones can be found in the Evergreen prospectus available here . Cadence's shares are subject to a 2-year escrow agreement from the 11 April 2023, as determined by the listing rules of the ASX.

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