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Evergreen Lithium Cashed Up and On the Boards

11 April 2023 11:44
ASX: EG1

Evergreen Lithium is on the boards today following the completion of its $7 million dollar IPO and now has a strong cash balance of approximately $10 million dollars to inject into its exciting projects across the lucky country, as they continue the hunt for its namesake battery metal.

Evergreens’ flagship is the Bynoe Lithium Project in the Northern Territory, which covers the north-eastern strike extent of the high lithium- and tantalum-endowed Bynoe Pegmatite Field which is itself a part of the much larger Litchfield Pegmatite Field in the Pine Creek Orogen.

What makes Bynoe a particularly interesting prospect is that it is located a stone’s throw away from Australian lithium giant Core Lithium’s 15mt @ 1.3% Li2O Finniss lithium deposit and producing lithium mine, with world-class drilling hits up to 107 metres at 1.70% Li2O being logged within one kilometre of Bynoe.

While still relatively under-explored, the Company already has five initial target zones totalling 12.7 kilometres of lithium anomalies at Bynoe uncovered by sampling undertaken in 2019, highlighting the potential continuation of the Finniss lithium mineralisation onto Bynoe.

Seeing as the previous sampling campaign covered less than 20 per cent of the tenure, the Company intends to expand its scope significantly. They plan to conduct additional soil sampling across a wider area to gain a better view of anomalies which will then be ranked for future drill testing.

Evergreen has also undertaken a ANT survey over the project to assess the economic potential of the pegmatite bodies within it, with Core undertaking a similar survey at Finniss which the Company noted as an “outstanding success”.

Alongside Bynoe, things have been heating up at the explorer’s Kenny Project which also shares an exciting neighbour in the form of the 15 Million Tonnes of 1.0% lithium oxide Buldania Lithium Project held by exploration giant Liontown Resources. This Project has attracted attention from overseas, as evidenced by the US-based Albermarle Corporation’s third acquisition attempt at a price of $2.50 per share, indicating significant international interest in the region.

Kenny is located in the legendary goldfields of Western Australia’s Dundas Mineral field, near the emerging lithium region that includes the Mount Marion Mine, which holds 51.4mt @ 1.45% Li2O, and the Bald Hill Mine, which contains 26.5mt at 0.96% Li2O, both located just 40 and 35 kilometres away, respectively.

Exploration efforts at Kenny will focus on a 10-kilometre pegmatite zone in the Project’s northeast, with the Company currently awaiting assays from a comprehensive 1731-hole auger drilling campaign conducted across the Project.

Evergreen is also planning the growth of its portfolio with a third project, Fortune, currently in the application stage.

The Company said it believes its portfolio of assets has the potential to position the Company at the forefront of the battery metal revolution.

Evergreen expects to deliver results from the Bynoe ANT and an Auger drilling campaign at Kenny in the coming weeks.

EG1’s Australian Stock Exchange-listed share price has risen 14 per cent today, currently selling at 28.5c (10:48 am UTC+ 8 hours).

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