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Evergreen Takes Aim at Lithium Pegmatite

10 May 2023 15:13
ASX: EG1

Evergreen Lithium builds the potential of its Kenny Project in Western Australia’s renowned Goldfields, with the presence of significant and widespread lithium grading up to 250 ppm Li2O uncovered by geochemical results indicating the Project’s potential to host Lithium Caesium Tantalum bearing pegmatites.

Finding the lithium path

The extensive 1731-hole auger drilling campaign has identified five large priority lithium targets across the West Australian project located just 17km east of Liontown Resources’ (ASX: LTR) 14.9M Buldania lithium deposit, with anomalous levels of lithium, with an average grade of 54ppm Li2O, uncovered in the majority of targets.

The campaign also showed anomalous values for a number of Lithium Pathfinder elements, with maximum values of: 46.2ppm caesium, 5.17% potassium, 159.00ppm lanthanum, 427ppm rubidium, & 11.9ppm tantalum alongside grades up to 3.54ppm of beryllium, which is particularly significant as anomalous beryllium may indicate the presence of Beryl, which is a strong indicator of LCT pegmatites.

Further geochemical analysis is now underway with the objective of assessing the prospective for other critical metals, with particular focus being placed on determining the Project’s rare earth element potential.

Keeping up the pace

With these results in hand, the Company is already planning a follow-up exploration program to bring the Project to drill-ready status as soon as possible, with field reconnaissance and mapping activity across the newly identified target zones being listed as a top priority.

The announcement comes just under a month after the explorer hit the boards with a massive $7 Million dollar IPO that proved to be a shining light in what was a quite dark market, with Evergreen being only the 10th company to list since January as opposed to the 35 that listed in the same period last year.

The Company said that these results provide an excellent starting point, being its first major announcement since listing.

“These geochemical results from Evergreen’s maiden soil auger program at the Kenny Project in WA show strong lithium values over a widespread area and the coincident anomalies in pathfinder elements have identified several compelling targets for LCT pegmatites. We look forward to following these up with further work including a drilling program,” Head of Exploration Jason Ward said.

“After a successful IPO listing based primarily on the Company’s flagship Bynoe Project, it is extremely pleasing to remind the market that we have
other quality projects. These initial results should elevate Kenny’s status in shareholder perceptions,” Chairman Simon Lil said.

EG1’s Australian Stock Exchange-listed share price has risen 1.29 per cent today, currently selling at 39c (1:44 pm UTC+ 8 hours).

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