EverGreen Lithium Drills 8,200m Confirming Spodumene at Bynoe Project

• Completion of extensive aircore and RC drilling programs confirming spodumene presence
• Appointment of Dr. David Rawlings as Technical Geological Adviser to boost exploration
• Discovery of new lithium and gold prospective zones through mapping and sampling
• Cash reserves at $3.29 million with disciplined expenditure amid wet season constraints
• Ongoing project generation activities to diversify exploration portfolio

Exploration Momentum at Bynoe

EverGreen Lithium Limited (ASX: EG1) has reported significant progress in its December 2024 quarterly activities, underscoring the company’s commitment to unlocking the lithium and gold potential of its flagship Bynoe Project in Australia's Northern Territory. Situated just 50 kilometres south of Darwin and adjacent to Core Lithium’s producing Finniss Mine, the Bynoe Project continues to demonstrate promising signs of multi-commodity mineralisation.

The quarter saw the completion of comprehensive aircore (AC) and reverse circulation (RC) drilling programs, totaling over 8,200 meters. Notably, RC drilling intercepted spodumene-bearing pegmatites, with the standout result from hole EBRC001 revealing a 5-meter spodumene zone starting at 91 meters depth. These findings validate the presence of lithium-bearing minerals and reinforce the project's exploration potential.

Strategic Appointment to Accelerate Exploration

To bolster its geological expertise, EverGreen appointed Dr. David Rawlings as Technical Geological Adviser. Dr. Rawlings brings over 25 years of experience, including a pivotal role in the exploration success of Core Lithium’s Finniss Project. His appointment signals EverGreen’s intent to fast-track exploration activities and deepen technical understanding of the Bynoe resource system, particularly in the highly prospective lithium-cobalt-tantalum (LCT) pegmatite domain.

Expanding Lithium and Gold Targets

Beyond drilling, the company undertook extensive geological mapping, rock chip sampling, and auger sampling programs. These efforts identified multiple quartz veins and new prospective zones that may host gold mineralisation, complementing the lithium focus. The discovery of eleven distinct pegmatite bodies through AC drilling, with two subjected to follow-up RC testing, enhances the project's multi-commodity appeal.

While assay results for gold targets remain pending, the ongoing interpretation of geochemical data and re-assaying of samples for gold will be critical in defining future drill targets and resource potential.

Financial Discipline Amid Seasonal Constraints

EverGreen reported a cash balance of $3.29 million at quarter-end, down from $4.48 million in the previous quarter. Exploration expenditure increased to $849,000, reflecting intensified field activities in October and November before the onset of the wet season curtailed access. The company prudently plans to reduce exploration spend during the wet season, focusing on project generation and portfolio diversification.

Corporate and administration costs remained steady, while staff costs decreased due to a reduction in casual field personnel. The company’s financial management appears aligned with its operational tempo and strategic priorities.

Looking Ahead: Project Generation and Growth

Recognising the seasonal limitations of fieldwork at Bynoe, EverGreen has initiated reviews of additional brownfield mineral projects across Australia, targeting lithium, gold, and antimony assets. This approach aims to complement the existing portfolio and sustain exploration momentum year-round.

With assay results from recent drilling expected throughout February 2025, the market awaits further clarity on the scale and grade of mineralisation. EverGreen’s combination of technical expertise, disciplined capital management, and strategic project expansion positions it well to capitalize on the growing demand for lithium and associated commodities.

Bottom Line?

EverGreen’s strategic hires and robust exploration progress set the stage for a pivotal year ahead at Bynoe and beyond.

Questions in the middle?

• What will the upcoming assay results reveal about the grade and extent of lithium and gold mineralisation?
• How will Dr. Rawlings’ expertise influence the prioritisation and pace of exploration activities?
• What new projects might EverGreen add to its portfolio during the wet season to maintain growth?