Lithium and diversified metals specialist Core Exploration Limited (ASX: CXO) has successfully completed the acquisition of the Bynoe Lithium Project, providing it with a significant position in the Northern Territory.
Core announced in mid-September that it was acquiring the project from Liontown Resources Ltd for a cash and share consideration.
The Bynoe Lithium Project is located directly adjacent to Core’s Finniss Lithium Project, with the company now holding a combined area covering over 500km2 of granted tenements near Darwin.
Core’s Managing Director, Stephen Biggins, said the successful combination of the two leading lithium projects (Finniss and Bynoe) in the Northern Territory marks a key commercial milestone in building an expanded lithium project in an ideal location to service accelerating global demand.
He said the new Biennia acquisition provides a large number of additional lithium pegmatite targets and more than 50 historic pegmatite prospects to Core’s portfolio and also includes a granted Mineral Lease, Extractive Mineral Permit and three Exploration Licences.
“The Mineral Lease (ML) is over historic tin mining and concentrate operations once operated by Greenbushes, 1km from Grants and provides Core with an opportunity to potentially expedite development and expand capacity for spodumene production,” he said
Core has already commenced exploration work on the new Bynoe tenements and is planning to commence a drill programme this month targeted at expanding on the widespread lithium mineralisation highlighted by LTR’s early results.
Core has issued to Liontown 39,232,025 fully paid ordinary shares and has paid $1,500