SYDNEY, AUSTRALIA: Core Lithium Ltd (ASX: CXO) has entered right into a binding Tenement Sale and Purchase Agreement with Newmont Exploration Pty Ltd, a subsidiary of gold producer Newmont Corporation, to buy the Shoobridge Project (EL31407).
The NT lithium project is found roughly 80km south-southeast of the Company’s 100%-owned Finniss Lithium Project close to Darwin inside the Northern Territory.
Completion of the sale and buy of the Shoobridge Project is topic to NT Ministerial consent.
The Shoobridge Project is found inside the Pine Creek Orogen inside the NT and lies inside the Tipperary pegmatite district, together with the Shoobridge pegmatite field and the Plateau Point pegmatite field.
The Shoobridge pegmatites have been exploited for his or her tin and tantalum, and are the site of the primary discovery of tin-bearing pegmatites inside the NT in 1882 (Frater, 2005).
Importantly, the pegmatites are considered analogous to these inside the Bynoe pegmatite district and are therefore complementary to the Company’s lithium portfolio inside the Northern Territory.
Core would be the primary firm to discover and drill these prospective, potentially lithium-rich pegmatite systems for financial spodumene lithium mineralisation.
Commenting on the transaction, Core Managing Director Stephen Biggins said it was a strategic acquisition with exploration upside that would complement Core’s existing lithium projects inside the NT.
“While we’re firmly focussed on developing the Finniss Lithium Project, we’re excited by projects such as Shoobridge that present synergies and complementary lithium growth opportunities.
“The anticipated will increase in resources from this deal and our well-funded useful resource drill programs at Finniss this year ought to present a strong platform for extending and increasing lithium manufacturing from the project as lithium costs proceed to rise”.
www.corelithium.com.au