Core Exercises Option to Acquire Finniss Lithium Tenure
Sydney, Aug 15, 2016 AEST (ABN Newswire) - Core Exploration Ltd (
ASX:CXO) ("Core" or the "Company") is pleased to announce that it has exercised its option to acquire the Finniss Lithium Project exploration licence EL 29698 from AU Exploration Pty Ltd ("AUE").
HIGHLIGHTS:
- Core has exercised its option to acquire granted exploration licence EL29698 at the Finniss Lithium Project
- Core's first lithium drill program is commencing shortly on EL29698
Core expects to commence a drill program consisting of up to 2,000m of RC drilling to test 5 high priority drill targets on EL 29698 in late August 2016.
Core entered into an agreement with AUE granting the Company an option to purchase exploration licence EL 29698 covering 25 historically producing tin tantalum mines in the lithium rich Bynoe pegmatite field south of Darwin in the NT (ASX announcement 2 March 2106).
Under the agreement Core had been granted an exclusive right to access and conduct exploration on EL 29698 for a period of up to 12 months. At any time during this period Core was able to exercise its option to acquire EL 29698 by paying AUE $80,000 upon which ownership of EL 29698 would be transferred to Core. Completion of the agreement is expected within the next week.
About Core Lithium Ltd
Core Lithium Ltd (ASX:CXO) is an emerging lithium producer focused on development of its Finniss Project near Darwin in the Northern Territory. Core owns 100% of Finniss, a major developing project that lies close to existing infrastructure such as the Darwin Port, grid power, gas and rail infrastructure.
The Finniss Project covers a 500km2 tenement holding and 25 historic pegmatite mines. The project area is about 80km from Darwin Port. Exploration work has generated a near term development timeline, with feasibility studies to be completed over the course of 2018 ahead of receipt of approvals in early 2019 and planned first production during 2019.
An aggressive exploration program is under way, which has confirmed the high quality prospectivity across much of the Finniss Project area. Core's stated ambition is to upgrade Finniss' resource base to fast-track commercialisation options.
| ||
|
