Sale Transaction Completed for the Strelley Tenement
Sydney, July 15, 2020 AEST (ABN Newswire) - Lithium Power International Limited (
ASX:LPI) (24L:FRA) (LTHHF:OTCMKTS) today announced it had completed a transaction with Carnaby Resources Ltd (ASX:CNB) (Carnaby) covering the Strelley tenement, E45/4638, in the north of Western Australia.
The transaction provides LPI some realisation of value for its asset, which to date had not provided any significant potential for lithium in the exploration and development work undertaken.
The basic details of the transaction are:
- The Company to be issued 1,250,000 fully paid ordinary shares in Carnaby.
- a 1% Net Smelter Return royalty for any gold produced from the tenement by Carnaby: and
- the Company to retain all mineral rights for lithium, caesium, tantalum and tin contained within the tenement.
Lithium Power International's Chief Executive Officer, Cristobal Garcia-Huidobro, commented:
"This transaction with Carnaby provides LPI with some immediate value for Strelley, while retaining the lithium and other mineral rights over the tenement. The Company also retains its interest in WA, with our Greenbushes and Tabba Tabba tenements in particular continuing to show promise. We intend to continue exploration work on these tenements in the future."
About Lithium Power International Ltd
Lithium Power International Limited (ASX:LPI) is a pure play lithium company with three distinct project regions to provide diversification. One is located in South America's brine region and three are in Australia's spodumene hard rock areas of Western Australia.
The primary focus is to develop of Chile's next high-grade lithium mine on the Maricunga Salar in an area known as the Lithium Triangle. The Company has also expanded its tenement holdings of lithium exploration prospects in Western Australia.
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