Successfully Completes Acquisition of Bynoe Lithium Project
Adelaide, Nov 7, 2017 AEST (ABN Newswire) - Core Exploration Limited (
ASX:CXO) ("Core" or "Company") is pleased to announce that it has successfully completed the acquisition of the Bynoe Lithium Project from Liontown Resources Ltd (ASX:LTR) ("LTR") announced on 14 September 2017. The Bynoe Lithium Project is located directly adjacent to Core's Finniss Lithium Project in the NT near Darwin with the combined area now covering over 500km2 of granted tenements near Darwin (see Figure 1 in link below).
Core's 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.
The new Bynoe 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.
Core has already commenced exploration work on the new Bynoe tenements and is planning to commence a drill program 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 $1,500,000 cash as consideration for the purchase of licences comprising the Bynoe Lithium Project, as per the terms of the agreement announced on 14 September 2017.
The shares are subject to voluntary escrow as follows:
- 13,077,342 shares escrowed to 7 March 2018
- 13,077,342 shares escrowed to 7 July 2018
- 13,077,341 shares escrowed to 7 November 2018
An Appendix 3B seeking quotation of the shares is attached to this announcement (see link below).
To view figures and the Appendix, please visit:
http://abnnewswire.net/lnk/B6BP2CN7
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.
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