Aspiring lithium producer Core Lithium has entered into an option agreement to acquire six granted Mineral Leases (MLs) adjacent to the company’s Finniss Lithium Project near Darwin in the Northern Territory.
Core Lithium said the granted MLs all have a history of tin and tantalum mining and production from pegmatites with similar chemistry as the high-grade spodumene pegmatites on its adjacent Finniss Lithium Project tenements.
Core’s Managing Director, Stephen Biggins, said the company plans to commence assessment drilling of these new lithium pegmatite targets later this year.
“This new acquisition of multiple pegmatite mines adjacent to the Finniss Lithium Project has the potential to significantly accelerate Core’s resource expansion plans, Mr Biggins said.
“The expected increases in resources from this deal and our well-funded resource drill programs at Finniss this year should provide a strong platform for extending and expanding production of lithium from the project as lithium prices increase.
“Spodumene and lithium chemical prices have increased over 50% from lows in 2020, and as Australia’s most advanced lithium developer, Core is right at the front of the line of new lithium production in Australia.”