Kingston Resources is acquiring 20 lithium-prospective tenement applications in Western Australia and the Northern Territory covering four key project areas: Mt Cattlin, Greenbushes, Bynoe / Wingate and North Arunta.
As part of the transaction, Kingston will acquire Slipstream WANT Pty Ltd which holds the contractual rights to the tenement applications.
Kingston said the acquisition will significantly expand and complement its five existing lithium tenement applications in the Mt Catlin and north Arunta regions.
The Mount Cattlin package lies to the south of the Mt Cattlin lithium mine owned by Galaxy Resources Limited. The tenements cover the Annabelle Volcanics, which host Lithium-Cesium-Tantalum pegmatites and are considered prospective for lithium mineralisation.
The Greenbushes tenement lies immediately south of Talison Lithium’s Greenbushes mine, the largest hard rock lithium mine in the world, whereas the Bynoe / Wingate tenements cover large areas of the key Bynoe and Wingate tin-tantalum-lithium pegmatite fields of the Pine Creek pegmatite province.
The North Arunta region is also known to host tin/tantalum rich pegmatites, a strong indicator that the extensive pegmatites in the area may be LCT type pegmatites which host Lithium mineralisation in other hard rock pegmatite fields.
According to the company, the transaction – subject to shareholder approval – will be executed through a cash payment of $500,000 payable in two tranches and the issue of 165,000,000 fully paid ordinary Kingston shares.
