Australia’s next lithium producer Core Lithium (ASX: CXO) has entered into a binding Tenement Sale and Purchase Agreement with Newmont Exploration Pty Ltd, a subsidiary of gold producer Newmont Corporation, to acquire the Shoobridge Project (EL31407).
HIGHLIGHTS
- Core Lithium has entered into a binding agreement to acquire the Shoobridge Project EL31407 (“Shoobridge”), located approx. 80km SSE of the Finniss Lithium Project
- Shoobridge contains historic pegmatite tin-tantalum surface workings which have not been tested for their lithium potential
- The acquisition of Shoobridge is consistent with Core’s objective of continuing to increase lithium resources
The Project is located approximately 80km south-southeast of the Company’s 100%- owned Finniss Lithium Project (“Project”) near Darwin in the Northern Territory. Completion of the sale and purchase of the Shoobridge Project is subject to NT Ministerial consent.
The Shoobridge Project is located in the Pine Creek Orogen in the NT and lies within the Tipperary pegmatite district, including the Shoobridge pegmatite field and the Plateau Point pegmatite field (Figure 1). The Shoobridge pegmatites have been exploited for their tin and tantalum, and are the site of the first discovery of tinbearing pegmatites in the NT in 1882 (Frater, 2005).
Importantly, the pegmatites are considered analogous to those in the Bynoe pegmatite district and are therefore complementary to the Company’s lithium portfolio in the Northern Territory.
Core will be the first company to explore and drill these prospective, potentially lithium-rich pegmatite systems for economic spodumene lithium mineralisation.
Commenting on the transaction, Core Managing Director Stephen Biggins said it was a strategic acquisition with exploration upside that would complement Core’s existing lithium projects in the NT.
“While we are firmly focussed on developing the Finniss Lithium Project, we are excited by projects such as Shoobridge that provide synergies and complementary lithium growth opportunities.
“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 lithium production from the project as lithium prices continue to rise.”
