Core Lithium acquires right to multiple pegmatite mines adjacent to Finniss lithium project, NT

Advanced Australian lithium developer, Core Lithium (ASX: CXO) today announced the signing of an option agreement to acquire six granted Mineral Leases containing over 30 lithium pegmatite targets adjacent to the company’s 100%-owned Finniss lithium project near Darwin in the Northern Territory.

HIGHLIGHTS: 

• Core Lithium has entered into an option agreement to acquire six granted Mineral Leases (MLs) adjacent to the Company’s Finniss Lithium Project in the NT.

• Granted MLs include over 30 pegmatites previously mined for tin and tantalum.

• Previous work has identified high lithium grades and potential for near surface spodumene mineralisation.

• Near-term growth opportunity to add and bring forward substantial resource growth in 2021.

• Objective to accelerate increases to Finniss Lithium Project life of mine.

• Acquisition to support future lithium production capacity increases and downstream processing.

• Drill assessment to start next quarter once approved – as 2021 field season commences.

These 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 Core’s adjacent Finniss Lithium Project tenements.

Core plans to commence assessment drilling of these exciting new lithium pegmatite targets as the 2021 field season commences and once approvals are received next quarter. The aim is to complete the acquisition of these assets in 2021 and, based on a positive assessment, to significantly increase Mineral Resources and potentially increase Project life of mine.

The Leviathan and Annie groups of pegmatites, which are the subject of the transaction, were discovered in the 1880’s and then mined for tin and tantalum intermittently for over one hundred years.

Assessment by Greenex (Greenbushes), Haddington (Altura) and Julia Corp during the period 1980-2000, for tin and tantalum, has since rediscovered over 30 pegmatites.

The granted MLs subject of the Option Deed include over 30 pegmatites mined previously for tin and tantalum, including*:

• Centurion Pegmatite

  • 43m downhole spodumene pegmatite drill intersection & over 270m long.

  • Assays over 1% Li2O within 25m of the surface.

• Leviathan Pegmatite

  • 3 pegmatites 30-40m total width and 350m long.

• Northern Reward Pegmatite

  • Strike length of 800m and up to 18m true width.

• Bilatos Pegmatite

  • Large footprint of 300m x 100m – but has not yet been drill tested.

Building on this previous pegmatite mining and drilling information, Core will be the first company to explore and drill these prospective, lithium-rich pegmatite systems for economic spodumene lithium mineralisation.

Commenting on this significant transaction, Core’s Managing Director, Stephen Biggins, said it was a significant milestone in the Company’s history.

“This new acquisition of multiple pegmatite mines adjacent to the Finniss Lithium Project has the potential to significantly accelerate Core’s resource expansion plans.

“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.”