Advanced Australian lithium developer Core Lithium (ASX: CXO) has entered into an agreement for the rights to apply for an Ancillary Mineral Lease within Exploration Licence EL31133 from Lithium Plus Pty Ltd as part of the Finniss Lithium project near Darwin in the NT.
· Core has entered into an agreement with Lithium Plus to acquire the rights to apply for an Ancillary Mineral Lease as part of the Finniss Lithium Project
· Existing Core tenements accommodate 70% of the Project’s water requirements and this ancillary Mineral Lease will expand water availability and future production capacity for the Project
· An application for the ancillary Mineral Lease has been lodged with the Northern Territory Department of Primary Industry & Resources
The agreement covers an area adjacent to the proposed Grants Mine and lithium concentrate processing plant upon which ancillary mining activity (surface water storage) is proposed by Core.
The consideration payable for the acquisition amounts to $50,000 in CXO shares totalling 1,269,905 shares to Lithium Plus Pty Ltd.