Core Lithium Ltd (ASX:CXO) has completed the acquisition the Walanbanba Lithium Project - located within and adjacent to its Anningie and Barrow Creek (ABC) Lithium Project - from Todd River Resources (ASX:TRT).
EL 26848 located within and adjacent to Core’s dominant tenement holding over the Anningie and Barrow Creek Pegmatite Fields
Core managing director Stephen Biggins said: “Core’s recent discussions with a number of large lithium consumers at various levels within the electric vehicle and lithium battery supply chain suggest that world needs to heavily invest in new lithium supply if car manufacturers are going to achieve the EV production and emission goals demanded by consumers and governments in the near future.
“Not only is there strong recognition of Core’s capability to deliver high-quality lithium, at a competitive cost to the car manufacturing industry, but it can achieve that from a capital efficient, sustainable and transparent source near Darwin.
“Core is positioning the company and the NT to be an important long-term lithium supplier in northern Australia”.
Demonstrated presence of spodumene in pegmatites
Sampling of the numerous pegmatites mapped in the Bismark area within the Walanbanba Project tenement EL 26848 has returned results with an outstanding maximum lithium grade of 4.63% lithium oxide.
In total, there were 15 rock samples in the area which returned assays of greater than 1% lithium oxide, spread over several pegmatite bodies within an area of 350x400 metres.
More significantly, there are 10 results that are over 3% lithium oxide. This is very high grade and indicates that there is at least 40% spodumene in the rock sample.
Potentially large-scale lithium province
In addition to Core’s near development-ready Finniss Lithium Project near Darwin, the company now controls over 3,250 square kilometres of granted tenure over the large-scale ABC Lithium Project.
The ABC Lithium Project represents a genuine early-stage and potentially large-scale lithium province.
As consideration for the acquisition of EL 26848, Core has issued 1,317,792 shares to the vendors at a price of 3.8 cents per share amounting to $50,000.