Lithium Power International Ltd (ASX:LPI) has secured new tenure in the three major hard rock lithium regions of Western Australia following the acquisition of CMC Lithium with its project in the Greenbushes area and two tenements from Lysander Lithium in the Eastern Goldfields region – adding to LPI’s previous holdings in the Pilbara Craton.
CMC Lithium’s Greenbushes Project covers 365 square kilometres around Talison Lithium’s Greenbushes Mine, the world’s largest hard rock spodumene operation.
The mineral-rich Eastern Goldfields area has demonstrated a prolific gold and nickel endowment often complemented by large, lithium-bearing spodumene pegmatite deposits, such as Neometals’ Mt Marion mine.
Acquisitions likely to be demerged
“The acquisition of these properties in highly prospective areas is part of our strategy to add to the portfolio of LPI’s Western Australian hard rock spin-out company, Western Lithium (TSX:WLC) Ltd,” Lithium Power International CEO Cristobal Garcia-Huidobro said.
“These properties are in highly prospectively areas of both the Greenbushes region and Eastern Goldfields in the vicinity of large known deposits.
“We look forward to work commencing on these exciting properties.”
Lithium Power says the potential demerger and listing of its hard rock lithium properties – purchased in return for a combination of cash and LPI stock – will allow the company to focus on consolidating the ownership of its flagship Chilean joint venture company, Minera Salar Blanco S.A, and the continued development of the Maricunga Lithium Project in Chile.