Charger Metals NL (ASX:CHR) has acquired the Bynoe Lithium Project in the Northern Territory, making good on an announcement two weeks ago that it had exercised its pre-emptive right to take the remaining 30% of the play from Livium Ltd (ASX:LIT).
The acquisition – made on the basis of a $500,000 cash consideration – allows Charger to unlock mineralisation within a large but unexplored section of a region of NT already known to be prospective for the critical mineral.
Core Lithium Ltd (ASX:CXO), whose Blackbeard prospect has been drilled along trend of Charger target areas at Bynoe, had in September entered a sales agreement with Livium to acquire a 30% holding in the project. Charger’s exercise of the pre-emptive right was made on the same terms.
Charger’s managing director Aiden Platel said confirming the acquisition meant the company could look ahead to exploring this highly prospective area.
“Owning 100% of our Bynoe Lithium Project fully leverages Charger and its shareholders to future exploration success from what we believe is the largest underexplored area of the Finniss pegmatite field that is both inside the lithium-prospective structural corridor and within 20km of the spodumene beneficiation plant at Grants,” he said.
“Last quarter, Core Lithium drilled directly along trend from some of our priority target areas. In particular, Core had excellent intersections at Blackbeard of 63m @ 1.67% Li2O,
including 20m @ 2.09% Li2O, along strike from previous intersections of 71m @ 1.05% Li2O, 59m @ 1.54% Li2O, and 41m @ 1.63% Li2O.4.
“This high-grade mineralisation trends to the northeast towards our Bynoe Project and is modelled to within 50m of our tenement boundary.”
Charger shares moved up on the news, and at 12:44 AEDT, they were trading at 7.8 cents – a rise of 2.63% since the market opened.
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