- Core Lithium (ASX:CXO) has completed the acquisition of the Walanbanba Lithium Project from Todd Resources (ASX:TRT)
- The project is surrounded by Core’s Anningie and Barrow Creek Lithium Project
- In October, the two companies announced Core would purchase the project from Todd Resources along with the Soldiers Creek tenement
- The sale price for each project was $50,000 worth of Core Lithium shares
- Shares in Todd River Resources are unchanged, worth 2.7 cents each
- Core Lithium is trading steadily, with shares worth 3.7 cents apiece
Core Lithium (ASX:CXO) has completed the acquisition of the Walanbanba Lithium Project from Todd Resources (ASX:TRT).
In October, the companies announced Core would purchase the project along with another Northern Territory lithium project, Soldiers Creek.
Under the sale agreements, the price for each project was $50,000 worth of Core Lithium shares.
For the Walanbanba project, more than 1.3 million CXO shares were issued at a price of 3.8 cents per share and amounting to the $50,000. The shares are subject to voluntary escrow until the end of June 2020.
The company believes the acquisition will better position it to supply lithium for the growing electric vehicle market.
“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 the 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,” said Managing Director Stephen Biggins.
Walanbanba Lithium Project
The Walanbanba Lithium Project is surrounded by Core’s Anningie and Barrow Creek Lithium Project meaning it is close to existing rail infrastructure to Darwin Port.
This neighbouring project holds lithium rich pegmatite fields and historic tin-tantalum mining districts.
At the Walanbanba Project, there is a demonstrated presence of pegmatites up to 450m long and 15m wide.
Rock chip samples taken by Todd Resources at the project grade up to 4.63 per cent Li2O, up to 2.31 per cent SnO2 and up to 0.61 per cent Ta2O5.
From analysis on 12 rock chip samples, three had high proportions of spodumene. Sampling also showed the pegmatites in this area are of the LCT type.
Shares in Todd River Resources are unchanged today, worth 2.7 cents each. Core Lithium is trading steadily, with shares worth 3.7 cents apiece.