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Core Lithium (ASX:CXO) purchases six mining leases

ASX News, Materials
ASX:CXO      MCAP $638.5M
08 December 2021 10:21 (AEDT)
Core Lithium (ASX:CXO) - Managing Director, Stephen Biggins

Source: Daily Mercury

Core Lithium (CXO) has purchased six prospective mineral leases (ML) adjacent to its Finiss lithium project in Darwin, Northern Territory.

In March 2021, Core entered into an option agreement to acquire the MLs which it believes include over 30 historic pegmatite mines.

Subject to appropriate authorisations, Core will pay $5 million to the project vendors along with a contingent consideration of $500,000.

The company says a first-pass drill assessment of five of these MLs has been completed. A total of 29 RC holes were drilled for 4530 metres to test ten separate targets. Assays have now been received for 18 of the holes, according to Core.

Additionally, large downhole thicknesses of pegmatite were intersected at some prospects. One of the prospects, Centurion, saw “significant” lithium intersections in all drill holes as well as lithium-rich pegmatite which is open along strike in both directions and at depth.

Core’s Managing Director, Stephen Biggins, believes the acquisition is an enormous opportunity to add value to the Finnis project.

“Bringing these MLs into our portfolio supports our previously stated objective of further increasing the resource and mine life of the Finniss project and cements our dominant landholding in this lithium-rich and low-risk mining jurisdiction of the Northern Territory,” he said.

Shares last traded at 53 cents on Tuesday, December 7

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