Lithium Plus Minerals Ltd (ASX:LPM) is set to boost its project portfolio – moving into other mineral interests across Australia – with the acquisition of two complimentary uranium and rare earth element plays in the Northern Territory and northern New South Wales.
Part of the acquisition arrangement will involve creation of a new entity – Newco Pty Ltd – into which Lithium Plus’ existing Moonlight project in the Top End will be consolidated, with the company retaining a 50 percent stake in this new subsidiary.
The primary focus among the new acquisitions will be the MacDonnell Ranges Uranium Project, which comprises 1800 square kilometres, and is located 120 west-northwest of Alice Springs along the Tanami Highway.
This will now deliver the company a total of 1,907 square kilometres of uranium-prospective land within the Territory.
The second acquisition – the Fox Hill REE Project in NSW – comprises 1,035 square kilometres, approximately 20 kilometres north of Inverell.
Executive Chairman Dr Bin Guo said that acquiring a complimentary portfolio of critical mineral assets was an important development, given the ongoing energy transition.
“Notably, the land holding proximate to our Moonlight Prospect in the uranium-friendly Northern Territory enhances and strategically strengthens our existing uranium prospectivity,” he said.
“The Northern Territory boasts a long history of uranium mining and is host to some of Australia’s most significant and highest-grade uranium deposits, making it the country’s premier uranium mining jurisdiction.
“Our development focus remains firmly on our Lei Deposit and further exploration drilling at our four large, high-priority pegmatite systems: Perseverance, Jewellers, Jewellers Extended and Jennys.”
Lithium Plus has been trading at 15 cents.