PERTH (miningweekly.com) – ASX-listed Core Exploration has completed the acquisition of fellow-listed Liontown Resource’s Bynoe lithium project, in the Northern Territory.
The two companies in September reached an agreement under which Core acquired the Bynoe project for an up-front cash consideration of A$1.5-million, as well as the issue of 39.2-million shares in Core, valued at A$2-million.
In addition, Liontown would be issued a further A$1.5-million in either cash or Core shares on the definition of a Joint Ore Reserves Committee-compliant resource of five-million tonnes within the Bynoe tenure.
Core said on Tuesday that the Bynoe acquisition provided the company with a large number of additional lithium pegmatite targets, and more than 50 historic pegmatite prospects.
The junior company has already started exploration work on the new Bynoe tenements, and is planning a drill programme for this month, targeted at expanding on the widespread lithium mineralisation.
Liontown MD David Richards, meanwhile, said that the successful sale of the Bynoe asset placed the company in a strong position to advance its own lithium and vanadium projects in Australia, including a maiden drilling programme at the Buldania lithium project, in Western Australia.
Following the transaction, Liontown would hold an 8.2% interest in Core.