Australian lithium developer Core Lithium has completed the acquisition of six prospective mineral leases adjacent to the Finniss Lithium Project near Darwin in the Northern Territory.
Core entered an option agreement in March 2021 to acquire the six granted leases, which have a history of tin and tantalum mining and production from pegmatites with similar chemistry to the pegmatites on Core’s adjacent Finniss tenements.
The company exercised the option in December 2021, following completion of a first pass drill assessment of five of the leases immediately adjacent to Finniss.
A total of 29 RC holes were drilled for 4,530 metres to test ten separate targets, with assays received for 18 of the holes.
Core managing director Stephen Biggins said they were pleased to have completed the acquisition, adding further value to the Finniss project and enabling the acceleration of resource and mine-life expansion objectives.
He added: “Our investment in these mineral leases is in line with our resource and mine life expansion objectives at Finniss, and cements our dominant landholding in this lithium-rich and low-risk mining jurisdiction of the Northern Territory.
“With construction progressing at the Finniss project, Core’s prime directive of delivering first production of high-quality lithium concentrate in 2022, in the midst of a very high lithium price and high operating margin environment, is on track.”
