Core Lithium has completed a strategic acquisition of the Walanbanba lithium project in the Northern Territory from Todd River Resources.
The company struck an agreement with Todd River in October for the prospective lithium project, which is strategically located adjacent to Core’s existing Anningie and Barrow Creek (ABC) lithium project.
With this acquisition finalised, Core now 100 per cent controls more than 3250 square kilometres of granted tenure over the ABC project.
Walanbanba is just one hour from the Darwin port by sealed road, which is advantageous for trade with Asia, being the closest port to Asia in the country.
With Core’s nearby Finniss lithium project near development-ready and this acquisition finalised, Core has strengthened its position as Australia’s next lithium producer.
Prior to the acquisition, Todd River completed sampling of numerous pegmatites within the Walanbanba project, returning results with an outstanding lithium grade of 4.63 per cent lithium oxide.
Todd River also found 10 results with more than 3 per cent lithium oxide, indicating at least 40 per cent spodumene in the rock sample.
These results are yet to be independently verified by Core so the company cannot yet adopt or endorse these results.
Core managing director Stephen Biggins said the company was positioning itself and the Northern Territory to be an important long-term Australian lithium supplier.
“Core’s recent discussions with large lithium consumers within the electric vehicle (EV) and lithium battery supply chain suggest the world needs to heavily invest in new lithium supply if car manufacturers are going to achieve the EV production and emission goals demanded in the near future,” Biggins said.
“Not only is there a strong recognition of Core’s capability to deliver high-quality lithium at a competitive cost, but it can achieve that from a capital efficient, sustainable and transparent source near Darwin.”
Core is in the process of negotiating further agreements with some of Asia’s largest lithium consumers and producers.