Core Resources has finalised its acquisition of the Bynoe lithium project in the Northern Territory from Liontown Resources.
Core initially announced its intent to purchase the project, which is located adjacent to the company’s sister Finniss project, from Liontown in September. Core has paid $1.5 million and allocated 39.2 million shares for the project, which are to be escrowed equally over three quarters in 2018. The shares represent about 8.2 per cent of Core’s current capital, according to Liontown.
Liontown hopes the sale of the Bynoe project will allow it to concentrate on its portfolio of lithium and vanadium projects, including the Buldania lithium project that the company acquired in October.
The Buldania project has identified a spodumene-bearing pegmatite swarm with recorded values of up to 4.6 per cent lithium oxide over a 1.05 square kilometre area.
David Richards, the managing director of Liontown, said that the sale would put the company in a strong position to advance its other projects.
“We are very excited by the potential of this project and we are looking forward to drilling it as soon as possible in the New Year,” Richards said.
Core, meanwhile, has called the combination of its Finniss and Bynoe projects a “key commercial milestone” for the company, stating that the expansion puts the company in an ideal location to “service accelerating global demand”.