Emerging lithium producer Galaxy Resources announced yesterday it has significantly extended its tenement footprint near the Mt Cattlin Project at Ravensthorpe in Western Australia.
Galaxy agreed to acquire an 80% interest in a block of tenements from Traka Resources.
The company says the acquisition could significantly extend the life of the 100% owned project.
According to Galaxy managing director Iggy Tan, the acquisition indicates the company’s intention to develop a longer life for the mine and expand its global lithium interests.
“Our clear intent it to fast track moves towards production and build a sustainable resource and tenement base,” he said.
“This acquisition is a clear example of the company’s intent to capture a large part of total world lithium production.”
Tan said that the newly acquired Traka ground is made up of a similar geological sequence to its existing Mt Cattlin tenement, and contains a number of spodumene (lithium)-bearing pegmatite outcrops.