Pilbara Minerals has entered an agreement with Dakota Minerals to acquire the Lynas Find lithium project.
Lynas Find adjoins Pilbara Minerals’ Pilgangoora Lithium-Tantalum Project to the east and north; and is adjacent to the company’s Monster deposit.
The agreement includes $4 million for the mine’s core tenements and an additional $1m after the grant of an extension term of another tenement, E45/3648.
Pilbara has also agreed to pay a further $750,000 for each of an additional four Pilgangoora exploration tenements which are currently under application by Dakota Minerals.
Once completed, the acquisition will expand the company’s land holding in the Pilgangoora lithium district by 268 square kilometers to 300 square kilometers.
Pilbara Minerals managing director and CEO, Ken Brinsden, said, “[The acquisition] further consolidates our lithium footprint in the Pilbara region and reinforces Pilgangoora’s position at the dominant project in this exciting emerging lithium province.”
“The Dakota tenement package also contains numerous prospective new areas for lithium exploration, helping to strengthen our longer term growth pipeline.”