Lithium developer Core Lithium
(ASX:CXO) has acquired six mineral leases (MLs) adjacent to the Finniss Lithium Project near Darwin.
In March last year, Core entered into an option agreement, which was then exercised in December 2021 following completion of the first pass drill assessment of five of the MLs.
Core has now made a $5 million cash payment to the vendors in order to close the transaction.
“Our investment in these MLs 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," said managing director Stephen Biggins.
“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.”
Shares in Core Lithium
(ASX:CXO) are trading 4 per cent higher at $0.78.
