Charger Metals to Move to Full Bynoe Lithium Project Ownership
THE BOURSE WHISPERER: Charger Metals (ASX: CHR) is moving to 100 per cent ownership of the Bynoe lithium project in the Northern Territory.
Charger Metals has exercised a pre-emptive right to acquire the remaining 30 per cent of the Bynoe lithium project from JV partner Livium Ltd (formerly Lithium Australia) for $500,000 cash consideration.
The company exercised its pre-emptive right after the announcement of a sale agreement between Core Lithium and Livium in Septembr whereby Core was to acquire the 30 per cent stake.
The high-grade mineralisation encountered by Core at the project’s Blackbeard target trends northeast towards Charger’s Bynoe project and has been modelled to within 50 metres of the tenement boundary.
“We are very pleased to move to 100 per cent ownership of our Bynoe Lithium Project,” Charger Metals managing director Aidan Platel said in the company’s ASX announcement.
“Covering an area of 63 square kilometres and with more than 20 prospective lithium targets yet to be drilled tested, we believe it’s the largest underexplored area of the Finniss pegmatite field that is both inside the lithium prospective structural corridor and within 20 kilometres of Core’s spodumene beneficiation plant at Grants.
“Last quarter, Core was actively drilling directly along trend from some of our priority target areas, such as at their central Blackbeard Prospect as well as regional targets surrounding the Ah Hoy Prospect to the northeast of our Bynoe tenement.
“In particular, Core announced yesterday excellent intersections at Blackbeard.
“We are currently completing environmental studies and surveys as part of our drill permitting process, and we look forward to drilling our priority targets next dry season.”
TO READ THE FULL ANNOUNCEMENT: CLICK HERE