The Bynoe project is located adjacent to Core’s Finniss lithium project near Darwin in the Northern Territory, with the combined area now covering over 500 square kilometres of granted tenements.
Importantly, the acquisition adds more than 50 historic pegmatite prospects to Core’s portfolio and also includes a granted mineral lease, extractive permit and three exploration licences.
Core has already commenced exploration work on the new tenements and is planning to commence a drill program this month targeted at expanding on the widespread lithium mineralisation.
The company is seeking to establish a direct shipping ore (DSO) operation, and has signed a framework agreement to negotiate DSO offtake with leading Chinese lithium producer, Sichuan Yahua.
Core’s successful combination of the two leading lithium projects, Finniss and Bynoe in the Northern Territory marks a key milestone in building an expanded lithium project in an ideal location.
The company was well funded as at the end of the September quarter with circa $7 million in cash.