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Market Analysis Latest ASX News

Core Lithium Ltd Takes Up Option to Buy Six Mining Leases (ASX:CXO)

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By Selva Freigedo, Wednesday, 08 December 2021

Core Lithium Ltd [ASX:CXO] share price was up today by more than 7% on early trade after announcing they are buying six ‘highly prospective’ mineral leases located next to their 100%-owned Finniss Lithium Project.

Core Lithium Ltd [ASX:CXO] share price was up today by more than 7% on early trade after announcing they are buying six ‘highly prospective’ mineral leases located next to their 100%-owned Finniss Lithium Project.

Core Lithium is a lithium developer. Their flagship project is the Finniss Lithium Project, which is located near Darwin in the NT.

An opportunity to extend production at Finniss

In March this year, Core signed an option agreement to buy these six mineral licenses for $5 million along with $500,000 in contingent considerations. The leases have a history of tin and tantalum mining and include over 30 historic pegmatite mines.

During the year, Core did a first-pass drill assessment on five of these leases. They completed a total of 29 reverse circulation holes for 4,530m to test 10 different targets.

Core Lithium has now received the results for 18 of the holes.

Core said it intersected ‘evidence of lithium fertility and spodumene mineralization’ in several of the drill holes. They also found significant levels of tin, tantalum, and niobium.

According to Core, buying the six leases could very well accelerate the opportunity to expand and extend lithium production at Finniss, which would add value to the project.

As Core’s managing director, Stephen Biggins, said:

‘Bringing these MLs into our portfolio supports our previously stated objective of further
increasing the resource and mine life of the Finniss Project and cements our dominant
landholding in this lithium-rich and low-risk mining jurisdiction of the Northern Territory.
’

Discover our top three ASX-listed pot stocks in 2021. Click here to learn more.

Lithium demand expected to outstrip supply

Core says they have completed over 4000 assays and will be releasing its exploration and resource updates throughout the rest of this year and into 2022.

After reaching 57 cents today in early trade, shares are trading at 53 cents at the time of writing, the same price as yesterday’s close.

Lithium prices are soaring with demand for lithium expected to ramp up as more electric vehicles hit the markets.

Fastmarkets estimates that lithium production will need to quadruple this decade to meet demand, reaching 2 million tonnes by 2030. So things are looking good for lithium in the near future.

 

If you are interested in lithium stocks, check out our free report ‘Three Lithium “Bounce Back” Stocks for 2021’.

For more information, click here.

Best,

Selva Freigedo

For Money Morning

PS: Our publication Money Morning is a fantastic place to start on your investment journey. We talk about the big trends driving the most innovative stocks on the ASX. Learn all about it here

All advice is general advice and has not taken into account your personal circumstances.

Please seek independent financial advice regarding your own situation, or if in doubt about the suitability of an investment.

Selva Freigedo

Selva’s Premium Subscriptions

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All advice is general in nature and has not taken into account your personal circumstances. Please seek independent financial advice regarding your own situation, or if in doubt about the suitability of an investment.

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