Core Lithium (ASX: CXO) is an Adelaide based based mineral exploration company. Core Lithium engages in the acquisition, exploration, evaluation and development of copper, gold, uranium and iron ore properties. Its projects include Finniss Lithium, Annigie & Barrow Creek Lithium, Napperby, Jervois Domain, Blueys & Inkheart and Fitton.
It is an early stage company which has really caught the attention of investors and traders December 2020. Lithium stocks have really come to life recently and it has performed better than some of the top ASX-listed Lithium stocks. The performance of Core Lithium shares in the past 6 months is 400%. Core Lithium shares currently trade at 21 cents – having gained 48% year-to-date and demanding a market cap of $256 million.
Today, Core Lithium’s subsidiary Bynoe has entered an option agreement to acquire six mineral leases (ML) in the Northern Territory. These acquisitions will boost the production capacity of lithium at a time when prices are high. The mineral leases include over 30 pegmatites previously mined for tin and tantalum. Previous work has identified high lithium grades and potential for near surface spodumene mineralisation.
The objective for Core Lithium here is to increase the mine life of its Finniss Lithium Project. There is a lot of growth opportunity in the short-term with the acquisition of these lease agreements. Drill assessment is scheduled to begin the following quarter once approval is granted.
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