Greenbushes Lithium Project
On 22 April 2016, the Company entered into a Heads of Agreement (HOA) in which the company has an option to acquire 100% interest in two exploration licence applications which comprise the Greenbushes Lithium project.
The Project area is prospective for the potential discovery of lithium mineralisation and other associated minerals such as tin and tantalum. The two tenements the subject of the Applications have seen minimal modern exploration, and contain similar host geology to the nearby Talison Greenbushes Mine.
The Applications for the Exploration Licences were submitted by the vendors under the HOA (Vendors) to the Western Australian Department of Mines and Petroleum (Department) on 29 March 2016.
Proposed Acquisition of Charge Lithium
On 26 July 2016, the Company announced that it executed a binding Terms Sheet with Charge Lithium Pty Ltd (Charge) to acquire 100% of the shares on issue in Charge.
Charge Lithium is involved in the business of mineral exploration and has assembled a portfolio of lithium projects in the immediate vicinity of Australia’s largest and highest grade lithium deposits.
Charge controls 100% of 5 projects (comprising 6 ELA’s and 1 granted exploration licence) within and around the Mt Cattlin, Pilgangoora and Greenbushes lithium provinces.
Of these 5 projects, 4 are prospective for hard rock lithium deposits, whilst the fifth provides exposure to lithium brine via a large salar lake specifically identified by Geoscience Australia as being highly prospective for lithium in brine mineralisation.
All projects are located in Western Australia and are free of environmental constraints that may delay grant of exploration licences.
Charge has recently received notification of Formal Grant of the Pyramid Lake Lithium Brine asset, and the remaining licences are expected to be granted within 3 months pursuant to the Mining Act 1978 (WA):
- Exploration licence application E74/593 (Mt Cattlin Central Lithium Project);
- Exploration licence application E70/4861 (Big Galaxy Project);
- Granted exploration licence E74/594 (Pyramid Lake Lithium Brine Project);
- Exploration licence application E70/4862 (Greenbushes North Lithium Project); and
- Exploration licence applications E45/4767, E45/4768 and E45/4769 (collectively the Pilgangoora Central Lithium Project).
Refer to the Company’s ASX announcement of 26 July 2016 for further information on the terms of the proposed transaction.