SYDNEY: Charger Metals NL (ASX:CHR) has exercised its pre-emptive right to acquire the remaining 30% of the Bynoe Lithium Project in the Northern Territory from Livium Ltd (formerly Lithium Australia Limited) for $500,000 cash consideration.

The exercise of the pre-emptive right follows a sale agreement between Core and Livium for Core to acquire the 30% of Bynoe for $500,000 cash consideration.

Charger will now acquire Livium’s 30% on the same terms as offered by Core and subsequently move to 100% ownership of the Bynoe Lithium Project.

Charger’s Managing Director, Aidan Platel, commented: “We are very pleased to move to 100% ownership of our Bynoe Lithium Project. Covering an area  of 63km2 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 20km 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 of 63m @ 1.67% Li2O, including 20m @ 2.09% Li2O, along strike from previous intersections of 71m @ 1.05% Li2O, 59m @ 1.54% Li2O and 41m @ 1.63% Li2O.2 This high-grade mineralisation trends to the northeast towards our Bynoe Project and is modelled to within 50m of our tenement boundary.

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.”

Lithium Australia sells Lake Johnston stake to Charger Metals