Charger Metals (ASX:CHR) is acquiring the Bynoe Lithium Project after exercising its pre-emptive right to acquire the remaining 30% interest from Livium (ASX:LIT).
Charger Metals will pay $500,000 cash to Livium for whole ownership of the project, which sits on the Cox Peninsula, 50km south of Darwin in the Northern Territory.
The company is currently completing environmental studies and surveys as part of a drill permitting process and drill testing of priority targets is expected to begin in the 2025 field season.
Charger Metals Managing Director Aidan Platel believes the project area, covering 63km2 and has more than 20 prospective lithium targets, is the largest underexplored area of the Finniss pegmatite field that is within 20km of Core Lithium’s (ASX:CXO) spodumene beneficiation plant.
“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,” Platel says.
The Bynoe Lithium Project is located within a similar geological setting to Core’s Finniss Mine which recently upgraded the resource estimate totalling 48.2 million tonnes at 1.26% lithium oxide.
To date, Charger Metals has defined more than 20 prospective areas for lithium at Bynoe. Initial targets were defined by lithium-in-soils anomalies, pegmatite outcrops and historical tin-tantalum workings, which the company considers a proven targeting tool in the region due to the mineral association with lithium.
Charger Metals says many of the new prospective areas are defined by surface lithium anomalies striking north-northeast-south-southwest — a trend supported by the gravity data and in-line with the overall regional geology trend.
Livium says the divestment of Bynoe is part of its broader strategy to realise value from non-core assets.
By monetising this asset, Livium says it has increased balance sheet flexibility to drive key initiatives, including growing its battery recycling solution and commercialisation of its lithium chemicals and battery materials technologies, which are central to its long-term strategic plan.
Charger Metals is an explorer focused on battery and precious metals across three provinces in Australia.
Livium, formerly known as Lithium Australia, is focused on sustainable lithium production. The company operates Australia’s battery recycler, produces critical battery material lithium ferro phosphate, and has developed a patented lithium extraction technology.
Write to Aaliyah Rogan at Mining.com.au
Images: Charger Metals
