Lithium Power International Limited (ASX:LPI)(“LPI”or“theCompany”) is pleased to announce that it has signed agreements to significantly increase its tenement holdings in Western Australia.


HIGHLIGHTS

  • Lithium Power has bought CMC Lithium and its Greenbushes Project in Western Australia, adding an extra 365km2 of prospective ground around Talison Lithium’s Greenbushes Mine, the world’s largest hard-rock spodumene operation
  • Lithium Power has also acquired two tenements in the mineral rich Eastern Goldfields of WA, from private company Lysander Lithium
  • In the Eastern Goldfields, prolific gold and nickel endowment is often complimented by large lithium spodumene pegmatite deposits, such as Neometals’ Mt Marion mine
  • The properties were acquired for a combination of cash and LPI stock
  • Lithium Power now has tenements in each of the three major WA hard rock lithium areas - Greenbushes, the Pilbara Craton and the Eastern Goldfields

The acquisitions significantly increase its ground position in the Greenbushes Area, making it the largest holder of ground along the Donnybrook-Bridgetown Shear Zone. The acquisitions also diversify its geographic footprint in WA, by obtaining tenements in the Eastern Goldfields region.

These acquisitions support the Company’s ability to demerge its WA assets into a separate company, Western Lithium Ltd (announced on 12 January 2022). The Company’s strategy is focused on unlocking the value of these assets, most likely through an ASX listing in Q4 2022.

This strategy and the timing of the potential demerger and listing of Western Lithium Ltd will allow LPI to focus in Q3 2022 on the consolidation of ownership of its flagship Chilean joint venture company, Minera Salar Blanco S.A. (announced on the ASX on 22 June 2022), and the continued development of the Maricunga Lithium Project in Chile.


Click here for the full ASX Release

This article includes content from Lithium Power International, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

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