Liontown Resources Ltd. said Aug. 3 that it has exercised an option to fully acquire the Bynoe lithium project located near Darwin in Northern Territory, Australia, by making a A$100,000 payment to Orema Pty. Ltd.
The ASX-listed company secured the option in February 2016 due the project's proximity to Darwin and related infrastructure that would be critical for the development of a commercial mining operation.
The project comprises two separate exploration licenses, 30012 and 30015, covering a total area of 80 square kilometers.
The next phase of the company's exploration drilling at Bynoe is planned to start in September.