Northern Cobalt Ltd. will acquire nine tenements and applied for four adjoining tenements in Australia's Northern Territory.
The tenements, to be named the Arunta project, are prospective for lithium and other strategic metals used in the production of electric vehicles and will complement the company's Wollogorang cobalt project.
Northern Cobalt will issue 600,000 shares to Gempart (NT) Pty. Ltd. to acquire the nine tenements, it said Dec. 15.
A geological mapping and rock chip sampling program at the Arunta project is scheduled to start early in 2018.
Meanwhile, the company plans to conduct a resource upgrade at the Stanton cobalt deposit at Wollogorang in the first quarter of 2018, and a scoping study will start in January.
Additionally, Northern Cobalt appointed nonexecutive Director Duncan Chessell an executive director of business and project development.