Lithex has made the acquisition through the purchase of Far North Minerals that owns 100% rights to the tenements, reported proactiveinvestors Australia.
The tenement package is located across four Australian states covering 533km² and includes the Munglinup Project in Western Australia, Eyre Point Project in South Australia, Furniss East Project in Western Australia and deposits at New South Wales.
Subject to shareholder approval, Lithex will offer $150,000 cash and 12 million shares at $0.06 a share for the tenements.
Addionally, Lithex will reimburse $50,000 in exploration costs to Far North Minerals for ongoing development work on the Munglinup Project.
The Munglinup Project has been named the company’s flagship project and is expected to be the first commercial graphite mine in Western Australia.
