** Shares of Core Lithium CXO.AX rise as much as 6.3% to A$0.255, their biggest intraday pct gain since June 1

** Company proposes to divest and spin out certain Northern Territory and South Australian exploration assets to create a new gold exploration firm named Axiant Resources

** The new venture will be divested via an initial public offering, and prospectus to be lodged with regulator ASIC in the third quarter

** Malcolm McComas appointed as Core Lithium Chairman as Greg English retires to become Axiant Chair

** YTD, Core Lithium shares down 7.3%