Having recently achieved its first production milestone, Core Lithium continues to expand the size and potential of its Finniss lithium project in the Northern Territory.
Drilling in 2022 has enabled the company to more than double the mineral resource estimate of its BP33 deposit from 4.37 million tonnes (Mt) at 1.53 per cent lithium oxide to 10.1Mt at 1.48 per cent lithium oxide. BP33 is Finniss’ second proposed mine.
Core recently received results from 11 drill holes targeting extensions to the existing BP33 orebody, which highlighted BP33’s potential for further resource increases given mineralisation is open down plunge and along strike.
“This upgrade is a credit to our exploration and technical teams, who are systematically exploring the Finniss tenements while the business moves into production,” Core chief executive officer Gareth Manderson said.
“These results provide further confirmation of the prospectivity of Core Lithium’s ground holding.
“Importantly, BP33 remains open at depth. Exploration to extend mine life at Finniss and identify growth opportunities is a priority for the business, with an expanded drilling program for 2023.”
Core also completed a drill program targeting the broader Finniss project in 2022, with significant growth opportunities at the Carlton, Ah Hoy, Hang Gong and Sandras prospects. An update to Finniss’ global mineral resource and ore reserve estimate is underway.
Core announced it had produced first spodumene concentrate from Finniss in late February, after the dense media separation (DMS) plant was safely commissioned. This marked the successful completion of construction at Finniss.
The maiden spodumene will be stockpiled at Finniss until there are sufficient volumes for Core to transport to Darwin Port and complete its first international shipment, which is targeted for the end of April.
Core Lithium was trading at $1.02 soon after trading opened on Monday. This is up 6.5 per cent on the day.
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