In announcing a 62 per cent increase in its Finniss mineral resource estimate (MRE), Core Lithium reaffirmed the potential of one of Australia’s most exciting lithium provinces.
The Finniss project in the Northern Territory now boasts an MRE of 30.6 million tonnes (Mt) at 1.31 lithium oxide, up from a July 2022 MRE of 18.9Mt at 1.32 per cent lithium oxide.
Finniss lies within the Bynoe pegmatite field – a promising-yet-underexplored region 15km south of Darwin that is also home to other exploration companies such as EverGreen Lithium and Charger Metals.
Finniss’ MRE upgrade comes after Core undertook a 39,600m reverse circulation and diamond drilling program in 2022, targeting both known deposits and new prospects within the Bynoe pegmatite field.
“Bynoe consists of up to 100 known pegmatites, with individual pegmatites varying in size from a few metres wide and tens of metres long, to up to tens of metres wide and hundreds of metres long,” Core said in an ASX announcement.
With its 2022 drill program being Core’s largest to date, the company is going one better in 2023 with $25 million allocated to this year’s program – nearly double the 2022 budget. This will pave the way for further increases to Finniss’ mineral resource.
“Through the targeted and systematic drilling of known and emerging deposits, the company has further highlighted the prospectivity of our landholding in the Bynoe pegmatite field and the strong potential for life of mine extensions at the Finniss lithium operation,” Core Lithium chief executive Gareth Manderson said.
Core recently announced its maiden spodumene concentrate shipment was ready for export from Darwin port, with 3500 tonnes ready to set sail for foundation customer Sichuan Yahua.
The company is currently preparing its second 15,000-tonne spodumene shipment for Sichuan Yahua.
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