Australian lithium miner Core Lithium (ASX: CXO) has announced a significant upgrade to the mineral resource estimate at BP33, a key deposit for the Finniss Lithium Operation in the Northern Territory.
BP33 is the second proposed mine at Finniss and is currently awaiting development approval. Core announced last week that it had produced first spodumene concentrate at Finniss, based on ore mined from the Grants open pit mine.
Exploration drilling in 2022 has led to an increase in the Mineral Resource at BP33 from 4.37Mt at 1.53% Li2O to 10.1Mt at 1.48% Li2O.
Latest drilling results have identified extensions along strike and down depth at BP33. The recent BP33 drilling results reinforce the potential for an extension of the mine design at depth while mineralisation remains open down-plunge.
Further significant growth opportunities exist beyond the currently modelled resource domains at the other Finniss project deposits – Carlton, Ah Hoy, Hang Gong and Sandras – and an update to the global Mineral Resource and Ore Reserve estimate for Finniss is being prepared. In addition, an aggressive drill program is planned at Finniss this year.
Core Lithium CEO Gareth Manderson said:
“This upgrade is a credit to our exploration and technical teams, who are systematically exploring the Finniss tenements while the business moves into production,” chief executive Gareth Manderson said.
“These results provide further confirmation of the prospectivity of Core’s ground holding.
“Importantly, BP33 remains open at depth. Exploration to extend the mine life at Finniss and identify growth opportunities is a priority for the business, with an expanded drilling program for CY23.”