Emerging Northern Territory lithium producer Core Lithium (ASX: CXO) has completed a $3 million capital raising after receiving the balance of the placement funds. With mineral resource drilling having recommenced at the Finniss lithium project, the placement funds will help accelerate the delivery of the expanded scope of the definitive feasibility study for the project.
HIGHLIGHTS
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$3 million Placement completed successfully, including cornerstone commitments from Yahua and Ruifu;
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Lithium Mineral Resource expansion and infill drilling has recommenced at Finniss Lithium Project in 2019;
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RC and diamond drilling is targeting new Mineral Resources at Hang Gong, Lees-Booths Link and Carlton over the coming weeks;
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Next Lithium Mineral Resource upgrade at Finniss is expected in late January.
Emerging Australian lithium developer, Core Lithium Ltd (ASX :CXO) (“Core” or the “Company”), is pleased to announce the balance of the $3m funds has been received and Placement successfully completed. Mineral Resource drilling has also recommenced in 2019 at Core’s 100%-owned Finniss Lithium Project (Finniss), near Darwin in the Northern Territory.
Strong support from Core’s binding offtake partner Sichuan Yahua (Yahua) and parties associated with non-binding offtake partner Ruifu (Ruifu), two of China’s largest lithium producers, subscribed to $1.5m of the Placement to accelerate Mineral Resource drilling programs of the recently discovered prospects and delivery of the expanded scope of the Definitive Feasibility Study (DFS).
To this end, Core’s 2019 Mineral Resource expansion and infill drilling programs have recommenced on the Finniss Lithium Project ahead of announcements of Mineral Resource upgrades and estimates over the coming weeks and months.
Core has an RC and diamond core drill rig on site targeting new Mineral Resources at Hang Gong, Lees-Booths Link and Carlton over the coming weeks, with new Mineral Resource estimates due before the end of January 2019.
Core is focussed on development of mining and production of high-quality lithium concentrate from the Finniss Lithium Project and is aiming to commence production at Grants by the end of 2019, subject to finance and regulatory approvals.
The Finniss Lithium Project has substantial infrastructure advantages supporting the Project’s development; being close to suburban workforce, grid power, gas and within easy trucking distance by sealed road to Darwin Port – Australia’s nearest port to Asia.
