Emerging lithium producer Core Exploration (ASX: CXO) has given its strongest indication yet of a significant definitive feasibility study for its Finniss lithium project, announcing today it had upgraded the lithium resource at the BP33 deposit by 51%. This has increased the size and average grade of the Finniss mineral resource to 5 million tonnes at 1.5% Li20. The DFS remains on track for completion later this month.
HIGHLIGHTS
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High grade BP33 Lithium Resource upgraded by 51% to 2.15Mt with a coincident grade increase to 1.5% Li2O
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BP33 Lithium Resource is now classified as Indicated and Inferred
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Size and average grade of Finniss Project Lithium Mineral Resource has also increased and now stands at 5Mt at 1.5% Li2O
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Additional mining inventory defined is expected to result in a longer mine life at the Finniss Project, and further enhance the robust economics
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Maiden Resource estimate for Sandras expected to add further to Project Mineral Resources later this month
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The Finniss Project Definitive Feasibility Study (DFS) remains on track for completion in late November 2018
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DFS focussed on mining and production of high-grade lithium concentrate near Darwin – development planned to commence in 2019
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Finniss Project Lithium Resource is one of the highest-grade undeveloped lithium deposits in Australia
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Considerable scope remains to further increase the Mineral Resource given the many additional lithium-rich pegmatites identified within Core’s large >500km2 of tenure at Finniss
Commenting on the results, Core’s Managing Director, Stephen Biggins, commented “The excellent results from BP33 confirm our expectations that the Finniss Lithium Project will have extremely robust economics. We look forward to publishing the DFS in late November.”
Emerging Northern Territory lithium developer, Core Exploration Ltd (ASX:CXO) (“Core” or “the Company”), is pleased to announce a substantial Mineral Resource upgrade for its BP33 Lithium Deposit at the Finniss Lithium Project in the Northern Territory (“Finniss Project”).
The Mineral Resource tonnes have grown by 51% in size at BP33 to 2.15Mt and the already high grade has increased to 1.5% Li2O. The resource confidence classification has also improved to Indicated and Inferred (Table 1) – previously only Inferred Mineral Resource announced.
The increase in the size, grade and confidence of the estimate of the BP33 Resource, together with the recently announced 42% increase in resources at the Grants Lithium Deposit (ASX 22/10/2018), enhances the potential for the Finniss Project to deliver robust returns, which is expected to be confirmed by the Definitive Feasibility Study (DFS).
The BP33 Lithium Mineral Resource estimate currently comprises 2.15Mt @ 1.5% Li2O and is one of the highest-grade spodumene resources in Australia.
The global Mineral Resource for the Finniss Project is now 5.0Mt @ 1.5% and is expected to grow further in coming weeks when a new Mineral Resource estimate is announced at Sandras.
Additional drilling at BP33, targeting both an increase in resource confidence and size is planned for the near future.
