Emerging lithium producer Core Exploration (ASX: CXO) has announced a substantial resource upgrade for its Grants lithium deposit at the Finniss lithium project in the NT. The resource tonnes have increased by 42% in size at a high-grade of 1.5 per cent Li20, with over one-third classified in the measured mineral resource category. The Grants Lithium Resource estimate currently comprises 2.89Mt @ 1.5% Li2O and is one of the highest-grade spodumene resources in Australia.
HIGHLIGHTS
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Core’s high grade Grants Lithium Resource has been upgraded, adding 42% more tonnes to the inventory at the high-grade of 1.5% Li2O
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Two-thirds of the Grants Lithium Resource is now classified as Measured or Indicated
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Finniss Project Lithium Resource now stands at 4.3 Mt at 1.4% Li2O
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Considerable scope remains to further increase the mining inventory given the many additional lithium-rich pegmatites identified within Core’s large >400km2 of tenure at Finniss
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Resources for the nearby BP33 deposit being updated currently, with a new estimate expected to be reported later this quarter
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The 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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Recent Grants resource drilling results show consistent grade and geological character and include: 48m @ 1.59% Li2O from 224m (FRC179)
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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, with 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
Emerging Northern Territory lithium developer, Core Exploration Ltd (ASX :CXO) (“Core” or the “Company”) is pleased to announce a substantial Resource upgrade for its Grants Lithium Deposit at the Finniss Lithium Project in the Northern Territory.
The resource tonnes have increased by 42% in size at a high grade of 1.5% Li2O, with over onethird classified in the Measured Mineral Resource category – the highest resource confidence classification (Table 1).
The increase in the size of the estimate and confidence of the Resource, following successful drilling in recent months, provides the Company with great conviction that Finniss Project has potential to deliver robust returns, which is expected to be confirmed by the Definitive Feasibility Study (DFS).
