Emerging lithium producer Core Exploration (ASX: CXO) has announced a maiden Mineral Resource estimate for the BP33 lithium deposit, which has further increased the overall Mineral Resources of the Finniss Lithium Project in the Northern Territory by 70 per cent, to 3.45 million tonnes @ 1.4 per cent Li2O. The result is a huge result for the company and shows the significant potential growth of Finniss, as BP33 and the Grants deposit are only two of many lithium-rich pegmatites identified within Core’s large 400km2 of tenure at the project.
- Maiden Lithium Resource estimate for BP33 grading at 1.4% Li2O
- Lithium Resources at Finniss expanded by 70% to 3.45Mt @ 1.4% Li2O, with addition of BP33
- BP33 Resource open directly south of 75m @ 1.68% Li2O drill intersection
- Resource extension and exploration drilling to recommence at BP33 next month aimed at increasing the size of the maiden resource
- Significant potential to grow Finniss Project Resources as BP33 and Grants are only two of many lithium rich pegmatites identified within Core’s large 400km2 of tenure at Finniss
- PFS for development of Grants deposit expected next month
Emerging Australian lithium developer, Core Exploration Ltd (ASX: CXO) (“Core” or the “Company”), is pleased to announce a maiden Mineral Resource estimate for the BP33 Lithium Deposit, which has further increased the overall Mineral Resources of the Finniss Lithium Project in the Northern Territory to 3.45 million tonnes @ 1.4% Li2O.
The Maiden Mineral Resource estimate defined by drilling to date within the BP33 Prospect, comprises an Inferred Resource of 1.4Mt at 1.40% Li2O and this grows the total Mineral Resources at Finniss to 3.45Mt @ 1.4% Li2O (Tables 1 and 2).
The potential to expand the maiden BP33 Mineral Resource is considered high as the resource is currently extended only 20m south of the most recent drill intersection of 75m @ 1.68% Li2O (refer ASX announcement 11 April 2018) at the southern end of BP33. Resource extension and exploration drilling is recommencing next month at BP33 to test directly south of this outstanding high-grade lithium drill intersection (Figures 1 and 2).
The BP33 Mineral Resource is open to the south and south-west in a 300m long target area between pegmatites identified at surface at BP32 Prospect and BP32W Prospect. Core’s next drilling at BP33 is planned to immediately define south and south west extensions to the BP33 Resource and undertake exploration drilling in the target area between the BP33 Resource and BP32 and BP32W prospects.
The Company will also be recommencing aggressive exploration and resource expansion drilling campaigns in coming weeks over the larger Finniss Lithium Project area (Figure 5), with the aim of substantially growing the Mineral Resource base for the Finniss Lithium Project to underpin a potential long-life lithium mining and production business.
Core’s Managing Director, Stephen Biggins commented:
“We see the addition of resources at BP33 as highly valuable addition to the Finniss Project, and a first step in demonstrating strong potential for incremental growth to potential mine life that can be delivered by the highly prospective ground position over the Bynoe Pegmatite Field near Darwin in the Northern Territory.
We strongly believe that the BP33 deposit remains open to the south based on previous drilling delivering wide and high grade intersections of lithium mineralisation, and we look forward to expanding the resources at BP33 and the Finniss Project through our ongoing exploration and resource drilling.”