Australian lithium miner Core Lithium (ASX: CXO) has provided a business update regarding mining operations and resource expansion activities at the Finniss lithium project near Darwin in the Northern Territory.
- Uncovered first spodumene ore at Finniss in September
- First lithium, Direct Ship Ore (DSO) shipment preparations are underway
- High grade spodumene bearing pegmatite intersected in multiple holes at BP33, up to 830m below surface
- New spodumene intersections more than 400m outside of the current Mineral Resource at BP33 expected to deliver substantial orebody extensions
- High-grade lithium intersections, including:
- 22.85m @ 1.59% Li2O in NMRD032
- 15.31m @ 1.62% Li2O in NMRD034
The company has uncovered, and commenced mining, first ore at Finniss. Preparations are underway for sale of first DSO by tender before year-end – reflecting the strong lithium price and interest in Finniss ore.
At BP33, the second proposed mine at Finniss, Core has completed a 12-hole diamond drilling program. Multiple holes bearing pegmatites were intersected and, importantly, intersections sit well outside of the current BP33 Mineral Resource – likely contributing to an updated Mineral Resource. The company has also submitted the Mine Management Plan for BP33, representing the final stage in the approvals process.
Core Chief Executive Officer Gareth Manderson said,
“Core Lithium continues to demonstrate progress towards building a great lithium business through the delivery of the Finniss Project to production and the ongoing work to prove up our resources to support future operations.
“Finniss will come online at a time of high lithium demand.
“Core has significantly increased exploration and resource expansion funding to grow the resource at Finniss. The diamond drilling results from BP33, the second lithium mine planned at Finniss, demonstrates the value of this investment.
“Spodumene bearing pegmatites were intersected in multiple holes at BP33. Importantly, these intersections sit well outside of the current BP33 Mineral Resource and will likely contribute to a positive Mineral Resource update.”