Core Lithium (ASX: CXO) today provided an update on Mineral Resource definition drilling at the Company’s wholly owned Finniss lithium project in the Northern Territory.
HIGHLIGHTS:
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Core’s 2020 resource drilling program at the Grants Lithium Deposit in the Northern Territory has been successfully completed.
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Drilling intersections of up to 37m of spodumene pegmatite.
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High-grade lithium assays from the only hole received to date are in line with resource grade and width:
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17m @ 1.51% Li2O from 295m; and
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6.6m @ 1.37% Li2O from 268.4m.
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Intersections in the Inferred-Indicated transition are of excellent width (+20m) and quality, in line with surrounding drill holes and resource model.
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New drilling results expected to deliver high conversion of Inferred Resource to Indicated Resource.
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Grants Mineral Resources and Ore Reserves expected to grow in early 2021 and add to bankable Life of Mine (LOM).
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The resource remains open and further underground mining potential at depth.
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Geological and geotechnical logging of drill core underway with further drill assays to be received in January 2021 ahead of an updated Mineral Resource Estimate at Grants.
The Grants Lithium Resource is the first spodumene pegmatite deposit Core plans to mine in the development schedule of the Finniss Lithium Project.
Core has been undertaking a program of resource infill and expansion at Grants during the last two months. Three drill rigs – one reverse circulation (RC) and two diamond – have been operating at the Grants orebody to a maximum downhole depth of 342.5m. Drilling utilised either a mud rotary or RC precollar down to a maximum of 160m and then collected HQ drill core. Drilling achieving excellent core recovery throughout, with a majority of the planned targets intersected as planned.
Most of the drill holes intersected over 20m of pegmatite, which correlates well with Core’s existing resource model at Grants and is expected to result in a high conversion of Inferred Mineral Resource to Indicated Mineral Resource. New Indicated Mineral Resources at Grants should then positively contribute to significantly increase the bankable life of mine (LOM) in Core’s updated Definitive Feasibility Study (DFS) in 2021.
Core is currently undertaking geotechnical drilling at BP33 and Grants as well as logging the resource drill holes for geotechnical data. Once the final drill hole is completed and all assays are returned, Core will embark on the estimation of a new Mineral Resource in early 2021.
Core’s Managing Director, Stephen Biggins, said: “Core’s 2020 lithium resource drilling at Grants has now been successfully completed in line with our plans.
“The Company’s targeted drilling at Grants is expected to be successful in adding more tonnes at a pretty decent lithium grade. Importantly, this drilling will enable Core to be able to convert a high proportion of the Inferred Resource at Grants to Indicated and Reserves and add further increases to the life of mine at Finniss.
“We are aiming to complete geological and geotechnical logging of the recently drilled core samples and receive most of the remaining drill assays in January. Core will then announce a new resource at Grants in due course as we lead into the DFS update and look to ramp up lithium exploration and resource growth drilling in the first half of 2021.”
