Australia’s next lithium producer Core Lithium (ASX: CXO) has grown the global Mineral Resource of its Finniss lithium project in the Northern Territory to 8.8 million tonnes, with the addition of a new MRE at the Carlton deposit, which now stands at 1.1Mt (representing a 38 per cent increase to the deposit’s resource).
Emerging Northern Territory lithium developer, Core Lithium Ltd (ASX:CXO) has announced the global Mineral Resource for its Finniss Lithium Project in the Northern Territory has increased to 8.85Mt @ 1.3% Li2O with the addition of a new Mineral Resource Estimate at the Carlton Deposit, which now stands at 1.1Mt @ 1.3% Li2O.
· Rapidly growing Finniss Lithium Project Global Mineral Resource Estimate (MRE) now totals 8.85Mt at 1.3% Li2O;
· 38% increase in the Mineral Resource at Carlton to 1.1Mt @ 1.3% Li2O in 3 months, with 42% now in Indicated category;
· Further Mineral Resource expansion expected in coming weeks, ahead of Definitive Feasibility Study (DFS) finalisation, including:
· Mineral Resource Estimate upgrade for Hang Gong; and
· Maiden Mineral Resource Estimate for Lees-Booths Link;
· Further upside for additional Mineral Resources adjacent to Carlton to be tested in 2019;
· Carlton Mineral Resource located 1km from Grants Mineral Resource and within the same recently granted Mineral Licence (ML);
· Expanded global Finniss Mineral Resource base increases potential for an increased mine life at the Finniss Project and is aimed at further enhancing project economics; and
· Considerable scope remains to further increase the Finniss Mineral Resource from additional lithium-rich pegmatites within Core’s large >500km2 of tenure at Finniss when the field season commences in mid Q2 2019.
The Carlton MRE has increased by 38% over the past 3 months (ASX:CXO 18 December 2018) of which 42% is now in the higher confidence Indicated category. The updated lithium Mineral Resource at Carlton is located within the same granted Mining Lease area as the Grants Lithium Deposit and one kilometre from the proposed mine and processing facility at Grants.
The Mineral Lease covering both Carlton and Grants was granted in January 2019. The spodumene pegmatite at Carlton is defined at surface by a shallow, 200m long and 15m20m wide pit, mined historically for tin and tantalum. The regular shape of the existing pit is consistent with the downhole drilling, but the body is actually much longer and closer to 300m long as defined by Core’s recent drilling.
The Finniss Project Mineral Resource is expected to materially increase further in coming weeks as an upgraded Mineral Resource Estimate is announced at Hang Gong and a new Mineral Resource Estimate is announced at Lees-Booths Link.
Further to the additional Mineral Resources expected to be announced later in March, resource and exploration drilling will continue to focus on resource expansion, when the 2019 field season commences in mid Q2 2019.