Emerging Australian lithium developer, Core Lithium (ASX: CXO) has provided its quarterly activities report for the period ended 31 December 2020. During quarter, Core was focused on a number of initiatives aimed at further enhancing the value and potential of its wholly owned Finniss lithium project, located near Darwin in the Northern Territory.
Completed a lithium resource infill and expansion program at Finniss;
Advanced the prospectivity of its portfolio of gold assets in the NT;
Was accepted into the European Commission’s European Raw Materials Alliance; and
Experienced a significant appreciation in its share price.
2020 lithium resource drilling program completed
During the December quarter, Core completed its 2020 lithium resource infill and expansion program at the Grants Deposit, a key component of the Finniss Lithium Project.
Over the reporting period, three drill rigs – one reverse circulation (RC) and two diamond – operated 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 (ASX:CXO 16/12/20 “Core Completes 2020 Lithium Resource Drilling”).
Drilling achieved excellent core recovery throughout, with a majority of the planned targets intersected as planned (Figures 1 and 2). 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 plans to embark on the estimation of a new Mineral Resource in early 2021.