Core Lithium (ASX: CXO) has provided its results for the March quarter, in which the company 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.
HIGHLIGHTS:
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Revealed a world-class, high-grade lithium intersection of 107m @ 1.70% Li2O, along with promising metallurgy results at the BP33 Prospect;
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Announced high-grade intersections at the Carlton Prospect, which are expected to expand the Mineral Resource; and
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Subsequently received approval of its Mine Management Plan from the Northern Territory Government, paving the way for Core to commence construction and operation of the Finniss Project.
Finniss Lithium Project
Core is positioned at the front of the line of new global lithium supply, developing one of Australia’s most capital efficient and lowest cost lithium projects located close to Darwin Port, Australia’s closest port to Asia.
Core’s 2019 Definitive Feasibility Study highlighted production of 175,000tpa of highquality lithium concentrate at a C1 Opex of US$300/t and US$50M Capex through simple DMS (gravity) processing of some of Australia’s highest-grade lithium resources.
The low capital cost is primarily a function of the coarse grained pegmatites, which only require DMS processing, rather than the more expensive flotation circuits required by West Australian lithium producers.
Core is currently working toward increasing Mineral Resources, Ore Reserves and mine-life ahead of project construction and lithium production, subject to financing.
The Finniss Lithium Project has arguably the best supporting infrastructure and logistics chain to Asia of any Australian lithium project. The Finniss Lithium Project is within 25km of port, power station, gas, rail and 1 hour by sealed road to workforce accommodated in Darwin and importantly to Darwin Port.
Core has established binding offtake and is also in the process of negotiating further offtake and finance agreements with some of Asia’s largest lithium consumers and producers.
