Core Lithium (ASX: CXO) has released its quarterly activities report for the period ended 31 December 2019. During the December 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.
Continued its Mineral Resource expansion and exploration drilling program at the Finniss Project, targeting the discovery of new lithium-rich pegmatites as well as increasing Ore Reserves
Acquired a new lithium project in the NT, adjacent to the Barrow Creek Project
Revealed consistent and thick highgrade spodumene drill intersections at the BP33 and Carlton deposits
Prepared to commence exploration at two new exciting pegmatite prospects within the Finniss Lithium Project
Core is positioned to be Australia’s next Lithium Producer, 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 and regulatory approvals. 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 – Australia’s nearest port to Asia.
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.