Advanced Australian lithium developer Core Lithium (ASX: CXO) today announced new drill results from the Grants Deposit that are expected to strengthen the current Resource at the Company’s wholly owned Finniss Lithium project in the Northern Territory.
HIGHLIGHTS:
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Majority of the assays from Core’s 2020 resource diamond and RC drilling at the Grants Lithium Deposit have been received and compiled.
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Lithium assays and widths strengthen the current resource model and include:
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31m @ 1.65% Li2O from 197m, including 16m @ 2.02% Li2O from 207m (FRCD021); and
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36m @ 1.34% Li2O from 183m including 3m @ 3.38 % Li2O from 188m (FRCD020).
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Assay results awaited for new drill intersection of 55m of pegmatite outside current resource (FRCD022).
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This new drilling expected to deliver high conversion of Inferred Mineral Resource to Indicated Mineral Resource and add Reserves to Life of Mine (LOM).
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Intersections in the Inferred-Indicated transition are of excellent width (+20m) and quality in line with surrounding drillholes and resource model.
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Further underground mining potential remains open below 300m at Grants.
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Geological and Geotechnical logging of drillcore almost complete with further drill assays to be received in late February ahead of a resource upgrade 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. Consequently, as a priority, over the last three months, Core has been undertaking a program of resource infill and expansion drilling at Grants.
These new drill results from Grants are expected to strengthen the current resource model in regard to size and reserves., with a high conversion of Inferred Resources to Indicated Resources and add Reserves to life of mine (LOM).
Core’s Managing Director, Stephen Biggins, said:
“Core’s targeted drilling at Grants is expected to be successful in adding more tonnes to the overall Finniss Project 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 Reserves to the life of mine.
“We are currently completing geological and geotechnical logging of the recently drilled core samples and should receive the remaining drill assays later this month.
“In due course, we expect to announce a new resource upgrade as a lead-in to the updated Definitive Feasibility Study, and we will also look to ramp up lithium exploration and resource growth drilling in the first half of 2021.”