Core reports 62% increase to Finniss MRE, potential LOM extensions
Australian lithium miner Core Lithium (ASX: CXO) has reported a significant increase to the total Mineral Resource Estimate for the Company’s 100% owned Finniss Lithium Operation near Darwin in the Northern Territory.
The Mineral Resource update is the culmination of all drilling undertaken at Finniss in 2022, and shows the strong potential for life of mine extensions. Work is now underway to complete an updated Ore Reserve Estimate.
Total Finniss Mineral Resource Estimate increased by 62% to 30.6Mt @ 1.31% Li2O
Measured and Indicated Mineral Resource increased by 46% to 19.4Mt @ 1.37% Li2O
Significant increases to known deposits and additional new deposits included in the Mineral Resource Estimate
Expanded 2023 drilling campaign targeting further significant Resource growth has commenced
The 39,600m RC and diamond drilling program, completed in 2022, was the largest program undertaken by the Company to date. The program was conducted at both known deposits and at new prospects within the Bynoe Pegmatite Field (Bynoe), located 15km south of Darwin.
Bynoe extends up to 70km in length and 15km in width, and consists of up to 100 known pegmatites. Individual pegmatites vary in size from a few metres wide and tens of metres long, to up to tens of metres wide and hundreds of metres long.
Core has commenced drilling for 2023 at Finniss and aims to deliver further significant increases to the total Mineral Resource. The Company has allocated $25 million to the 2023 program, nearly double the budget allocated for 2022.
Core Lithium CEO Gareth Manderson said:
“This significant increase to the Finniss Mineral Resource is a fantastic outcome for Core and our shareholders. The 2022 drilling campaign was the largest in Core’s history, and these outstanding results are a credit to the exploration team.
“Through the targeted and systematic drilling of known and emerging deposits, the Company has further highlighted the prospectivity of our landholding in the Bynoe Pegmatite field and the strong potential for life of mine extensions at the Finniss Lithium Operation.
“Our exploration team returns to Finniss in 2023 with a pipeline of new and existing deposits. The success of the 2022 exploration program is a strong endorsement of our near-doubled 2023 exploration budget as we target growth at the Finniss Lithium Operation.”