Emerging Australian lithium producer Core Lithium (ASX: CXO) has negotiated a strategic placement with offtake partners Yahua and Ruifu as part of a capital raising of up to $4 million, whilst also announcing a revised timeline for the Definitive Feasibility Study for the Finniss project after revealing it is expecting to materially increase the existing Mineral Resource base for the project in the coming two months.
- Finniss Lithium Project Mineral Resource base update expected to materially increase over next 2 months
- Definitive Feasibility Study scope and schedule revised to allow for the inclusion of new Mineral Resources and expected increase in mine life
- Yahua and Ruifu commit to a strategic placement at 5c per share as part of a proposed equity financing of up to $4 million to accelerate resource expansion and expanded scope of the DFS
- Timetable unchanged for Finniss Lithium Project construction targeting mid2019
Emerging Australian lithium developer, Core Lithium Ltd (ASX:CXO) (“Core” or the “Company”), is pleased to provide the following update for the Finniss Lithium Project, located 80km from Darwin, NT.
Recent success with exploration and Resource drilling completed at Finniss at Lees-Booths Link, Carlton, Hang Gong and Sandras have intersected substantial new spodumene mineralised pegmatites within the Finniss Lithium Project.
Core is awaiting drill assays from recently completed exploration and resource drilling and will then aim to complete the Resource assessment process for each of Carlton, Hang Gong and Lees-Booths Link and anticipate announcing substantial resource expansion for the Project over the next 2 months.