Emerging lithium developer Core Lithium (ASX: CXO) says follow-up exploration drilling results from its Carlton and Hang Gong prospects have shown significant potential to expand and define more lithium resources at the Finniss project in the NT. As drilling assay results come to hand, Core will integrate those into current geological models with a view to estimating mineral resources for these prospects, plus Booths Lees. Management believes that may double the global mineral resource of Finniss.
Emerging Australian lithium developer, Core Lithium Ltd (ASX: CXO) (“Core” or the “Company”), is pleased to announce follow-up exploration drill results from Carlton and Hang Gong Prospects, which are located on mining tenure located within 1.5km from the Grants Lithium Deposit, that demonstrate the significant potential to expand and define substantial additional lithium resources at the Finniss Lithium Project in the Northern Territory (“Finniss”) through exploration drilling.
The Finniss Lithium Project comprises over 500km2 of granted tenements near Darwin over the Bynoe Pegmatite Field. Results have confirmed that ore grade lithium mineralisation is widespread within the Finniss Project and Core’s drilling in 2018 is aimed at substantially growing the Mineral Resource base to underpin a potential long-life lithium mining and production operation.
Core is planning to mine and produce high quality lithium concentrate from the Finniss Project and is aiming to complete a Definitive Feasibility Study (DFS), regulatory approvals, financing and internal approvals before commencing production at Grants by the end of 2019.
The Finniss Lithium Project has substantial infrastructure advantages supporting the Project’s development; being close to grid power, gas and rail and within easy trucking distance by sealed road to Darwin Port – Australia’s nearest port to Asia.
Commenting on the exploration results, Core Managing Director, Stephen Biggins said: “These exploration results continue the unveiling of the Bynoe Pegmatite Field as what we believe is a world-class lithium district.
“The Mineral Resource base of the Finniss Lithium Project has increased from 1.8Mt to 5Mt since May this year and the drilling results coming to hand suggest the Company will be able to materially increase that in the coming months.
“Core will continue to progress Grants towards development whilst growing the existing Mineral Resource base through aggressive exploration programs to unlock the hidden potential.”