Core updates BP33 Mineral Resource, reports increase to 89% Measured and Indicated categories
16 October
Australian lithium miner Core Lithium Limited (ASX: CXO) has reported an upgrade to the Mineral Resource Estimate (MRE) at BP33, the second proposed mine at the Finniss Lithium Operation (Finniss) in the Northern Territory.
HIGHLIGHTS
BP33 infill drilling results have led to in an increase in the proportions of the Measured and Indicated categories to 9.36Mt, 89% of the total Mineral Resource Estimate (from 6.94Mt)
These increases in Measured and Indicated Mineral Resource, with the resultant increase in geological confidence, can now be considered for conversion to the BP33 Ore Reserves
Infill drilling completed as part of a resource definition program has also led to an increase in the average grade of the Mineral Resource Estimate at BP33 from 10.1Mt @ 1.48% Li2O to 10.5Mt @ 1.53% Li2O
The Mineral Resource Estimate and Ore Reserve Estimate will inform the mine design used for the updated feasibility study that is currently underway
Core is progressing an early early works program in parallel to an updated feasibility study ahead of a Final Investment Decision (FID) targeted for Q1 CY24. As part of the feasibility study resource definition drilling at BP33 in 2023 has led to an increase in the Mineral Resource tonnage and grade from 10.1Mt @ 1.48% Li2O to 10.5Mt @ 1.53% Li2O (Table 1, Figure 1).
Results were received from four drillholes targeting infill positions with the aim of increasing the proportion of Measured and Indicated resources within the existing BP33 orebody were in line with expectations, confirming the continuity in grade and thickness of the modelled mineralisation domains (Figure 1).
The BP33 mineralisation remains open down plunge.
Importantly, there is now 9.36Mt of the Mineral Resource, at 1.52% Li2O, up from 6.94Mt at 1.50% Li2O within the Measured and Indicated categories.
This represents 89% of the total current Mineral Resource Estimate and a 35% increase on the previous estimate. These increases in the Measured and Indicated categories can now be considered for conversion into Ore Reserves for BP33.
Modelling is underway that will use this to inform a revision of the mine plan as part of the BP33 Feasibility Study.Core Lithium CEO Gareth Manderson said:
“Increasing the confidence in the BP33 resource is a significant step in the progress of the feasibility study and supports the development of the BP33 mine plan.”
“These results, which include a higher proportion of the Measured and Indicated Resource category can now be considered for conversion to BP33 Reserves.”
“The early works program and the construction of the covered box cut is progressing well. We remain on schedule to make a Final Investment Decision for BP33 in early 2024.”
Table 1. BP33 Mineral Resource Estimate summary October 2023
Table 2. BP33 Mineral Resource Estimate summary February 2023
BP33 Final Drilling Results
Throughout 2023, a deep infill diamond drilling program was undertaken at BP33 to provide confidence in the grade and geological continuity of the mineralisation at depth. This program resulted in significant intersections of mineralised pegmatite that were in line with expectations.
Significant intersections from the diamond drilling are shown below with full drill hole data included in Table 3 below.
33m @ 1.74% Li2O from 554m and 32m @ 1.74% Li2O from 593m in NMRD070 including:
6m @ 2.12% Li2O from 568m
3m @ 2.69% Li2O from 593m
10m @ 2.01% Li2O from 613m
44m @ 1.173% Li2O from 709m in NMRD071 including:
9m @ 2.29% Li2O from 728m
3m @ 3.57% Li2O from 750m
The BP33 Mineral Resource Estimate represents the update that will inform the mine design used for the updated feasibility study that is currently underway.
