Emerging lithium producer Core Lithium (ASX: CXO) is edging closer towards a 10 million tonne operation at its wholly-owned Finniss lithium project near Darwin, with a Maiden Mineral Resource Estimate for the Carlton deposit released today. The global resource for Finniss now totals 7.1Mt @ 1.4% Li20, with the new resource at Carlton located within the same mining lease application area as the Grants lithium deposit.
HIGHLIGHTS
-
Rapidly growing Finniss Lithium Project Global Mineral Resource Estimate (MRE) now totals 7.1Mt at 1.4% Li2O
-
Further resource expansion and infill drilling planned, ahead of Definitive Feasibility Study (DFS) finalisation, including:
-
Mineral Resource upgrade in Q1 2019 at Carlton; and DFS
-
Additional Mineral Resource Estimates in January 2019 from Hang Gong and Lees-Booths Link
-
-
Expanded global resource base expected to result in an increased mine life at the Finniss Project and aimed at further enhancing project economics
-
Potential for substantial upside in considering these new Mineral Resources in the current DFS
-
Considerable scope remains to further increase the Mineral Resource from additional lithium-rich pegmatites within Core’s large >500km2 of tenure at Finniss
Emerging Northern Territory lithium developer, Core Lithium Ltd (ASX:CXO) (Core or the Company), is pleased to announce the global Mineral Resource for the Company’s Finniss Lithium Project in the Northern Territory (Finniss Project) has increased to now total 7.1Mt @ 1.4% Li2O with the addition of a new Mineral Resource Estimate (MRE) at the Carlton Deposit.
The new lithium Mineral Resource at Carlton is located within the same Mining Lease application area as the Grants Lithium Deposit and within a few hundred metres of the proposed mine and processing facility at Grants. The Mining Lease covering both Carlton and Grants is expected to be granted in the next month.
Commenting on the results, Core Lithium’s Managing Director, Stephen Biggins, commented:
“The global Mineral Resource for the Finniss Project has increased rapidly from 1.8Mt at the start of 2018 to 7.1Mt at year end. Core’s management is of the view that the global Mineral Resource will grow even further in January, given the quality of the drilling results received from the recent exploration drilling at Hang Gong and Lees-Booths Link.
“These new Mineral Resources have the potential to add substantial upside to the economics of the Finniss Lithium Project, in addition to the lithium Mineral Resources already defined.”