Advanced Australian lithium developer Core Lithium (ASX: CXO) has announced consistent and thick high-grade spodumene drill intersections from the BP33 deposit at the Finniss Lithium Project, located near Darwin in the Northern Territory.
· Thick drill intersections of high-grade spodumene pegmatite highlight a consistent quality of the lithium orebody at BP33
· RC drill intersections include:
· 52m @ 1.28% Li2O from 77m FRC212:
· including 23m @ 1.85% Li2O from 101m
· 41m @ 1.50% Li2O from 140m FRC213:
· including 11m @ 2.00% Li2O from 163m
· 15m @ 1.59% Li2O from 97m FRC214:
· 31m @ 1.31% Li2O from 98m NRC129:
· Higher grades at depth from the following diamond holes:
· 56.75m @ 1.81% Li2O from 156.25m NDD001:
· 36m @ 1.81% Li2O from 161m FDD009:
· New drill results expected to substantially increase Ore Reserves at BP33
· High grade orebody increases in width and grade at depth, highlighting potential for bulk underground mining at BP33
· Drilling at depth is ongoing with the potential to further grow Ore Reserve
Core is confident that these new drill assays will substantially extend the BP33 mine life, and in parallel to Core’s mining studies, substantially add to Ore Reserves and mine-life of the Finniss Lithium Project.
Core has recently drilled four RC holes at BP33 to successfully support converting part of the current Inferred Mineral Resource to the higher confidence Indicated category:
· FRC212: 52m @ 1.28% Li2O from 77m, including 23m @ 1.85% Li2O from 101m
· FRC213: 41m @ 1.50% Li2O from 140m, including 11m @ 2.00% Li2O from 163m
· FRC214: 15m @ 1.59% Li2O from 97m
· NRC129: 31m @ 1.31% Li2O from 98m
Two deeper diamond drillholes (DDH’s) have also been completed at BP33 intersecting 51m and 60m respectively of spodumene pegmatite in the lower part of the currently Inferred Mineral Resource model.
The pegmatite intersected by drilling is massive with large, inclusion-free, pale-coloured, bladed spodumene porphyroblasts.
These deeper holes indicate an overall increase in grade downwards in the deposit. The deepest hole drilled, FDD008 is of similar grade and width (51.75m @ 1.72% Li2O from 269.15m).
Core’s Managing Director, Stephen Biggins, commented: “The high-grade lithium orebody at BP33 increases in width and grade at depth.
“Core’s preliminary underground mining studies highlight that the near vertical nature of the orebody also make it amenable to very efficient, bulk underground mining methods.
“This approach at BP33 is likely to enable Core to recover a very high proportion of the orebody at BP33 and also opens up the significant Mineral Resource upside at depth at BP33.
“The consistent high lithium grade and very low iron content of BP33 also highlight the excellent quality of the spodumene pegmatite and concentrate to be produced at BP33.”