Emerging Australian lithium developer Core Lithium (ASX: CXO) has revealed its maiden Mineral Resource for the Sandras deposit, which has boosted the global Mineral Resource for the company’s wholly-owned Finniss lithium project to about 6.3 million tonnes. This figure is expected to further increase over the coming weeks, as new Mineral Resource estimates are announced for Carlton, followed by Hang Gong and then Lees-Booths-Link.
HIGHLIGHTS
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Maiden Inferred Mineral Resource Estimate for Sandras of 1.3Mt at 1.0% Li2O
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Finniss Project Global Mineral Resource is growing rapidly and now estimated to total 6.3Mt at 1.4% Li2O
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Additional Mineral Resource Estimates are planned over the next 2 months expected to result in an increased mine life at the Finniss Project aimed at further enhancing project economics:
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Maiden Mineral Resource Estimate for Carlton Prospect in next 2 weeks
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Additional Mineral Resource Estimations commencing in coming weeks on Hang Gong and the Lees-Booths-Link Prospects
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Potential for substantial upside in considering these new Mineral Resources in the current Definitive Feasibility Study (DFS);
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Core’s DFS work is focussed on mining and production of high-grade lithium concentrate near Darwin – with development anticipated to commence in 2019;
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The Finniss Project Total Mineral Resource is one of the highest-grade undeveloped lithium deposits in Australia;
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Considerable scope remains to further increase the Mineral Resource given the many additional lithium-rich pegmatites identified 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 a Maiden Mineral Resource Estimate of 1.3Mt at 1.0% Li2O estimate for its Sandras Lithium Deposit at the Finniss Lithium Project in the Northern Territory (Finniss Project).
The global Mineral Resource for the Finniss Project is now estimated to total 6.3Mt @ 1.4% (see Table 1) and is expected to increase over the coming weeks as new Mineral Resource Estimates are announced for Carlton, followed by Hang Gong and then Lees-Booths-Link.
The rapidly increasing global Mineral Resource enhances the potential for the Finniss Project to deliver robust returns, which is expected to be confirmed by the Definitive Feasibility Studies (DFS) currently underway.
Core is undertaking a DFS for the development of a spodumene concentrate operation at the Finniss Lithium Project. The Company is targeting commencement of mining and construction in mid-2019 and first production of high-quality spodumene concentrate in late 2019, subject to financing and regulatory approvals.