Emerging Australian lithium producer Core Lithium (ASX: CXO) has further added to the global Mineral Resource of its Finniss lithium project in the NT, with the inclusion of an initial Resource from its Hang Gong prospect. The global Finniss Resource now stands at 8.6 million tonnes at 1.33 per cent Li2O. The initial Hang Gong MRE is 1.4Mt at 1.2% Li2O.
Rapidly growing Finniss Lithium Project global Mineral Resource Estimate expanded to 8.55Mt at 1.33% Li2O through addition of Hang Gong Resource estimate
Further growth is expected from the Exploration Target adjacent to the new MRE in the Hang Gong area
Follow-up drilling targeting larger Mineral Resource already underway in the Hang Gong area
Expanding global Mineral Resource base at the Finniss Project aimed at increasing mine life and further enhancing project economics, ahead of Definitive Feasibility Study (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 Estimate (MRE) for the Company’s Finniss Lithium Project in the Northern Territory (Finniss Project) has again been increased to now total 8.6Mt @ 1.33% Li2O with the addition of an initial MRE in respect of the Hang Gong Deposit (Table 1).
The initial Hang Gong MRE is 1.4Mt at 1.2% Li2O and is classified as Inferred under the JORC code 2012. The maiden MRE announced today at Hang Gong is expected to be significantly upgraded in scale and in confidence category over the course of 2019, to add additional resources to the proposed development project with further resource drilling.
In addition to the new MRE, a further Exploration Target of 3 to 5 million tonnes grading between 1.0% and 1.4% Li2O has been identified by Core at Hang Gong. The potential quantity and grade of this Exploration Target is conceptual in nature; there has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of additional Mineral Resources.
Hang Gong is located less than 1km from the proposed mine and processing facility at the Grants Deposit and only a few hundred metres from the Carlton Prospect (Figures 5 and 6) where Core recently announced a spodumene lithium Mineral Resource Estimate (ASX 18/12/2018).
Based on the potential outlined by the 3Mt-5Mt Exploration Target, Core is currently conducting follow-up drilling at Hong Gong with the aim of expanding on the initial Mineral Resource Estimate.
The Exploration Target is based on a number of very broadly space RC drill holes immediately surrounding the Hang Gong SW Mineral Resource Estimate (Figure 3). The Exploration Target assumes extensions of the existing Hang Gong SW mineralised pegmatites to the south and north with average thicknesses of between 5-8m and density of 2.72 g/cm3. Giving a range of 3-5 Mt. The average grade range of 1.0-1.4 % Li2O was derived from the typical range of grades seen for drilling at this and other similar deposits nearby.