Advanced Australian lithium developer Core Lithium (ASX: CXO) has announced new high-grade spodumene pegmatite intersections that are expected to expand the Mineral Resource at Carlton Prospect.
HIGHLIGHTS
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New high-grade lithium results received from all completed drillholes at Carlton
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High-grade lithium intersections outside the current Mineral Resource include:
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35m @ 1.32% Li2O (NRC151)
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14m @ 1.40% Li2O and 8m @ 1.37% Li2O (NRC154)
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23m @ 1.12% Li2O and 32m @ 1.52 % Li2O(NRC156)
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Including 5m @ 2.69% Li2O
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13m @ 1.02% Li2O and 24m @ 1.08% Li2O (NRC157)
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27m @ 1.24% Li2O (NRC158)
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Including 4m @ 2.28% Li2O
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14m @ 1.22% Li2O (NRCD004)
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At least two spodumene pegmatite bodies confirmed at Carlton
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Carlton open along strike to the south and at depth – most southern drillholes intersected 13m @ 1.02% Li2O, 24m @ 1.08% Li2O, 23m @ 1.12% Li2O and 32m @ 1.52% Li2O
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Carlton has obvious potential to continue to expand in size beyond the extent defined by current drilling
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Significant Mineral Resource expansion to be announced at Carlton this Quarter
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Maiden Ore Reserve at Carlton to contribute significantly to an expanded mine life at Finniss Lithium Project
The expanding lithium Mineral Resource at Carlton is currently being considered for addition to the development schedule and should add significant mine-life to the Finniss Lithium Project, located near Darwin in the Northern Territory.
Core is currently escalating the Mineral Resources and mine life at Finniss and is close to receiving mine and processing approval to deliver Australia’s next construction-ready lithium project.
The Company is developing one of Australia’s most capital efficient and lowest cost spodumene lithium projects. The Finniss Lithium Project has arguably the best supporting infrastructure and logistics chain to Asia of any Australian lithium project.
The Finniss Lithium Project is within 25km of port, power station, gas, rail and 1 hour by sealed road to workforce accommodated in Darwin and importantly close to Darwin Port – Australia’s nearest port to Asia.
Work is now underway this Quarter on new Mineral Resource assessments on a number of prospects within the larger Finniss Lithium Project including Carlton, BP33, Hang Gong and Booth/Lees.
Core’s Managing Director, Stephen Biggins, commented: “Core’s ability to continue to find, expand and define new high grade spodumene pegmatite deposits at Finniss sets the path to delivering a long-term high-quality lithium supply on Asia’s doorstep.
“Recently renewed Chinese Government support for the Electric Vehicle industry is expected to strengthen Asian EV sales alongside remarkable 30%-40% year-on-year growth in EVs in Europe.
“I wouldn’t be surprised to see markets panic about the future shortfall in lithium supply as forecasts start to take into account lack of investment in new lithium supply as EV sales accelerate in China and back calculate the time needed for new supply to qualify to be on the road in a lithium battery in a new EV.
“Today’s lithium inventory will look like a small speed-bump on the EV super-highway of tomorrow.”
