Core Lithium announced a world-class, high-grade lithium intersection of 107 meters at 1.70 percent lithium within the Finniss project.
Core Lithium (ASX:CXO) announced a world-class, high-grade lithium intersection of 107 meters at 1.70 percent lithium (Li2O) at the BP33 prospect within the Finniss lithium project, located near Darwin
in the Northern Territory.
Highlights are as follows:
- World-class lithium intersection of 107 meters at 1.70 percent Li2O at Finniss lithium project near Darwin in the NT.
- Two other recent RC drill holes at BP33 prospect have also intersected spodumene pegmatite.
- These new spodumene pegmatite intersections are outside of, and will substantially extend, the current mineral resource at BP33.
- Substantial upgrade to BP33 mineral resource and ore reserve
planned next month.
- The expanded, high-grade lithium deposit at BP33 is expected to contribute significantly to an increased mine life at Finniss.
- Mining studies and updated feasibility study, to be completed in the first half of 2020, are expected to show high-grade continuous mineralisation at BP33 and Carlton and is amenable to efficient underground mining methods.
- Approvals and financing discussions continuing and further offtake progressing, with the plan for the project to be construction-ready as market conditions improve in 2020
Stephen Biggins, managing director, commented:
Core’s announcement today of over 100 metres of high-grade lithium mineralisation located 25km from Australia’s closest port to Asia highlights the natural advantages the Finniss project has in regard to quality and cost.
We are confident in having the Finniss project construction-ready in early 2020, so that we are well-positioned to be Australia’s next sustainable lithium producer as market conditions continue to improve.