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Core Lithium Ltd.
Summary
| Project: | Finniss | |
|---|---|---|
| Deposit: | BP33 | |
| Location: | Australia | |
| Commodities: | Lithium | |
| Date: | 11/6/2018 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Pre-Feasibility Study | |
| Report details: | 6-11-2018: Core Lithium Ltd. announces a Resource Estimation report for its BP33 deposit at the Finniss project. Updated mineral resource estimate at the BP33 deposit. Emerging Northern Territory lithium developer, Core Exploration Ltd (ASX:CXO) (“Core” o | |
| Resources: | (Resource, Total): 5.040Mt @ 1.5% LiO2 for 75.7Kt contained at Finniss | |
| CP/QP: | [Resources]: Graeme McDonald (Independent) | |
| ABSTRACT: | Emerging Northern Territory lithium developer, Core Exploration Ltd (ASX:CXO) (“Core” or “the Company”), is pleased to announce a substantial Mineral Resource upgrade for its BP33 Lithium Deposit at the Finniss Lithium Project in the Northern Territory (“Finniss Project”). The Mineral Resource tonnes have grown by 51% in size at BP33 to 2.15Mt and the already high grade has increased to 1.5% Li2O. The resource confidence classification has also improved to Indicated and Inferred (Table 1) – previously only Inferred Mineral Resource announced. The increase in the size, grade and confidence of the estimate of the BP33 Resource, together with the recently announced 42% increase in resources at the Grants Lithium Deposit (ASX 22/10/2018), enhances the potential for the Finniss Project to deliver robust returns, which is expected to be confirmed by the Definitive Feasibility Study (DFS). The BP33 Lithium Mineral Resource estimate currently comprises 2.15Mt @ 1.5% Li2O (Table 1) and is one of the highest-grade spodumene resources in Australia. The global Mineral Resource for the Finniss Project is now 5.0Mt @ 1.5% (Table 1) and is expected to grow further in coming weeks when a new Mineral Resource estimate is announced at Sandras. Additional drilling at BP33, targeting both an increase in resource confidence and size is planned for the near future. Definitive Feasibility Study Core is now in the final stages of completing a Definitive Feasibility Study (DFS) for the development of a spodumene concentrate operation from the Finniss Lithium Project and expects to deliver the DFS in late November 2018. Commenting on the results, Core’s Managing Director, Stephen Biggins, commented “The excellent results from BP33 confirm our expectations that the Finniss Lithium Project will have extremely robust economics. We look forward to publishing the DFS in late November.” | |
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