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Core Lithium Ltd.
Summary
| Project: | Finniss | |
|---|---|---|
| Deposit: | Grants | |
| Location: | Australia | |
| Commodities: | Lithium | |
| Date: | 10/22/2018 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Pre-Feasibility Study | |
| Report details: | 22-10-2018: Core Lithium Ltd. announces a Resource Estimation report for its Grants deposit at the Finniss project. Updated mineral resource estimate Grants deposit. Emerging Northern Territory lithium developer, Core Exploration Ltd (ASX:CXO) (“Core” or | |
| Resources: | (Resource, Total): 4.310Mt @ 1.4% Li2O for 62.7Kt Li2O 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 Resource upgrade for its Grants Lithium Deposit at the Finniss Lithium Project in the Northern Territory. The resource tonnes have increased by 42% in size at a high grade of 1.5% Li2O, with over onethird classified in the Measured Mineral Resource category - the highest resource confidence classification (Table 1). The increase in the size of the estimate and confidence of the Resource, following successful drilling in recent months, provides the Company with great conviction that Finniss Project has potential to deliver robust returns, which is expected to be confirmed by the Definitive Feasibility Study (DFS). The Grants Lithium Resource estimate currently comprises 2.89Mt @ 1.5% Li2O (Table 1) and is one of the highest-grade spodumene resources in Australia. Two-thirds of the Grants Lithium Resource is now classified in the Measured or Indicated category (Figures 1-4). The global Mineral Resource for the Finniss Project is now 4.3Mt @ 1.4% (Table 1) and is expected to grow further in coming weeks when a new resource estimate is announced for BP33. Core is 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. Core is targeting commencement of mining and construction mid-2019 and first production of high quality spodumene concentrate in late 2019. The DFS is expected to dramatically build on the strong financial outcomes highlighted in the PreFeasibility Study (PFS) ($140M NPV and 142% IRR; ASX 25/06/18). The DFS is likely to consider substantially expanded resources and longer mine life, optimised recoveries and increased grade of product as well as further confirmation of offtake and customer prepayment finance. The Finniss Lithium Project has arguably the best supporting infrastructure and logistics chain to Asia of any Australian lithium project. The Project is within 25km of port, power station, gas, rail and 1 hour by sealed road to workforce accommodated in Darwin and importantly to Darwin Port - Australia’s nearest port to Asia. | |
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