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Core Lithium Ltd.
Summary
| Project: | Finniss | |
|---|---|---|
| Deposit: | Hang Gong | |
| Location: | Australia | |
| Commodities: | Lithium | |
| Date: | 1/31/2019 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Pre-Feasibility Study | |
| Report details: | 31-1-2019: Core Lithium Ltd. announces a Resource Estimation report for its Hang Gong deposit at the Finniss project. Initial mineral resource estimate for Hang Gong deposit. Emerging Northern Territory lithium developer, Core Lithium Ltd (ASX: CXO) (Core | |
| Resources: | (Resource, Total): 8.55Mt @ 1.33% Li2O for 115.7Kt Li2O contained at Finniss project | |
| CP/QP: | [Resources]: Graeme McDonald (Independent) | |
| ABSTRACT: | 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. | |
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