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Core Lithium Ltd.
Summary
| Project: | Finniss | |
|---|---|---|
| Deposit: | Lees-Booths Link, Hang Gong | |
| Location: | Australia | |
| Commodities: | Lithium | |
| Date: | 2/28/2019 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Pre-Feasibility Study | |
| Report details: | 28-2-2019: Core Lithium Ltd. announces an Exploration/Drilling Update report for its Lees-Booths Link, Hang Gong deposit at the Finniss project. Drilling results incl. 8.0m @ 1.90% Li2O from 91.0m. Emerging Australian lithium developer, Core Lithium Ltd ( | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: Stephen Biggins (Internal) | |
| ABSTRACT: | Emerging Australian lithium developer, Core Lithium Ltd (ASX: CXO) (“Core” or the “Company”), is pleased to announce follow-up exploration drill results from the Lees-Booths Link and Hang Gong Prospectsthat demonstrate the significant potential to define substantial additional lithium resources at the Finniss Lithium Project (Finniss), located near Darwin in the Northern Territory. Lees-Booths and lithium resources at Hang Gong are adjacent to Core’s lithium deposits at Grants, Carlton and BP33 and are all within a 3km radius of each other (Figure 4). These new and pending assay results are expected to add to an expanded Mineral Resource estimate at Hang Gong, as well as an initial Mineral Resource at Lees-Booths during March. In addition, an expanded Mineral Resource estimate is expected next week for the Carlton Lithium Deposit. The Finniss Project comprises over 500km2 of granted tenements over the Bynoe Pegmatite Field, near Darwin. Exploration and Resource drilling to-date have confirmed that potential ore-grade lithium mineralisation is widespread within the Finniss Project, and Core’s drilling in 2018 and into early 2019 has the potential to substantially grow the Mineral Resource base to underpin a potential long-life lithium mining and production operation. Core is planning to be the next lithium producer in Australia through mining and production of high-quality lithium concentrate from the Finniss Project and is aiming to complete a Definitive Feasibility Study (DFS), regulatory approvals, financing and internal approvals before commencing construction later this year. The Finniss Project has substantial infrastructure advantages supporting the Project’s development; being close to grid power, gas and rail and within easy trucking distance by sealed road to Darwin Port - Australia’s nearest port to Asia. Commenting on the exploration results, Core Managing Director Stephen Biggins said: “These exploration results continue to show scale potential and continuity at Lees-Booths and Hang Gong. We have also now confirmed a lower spodumene pegmatite in the southwestern part of the resource area at Hang Gong, which will likely add to the initial Hang Gong Mineral Resource. “Core is continuing to progress Grants towards development whilst growing the existing Mineral Resource base through aggressive exploration programs to unlock the hidden potential.” | |
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