Core Exploration strengthens executive team with chief financial officer appointment
Experienced mining financial executive Erik Palmbachs has been recruited to the fulltime role.
Company
ASX:CXO
Core Lithium Limited is an Australian lithium company and 100% owner of the Finniss Lithium Operation in the Northern Territory. The company also holds a portfolio of tenements in the Northern Territory and South Australia which are prospective for a variety of commodities, including base metals, rare earth elements, gold and uranium.
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Experienced mining financial executive Erik Palmbachs has been recruited to the fulltime role.
Preliminary feasibility study (PFS) completed, definitive feasibility study (DFS) scheduled for delivery by the end of 2018.
Hardware & electrical equipment
GlobalData forecasts that demand for lithium will more than double to 58,300 tonnes in 2022.
Drilling continues across multiple prospects and targets within the Finniss Lithium Project.
Results demonstrate potential to grow the lithium resource base at the project near Darwin.
The new results will feed into the feasibility study underway.
Shares are trading up 17.3% or 0.9 cents higher to 6.1 cents.
Regional exploration drilling continues within the larger Finniss Lithium Project with results from Carlton, Hang Gong, Highland and Far West Central expected next month.
Core’s recently completed pre-feasibility study illustrates a financially robust, albeit small-scale and short-life operation
The company's recent pre-feasibility study had delivered robust economics for Grants Lithium Deposit.
Core has signed a 1 million tonne binding offtake and US$20 million pre-payment agreement with Yahua.
Pre-Feasibility study (PFS) points to a low-cost lithium operation generating significant surplus cashflow.
The drilling is aimed at growing the current resource of 3.45 million tonnes at 1.4% lithium oxide.
Results from the pre-feasibility study are expected next month.
The investment has been made through Nowak Investments Pty Ltd.
Hardware & electrical equipment
Value-adding proposals present more opportunities for lithium explorers, developers and producers.
Importantly, the doubling in the Grants resource was at the same high grade of 1.5% lithium.
Grants lithium resource is one of the highest grade undeveloped lithium deposits in Australia.
26.4 million shares priced 5.3 cents have been placed with a major Chinese shareholder.
The company recently raised $5 million in a placement to fund studies of its lithium project.