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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New spodumene intersections are more than 400 metres outside of the current mineral resource at BP33 with accelerated resource definition and extension drilling planned at BP33 and across the Finniss Project more broadly.
The company said its balance sheet was now stronger which would allow it to fast-track exploration programs, expedite capital development initiatives and pursue further organic and inorganic growth opportunities.
“The completion of the spodumene DSO tender is an excellent result for Core and indicates the strong demand for lithium,” Core chief executive officer Gareth Manderson said.
Development activities at the Finniss Lithium Project are progressing well and Core remains on schedule to deliver first lithium concentrate production in the first half of 2023.
The company "continues to demonstrate progress towards building a great lithium business through the delivery of the Finniss Project to production and the ongoing work to prove up our resources to support future operations. Finniss will com
The company is looking to supply Tesla with up to 110,000 dry metric tonnes of lithium spodumene concentrate produced at the Finnis Project.
“We have a full exploration schedule focused on growing our life of mine to support lithium production from northern Australia,” Core CEO Gareth Manderson said.
Gareth Manderson joins the company after having served in various leadership and technical roles within mining giant Rio Tinto for more than 22 years.
Chairman Greg English said the results would deliver "significant resource growth" that would add to the company's capacity to materially increase lithium production from northern Australia to keep up with rapidly growing global demand.
“Most of the deposits at Finniss – including BP33, Carlton, Hang Gong, Ah Hoy and Sandras – remain open at depth and along strike and we are confident in the potential to deliver further significant increases to the Finniss resource and res
Early indications have demonstrated the potential for substantial resource increases and the company expects to release a resource and reserve upgrade in the coming weeks.
Representative, liquid, and tradable, the S&P/ASX 200 is widely considered Australia’s preeminent benchmark index.
“Core staff and contractors have done a great job getting the site ready for CSI and Primero and with the new mining equipment on site we are in a position to significantly ramp up activities at Finniss," says MD Stephen Biggins.
“Our prime directive is to deliver first production of high-quality lithium concentrate from the Finniss Project this year in the midst of a very high lithium price and high operating margin environment," says MD Stephen Biggins.
“The grant of environmental approval for the BP33 Underground Mine is another exciting milestone achieved by Core in the development of the Finniss Lithium Project,” says MD Stephen Biggins.
The crusher civil works at Finniss are nearing completion and CSI is expected to start mobilising to the site in June.
“Price of lithium has gone to insane levels! Tesla might actually have to get into the mining & refining directly at scale, unless costs improve," - Elon Musk
Beyond lithium, the property could be prospective for gold, lead, silver, zinc and/or uranium.
“As the end of the wet season approaches, we look forward to seeing site activities significantly ramp up, with our path to first production before the end of 2022 firmly on track.”
“The latest results confirm our view of the prospects drilled at the Finniss Project, and we look forward to reporting the new results as they come to hand,” says MD.
