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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The funding comes as the ASX-lister prepares to start construction on Australia’s next lithium mine at its Northern Territory-based Finniss Lithium Project, with work to kick-off before year’s end.
“Having the ability to choose our electricity supplier and plug into green power is yet another demonstration of how the location of Finniss Lithium Project can reduce Core’s and our customer’s greenhouse footprint,” says MD.
The emerging lithium developer recently engaged ERM Group to make a series of environmental assessments at its Finniss Lithium Project in the Northern Territory, with results from a greenhouse gas assessment now in.
The company has successfully applied for co-funding through the NT Government’s Geophysics and Drilling Collaborations program to complete initial diamond drill testing of Far East.
New lithium exploration discoveries are expected to add more tonnes to the recent exploration target and current mineral resource at Finniss.
The Port Operating Agreement contemplates exporting lithium concentrate and DSO and cements a key part of Core’s low-cost logistics chain from mine to port.
With a clear pathway to resource and project expansion, Core is set to kick off resource expansion drilling at Finniss in coming weeks.
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Drill planning has been finalised for the arrival of RC and diamond drill rigs to the Northern Territory site later this month.
Core and Yahua have signed a binding offtake agreement for Core to supply 75,000 tonnes per annum of lithium spodumene concentrate.
Core’s new gravity survey has demonstrated that this methodology is a valuable tool for pegmatite exploration in the Northern Territory.
Demonstration of the production of battery-grade LH in this program provides Core and customers confidence in the value of the Finniss Project, its importance to Australia’s northern regional economy, and strengthening Australia’s position
Major Project Status provides extra support from the Major Projects Facilitation Agency and represents another milestone in the path to bringing the world-class lithium project into production.
The company’s world-class Finniss Lithium Project boasts high-grade and high-quality lithium suitable for use in this projected high growth market and other renewable energy sources.
The aim is to complete the acquisition of these assets in 2021 and, based on a positive assessment, to increase mineral resources and potentially increase project life-of-mine.
The company remains focused on delivering Australia’s next lithium project with lithium resource and geotechnical drilling at the Finniss Project to be completed soon.
Gold prospectivity can be rapidly substantiated through cost-effective exploration, given the logistical and technical synergies with Core’s lithium exploration team.
The company is well-funded to carry out exploration activities aimed at upgrading resources and reserves at the Finniss Lithium Project in the Northern Territory.
The results are expected to strengthen the current resource model with regard to size and reserves, with a high conversion of inferred resources to indicated resources, and add reserves to life of mine.
The Finniss Project has been substantially de-risked with funding through to construction, anticipated to start prior to year-end, subject to the final investment decision (FID).
