Core Lithium completes $3 million placement and begins drilling at Finnis
Cornerstone commitments have been received from two of China’s largest lithium producers.
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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Cornerstone commitments have been received from two of China’s largest lithium producers.
The lithium price faces a slow downward trend to 2022 as the market shifts into a supply surplus in 2019.
Maiden resource estimates for these two deposits are expected in January 2019.
The resource upgrade will feed into the definitive feasibility study (DFS) underway.
Drilling will be focused on resource expansion and infilling the resource.
Funding will go towards developing the Finniss Lithium Project in the Northern Territory.
The company is keen to maximise the resources and valuation potential of the project and factor these into the definite feasibility study.
The company is undertaking a definitive feasibility study at its Finniss Lithium Project in the NT.
As the lithium resource inventory grows, so does the project's potential future mine life.
Maiden resource estimates for Sandras, Carlton, Hang Gong and Lees-Booths prospects expected to be reported over the next 2 months.
Investments and investor services
Chief financial officer Erik Palmbachs passed away suddenly last week following a cardiac arrest.
The two-day Technology and Low Emission Minerals Conference featured many of Australia’s emerging resource companies focused on sustainable operations and new energy minerals.
The new name has been registered with ASIC and this will be updated in ASX records on Wednesday.
Results support the concept of continuous linking pegmatites between two prospects.
The conference will be held at the Westin Hotel in Perth next Tuesday and Wednesday, November 13 and 14.
The company aims to complete regulatory and internal approvals, as well as financing, before starting lithium concentrate production by the end of 2019.
A definitive feasibility study (DFS) underway is expected to be delivered in later this month.
The company is shoring up the project to a definitive feasibility stage as it aims for production before the end 2019.
The company is in the final stages of completing a DFS for the development of a spodumene concentrate operation from the Finniss Lithium Project.
Napperby is one of the few undeveloped uranium deposits in Australia.