Core Exploration Ltd (ASX:CXO) has doubled the indicated lithium resource at the Grants lithium deposit within its Finniss Lithium Project in the Northern Territory.
The Grants lithium resource has been upgraded to 2 million tonnes at 1.5% lithium, with over half of the resource now contained in the Indicated category.
Importantly, this increases the confidence in the project ahead of the finalisation of the pre-feasibility studies (PFS).
READ: Core Exploration attracts $5 million to progress Finniss Lithium Project
Core is expected to deliver the PFS later this quarter for the development of a spodumene concentrate and direct shipping ore operation from the Grants lithium deposit.
The Finniss Lithium Project has substantial infrastructure advantages; 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.
Core is currently finalising the terms of reference for an Environmental Impact Assessment (EIA), following which the company will prepare and submit a Mining Management Plan (MMP).
Meanwhile, the maiden resource estimate for the BP33 prospect is expected this month.
Aiming to commence production in 2019
Core is aiming to complete the feasibility studies for the development of lithium production from Grants and potentially other future resources within the Finniss Project, such as that at BP33, in 2018.
The company’s objective is to complete regulatory approvals and commence production in 2019.
Core will also re-commence a drilling campaign soon with the aim of substantially growing the resource base for the project to underpin a long-life lithium mining and production business.