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Core Lithium granted trading halt pending capital raising activity

Last updated: 03:22 06 Dec 2018 GMT, First published: 11:22 05 Dec 2018 GMT

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Finniss comprises over 500 square kilometres of tenements across the Bynoe pegmatite field

Core Lithium Ltd (ASX:CXO) has been granted a trading halt by the ASX pending an announcement regarding a capital raising.

The halt will remain in place until the earlier of the start of trading on Monday, December 10, or until an announcement is released to market.

READ: Core Lithium releases maiden resource for Sandras, shares rise

The company recently boosted its JORC resource inventory through the release of a maiden resource for the Sandras lithium deposit within the Finniss Lithium Project, Northern Territory.

The resource at Sandras totals 1.3 million tonnes grading 1.0% lithium and it boosts the overall resource for the Finniss Project to 6.34 million tonnes grading 1.39% lithium.

The growing lithium resource at Finniss increases the project’s potential value as a future mining operation which is being investigated further by an ongoing definitive feasibility study.

Core is targeting commencement of mining and construction in mid-2019 and first production of high-quality spodumene concentrate in late 2019, subject to financing and regulatory approvals.

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