Core Lithium Ltd (ASX:CXO) has commenced resource expansion and infill drilling at the Finniss Lithium Project located 80 kilometres by sealed road from Darwin, Northern Territory.
Reverse circulation (RC) drilling has been restarted at the Hang Gong and Less-Booths Link prospects within the Finniss Project.
Drilling is funded by the recent capital raising and aims to extend known lithium mineralisation at the Hang Gong, Lees-Booths Link and Carlton prospects.
A maiden JORC resource estimate for Carlton is on track for delivery next week, followed by maiden estimates for both Hang Gong and Lees-Booths Link expected in January 2019.
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Notably, these pending resources updates have the potential to feed into the expanded definitive feasibility study (DFS) which is on track for completion late in the March quarter 2019.
This most recent round of drilling is already looking to expand upon the yet to be released maiden resource estimates.
This is because during the resource estimation process for the Hang Gong, Lees-Booths Link and Carlton prospects, significant potential to expand the mineralisation was identified.
Larger resource increases project’s potential value
Core is anticipating to materially increase the existing resource base of the Finniss Lithium Project over the next two months through the pending maiden resource estimates.
These new resources have the potential to have strong positive implications in terms of extending the life of the Finniss lithium operation and project economics.
These project economics are presently being considered in the DFS due for completion in the March quarter 2019.
Further resource updates at these prospects are also anticipated to follow during the March quarter 2019.
Drill assays from the new drilling are also expected to be reported throughout the March quarter.