Core Lithium Ltd (ASX:CXO) is in a trading halt ahead of a material announcement in relation to a project update.
The trading halt will remain in place until the beginning of regular ASX trading on Monday, April 6, or when an announcement is released to the market, whichever occurs earliest.
Securities last traded at 2.2 cents, up from 1.4 cents at close on March 24.
Finnis Lithium Project feasibility study progressing
Core Lithium is confident that its short-to-medium-term objectives for the Finniss Lithium Project in the Northern Territory will not be significantly impacted by COVID-19.
The majority of the near-term milestones, including a mineral resource upgrade and updated mine plan and updated feasibility study, are not reliant on fieldwork.
Core Lithium managing director Stephen Biggins said: “Even though COVID-19 will delay our next round of mineral resource expansion drilling in 2020, our commercial and financing discussions continue, and the project’s feasibility study update and approvals are progressing.”
Following the completion of a large drilling and field program in 2019, which aimed to define sufficient mineral resources to materially increase the mine life at Finniss, the company is working towards the delivery of an updated feasibility study.