Core Lithium Ltd (ASX:CXO) (OTCMKTS:CXOXF) has defined an additional exploration target (ET) of 9.8 to 16.2 million tonnes at a grade of between 0.8 to 1.4% lithium oxide across seven different prospects within its Finniss Lithium Project near Darwin in the Northern Territory.
This new ET is in addition to the Finniss mineral resource of 15 million tonnes at 1.3% lithium oxide and demonstrates the potential for material increases to the Finniss life of mine.
"Clear pathway to doubling resources"
Managing director Stephen Biggins said: “Core has a clear pathway to achieve our goal of more than doubling resources and mine life at Finniss.
“Our recent acquisition deal is already bearing fruit with wide and shallow pegmatites defined by historic drilling likely to add significant lithium tonnes to the project in the near term.
“Core’s exploration and resource drilling should provide a regular flow of news as we build the expansion potential and 'financeability' of Finniss and move into construction of Australia’s next lithium project later this year.
“It’s pretty simple maths to add the ET to our existing mineral resources to see where Core is headed, and our other well-funded exploration work ramping up at Finniss should add more tonnes on top of that.”
The ET is supported by historical drilling, trenching and exploration results with the potential quantity and grade of the ET being conceptual in nature.
There has been insufficient exploration to estimate a mineral resource and it is uncertain if further exploration will result in the estimation of a mineral resource.
Resource drilling to begin shortly
Further work is required to transform the ET to a JORC-compliant resource and Core is aiming to carry out this conversion work in 2021.
The company has also received approval to drill new acquisition prospects from the Northern Territory Government, with the resource expansion drilling set to begin in coming weeks.