Core Lithium Ltd (ASX:CXO) has continued to intercept broad, high-grade lithium intersections in drilling outside of the mineral resource in the Finniss Lithium Project near Darwin in the Northern Territory, supporting the company’s assertion that there may be substantial mineral extensions beyond the resource bounds.
Two deep diamond drill holes at the BP33 deposit within the project have produced high-grade spodumene-rich intersections including:
- 57.35 metres at 1.83% lithium oxide (Li2O) in NMRD016
- 51.0 metres at 1.63% Li2O in FRCD023
These were followed up with additional reverse circulation (RC) and diamond drilling, successfully identifying extensions of spodumene-bearing pegmatite to the south of the mineral resource area.
Significant resource growth potential
“Our prime directive is to deliver first production of high-quality lithium concentrate from the Finniss Project this year in the midst of a very high lithium price and high operating margin environment,” Core Lithium managing director Stephen Biggins said.
“These new world-class lithium drilling results reflect the confidence Core has in delivering significant resource growth from the Finniss Project that will add to our life-of-mine and our capacity to materially increase lithium production from northern Australia in the future to keep up with rapidly growing global demand.”
Core Lithium is planning to drill further at the BP33 deposit in the coming field season.
Additional drill assay results from the 2021 drilling campaigns at the Finniss Project are expected to be reported in the coming weeks as substantial delays in laboratory productivity are resolved.
Expanded exploration and resource drilling will resume and ramp-up early in the second quarter of 2022 across the Finniss Lithium Project.
About Core Lithium
Core Lithium is positioned to be Australia’s next lithium producer with the development of its flagship Finniss Lithium Project in the Northern Territory.
Finniss, located just 25 kilometres from Darwin Port, has been awarded Major Project Status and is set to place the company at the front of the line of global lithium producers.
First production from the Finniss Lithium Project is slated to take place before the end of 2022.