Core Lithium Ltd (ASX:CXO) continues to deliver high-grade lithium intersections at the under-development Finniss Project near Darwin, Northern Territory, Australia.
The intersections outside and near the boundary of the current mineral resource at Carlton are expected to deliver substantial extensions.
A resource update for the Finniss Project is expected during the second quarter of 2022.
Further expanding mine life
Core Lithium managing director Stephen Biggins said: “We are very pleased to see our targeted diamond drilling at Carlton bearing the positive outcomes that we anticipated.
“The Carlton deposit is a key component of the under-construction Finniss Project, and we look forward to delivering an updated mineral resource estimate in the coming months.
“This, in combination with the recommencement of exploration and resource drilling, is in line with our stated strategy of further expanding the mine life of the Finniss Project.”
Results
Significant intersections include:
- 24.5 metres at 1.46% lithium oxide;
- 13 metres at 1.47% including 6 metres at 1.93%;
- 35 metres at 1.25% including 12 metres at 1.73%;
- 30 metres at 1.78% including 8 metres at 2.23%; and
- 40.3 metres at 1.53% including 9.4 metres at 2.15%.
As is the case at BP33, these high-quality intersections support the current interpretation that the grade, consistency and width of pegmatite intervals of the Carlton lithium mineralisation are improving with depth.
The positive continuity in higher grade and thickness displayed, together with the position of the intersections outside or near the boundary of the current mineral resource envelope, is expected to result in an increase in the mineral resource estimate for Carlton.
The current mineral resource estimate for Carlton is 3.02 million tonnes at 1.28% lithium oxide.
CXO shares have been as much as 9.1% higher to A$0.96 while the company market cap is approximately A$1.6 billion.
Next steps
The last drill assay results from the 2021 drilling campaigns at the Finniss Project are expected to be reported over the coming weeks as delays in laboratory productivity are resolved.
Expanded exploration and resource drilling in 2022, including further resource expansion drilling at Carlton, will recommence and ramp-up in early second quarter 2022 across the Finniss Project.
On track for first concentrate
The Finniss Project remains on schedule to produce first concentrate in the fourth quarter of 2022.
Following the September 2021 FID decision, Core has established its owner’s team at the project and construction activities continue to focus on the services infrastructure needed to support the development.
Open pit mining contractor Lucas TCS has commenced pre-strip activities at the Grants stage 1 pit and this mining activity is to ramp up in March following the commissioning of key mining equipment.
The EPC Engineers contracted to construct the DMS concentrate processing plant, Primero, gained access to site on March 1, 2022, and the construction of the DMS processing plant will begin this month as the dry season begins.