Core Lithium Ltd (ASX:CXO) has grown the Finniss Lithium Project’s mineral resource estimate and ore reserves by 28% and 43% respectively, extending the mine life of the project to 12 years.
The mineral resource now sits at 18.9 million tonnes at 1.32% lithium oxide, with a measured and indicated category of 13.3 million tonnes at 1.4% lithium oxide – a 61% increase to those classifications.
Core increased the ore reserve to 10.6 million tonnes at 1.3% lithium oxide and will continue to target increases in both the reserve and mineral resource estimate with the results from an ongoing 2022 drilling campaign.
On track for first shipment by year-end
“This is a tremendous outcome for Core and our shareholders and testament to the efforts of our operations and exploration teams as we focus on growing Finniss' mine life and scale beyond last year’s DFS assumptions,” Core Lithium non-executive chair Greg English said.
“The new ore reserve estimate has resulted in a 12-year mine plan. In parallel, our teams will complete the 2022 drilling campaign to see if it can deliver equally impressive results across both our open pit and underground deposits.
“Most of the deposits at Finniss – including BP33, Carlton, Hang Gong, Ah Hoy and Sandras – remain open at depth and along strike and we are confident in the potential to deliver further significant increases to the Finniss resource and reserve position.
“Today’s positive announcement adds to the significant momentum being generated by the safe and timely development of Finniss Stage 1.
“Fully funded to first production, Finniss remains on track to ship first lithium by the end of this calendar year to herald Core’s arrival as Australia’s next lithium producer.”
Map of the Finniss Lithium Project area, showing the location of the mineral resources.