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- Core Lithium (ASX:CXO) upgrades the MRE at BP33, within its Finniss lithium project in the Northern Territory
- The mineral resource at BP33 has increased to 89 per cent in both the measured and indicated categories
- It marks a 35 per cent increase on the previous estimate
- Mineralisation remains open and down plunge and Core Lithium will use the updated MRE for its mine plan and feasibility study, which are being designed
- CXO shares are down 1.33 per cent, trading at 37 cents at 1:40 pm AEDT
Core Lithium (ASX:CXO) has announced an upgrade to the mineral resource estimate at BP33, a deposit within the company’s Finniss lithium operation in the Northern Territory.
The mineral resource at BP33 has increased to 89 per cent in both the measured and indicated categories, marking a 35 per cent increase on the previous estimate.
Upon receiving infill drilling results, the company has boosted its lithium resource from 6.94 million tonnes (Mt) to 9.36 Mt, which is now under consideration for conversion into BP33 ore reserves.
As part of a resource definition and expansion program, BP33 is the second proposed mine at Finniss, and an updated feasibility study is currently underway.
Further infill drilling has led to an increase in the average grade of the MRE at the deposit, rising from 10.1Mt at 1.48 per cent lithium oxide to 10.5Mt at 1.53 per cent.
“Increasing the confidence in the BP33 resource is a significant step in the progress of the feasibility study and supports the development of the BP33 mine plan,” CXO CEO Gareth Manderson said.
“These results, which include a higher proportion of the measured and indicated resource category can now be considered for conversion to BP33 reserves.
“The early works program and the construction of the covered box cut are progressing well. We remain on schedule to make a final investment decision for BP33 in early 2024.”
The company reported that the results confirmed previous team expectations, showing that mineralisation continues to increase in both grade and thickness, remaining open and downplunge.
Core Lithium will use the updated MRE for its mine plan and feasibility study, which are currently in the design phase.
CXO shares were down 1.33 per cent, trading at 37 cents at 1:40 pm AEDT.
