- Lithium developer Core Lithium (CXO) has increased its mineral resource estimate by over 50 per cent at its Finniss Lithium Project in the Northern Territory
- The new estimate now stands at 15 million tonnes at 1.3 per cent of lithium oxide
- Finniss’ measured and indicated mineral resource also increased by 150 per cent, which has added significant potential to increase the project’s mine life
- The updated mine plan is expected to be completed later this month
- On the market this morning, Core Lithium is up 6.67 per cent and is selling shares for 4.8 cents each
Lithium developer Core Lithium (CXO) has increased its mineral resource estimate (MRE) by over 50 per cent at its Finniss Lithium Project in the Northern Territory.
The new estimate now stands at 15 million tonnes at 1.3 per cent of lithium oxide.
Finniss’ measured and indicated mineral resource also increased by 150 per cent to 7.63 million tonnes at 1.41 per cent of lithium oxide, which has added significant potential to increase the mine life of Finniss.
Core is targeting a seven to 10-year mine life, which will be used to update the feasibility study.
The new MRE is expected to add a material increase to Finniss’ ore reserve classification. The updated mine plan is expected to be completed later this month.
Core’s Managing Director Stephen Biggins says this announcement shows the “enormous potential” at Finnis and is pleased with the new MRE.
“We are excited to see the life of mine significantly improve as a result of this when mining studies are completed later this month,” he said.
The MRE has also highlighted opportunities to extend and expand the estimate, with further drilling planned for later on this year.
“We continue to be encouraged by the ongoing confidence in lithium demand and
project support, as recently demonstrated in both our successful capital raising and in the securing of our first Europe-based offtake partner, notwithstanding the current challenging environment as we progress towards construction, commissioning and production,” Stephen added.
On the market this morning, Core Lithium is up 6.67 per cent and is selling shares for 4.8 cents each at 10:18 am AEST.