- Core Lithium (CXO) sees a significant increases in the mineral resource estimate (MRE) and ore reserve estimate (ORE) at its Finniss lithium project in the Northern Territory
- The MRE has increased by 28 per cent to 18.9 million tonnes (Mt) at 1.32 per cent lithium oxide while the ORE has increased by 43 per cent to 10.6Mt at 1.3 per cent lithium oxide
- Construction and mining activities at the project are ramping up with new equipment and people arriving on site
- The project is progressing well and is currently on track to make its first direct ship ore (DSO) lithium shipment from the NT by the end of 2022
- Shares in CXO are down 6.52 per cent to trade at 86 cents per share at 11:34 am AEST
Core Lithium (CXO) has significantly increased the mineral resource estimate (MRE) and ore reserve estimate (ORE) for its Finniss Lithium project in the Northern Territory.
The MRE has increased by 28 per cent to 18.9 million tonnes (Mt) at 1.32 per cent lithium oxide.
This includes a 61 per cent increase to the measured and indicated resource categories to 13.3Mt at 1.4 per cent lithium oxide.
According to Core, about 70 per cent of the MRE is in the higher confidence measured and indicated categories with excellent conversion of inferred to indicated.
Meanwhile, the ORE for the project has also increased by 43 per cent to 10.6Mt at 1.3 per cent lithium oxide.
Drilling in 2021 significantly increased the ORE by 70 per cent at BP33 and 106 per cent at Carlton, providing an additional four years of mine life to the project.
Non-Executive Chairman Greg English said the increase was a “tremendous” outcome.
“The new ORE has resulted in a 12 year mine plan [which] our teams will complete the 2022 drilling campaign to see if it can deliver equally impressive results across our open pit and underground deposits.
“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.”
Construction and mining activities at the project are ramping up with new equipment and
people arriving on site.
The project is progressing well and is currently on track to make its first direct ship ore (DSO) lithium shipment from the NT by the end of 2022, with first concentrate production commencing soon after.
Shares in CXO were down 6.52 per cent to trade at 86 cents per share at 11:34 am AEST.