Core Lithium Shares Gain After Expanding Finniss Resource by 58%

Core Lithium Ltd (ASX:CXO) has achieved a 58% increase in mineral resources at its Finniss Lithium Project to 48.2Mt at 1.26% Li2O (lithium oxide).

The latest upgrade includes significant increases to known deposits and an additional new deposit (Seadog).

Finniss Lithium Project Mineral Resource Estimate summary.

The Finniss Lithium Operation is the Northern Territory’s first and only lithium mine and Australia’s only lithium mine outside of Western Australia.

Core shares were last trading at A$0.16, up 6.5% intra-day.

Largest program in Core’s history

The latest resource update at Finniss is the culmination of all drilling undertaken by Core’s exploration team in 2023.

The program was conducted at both known deposits and new prospects within the Bynoe Pegmatite Field.

Core Lithium interim CEO Doug Warden said: “The 2023 exploration program was the largest in Core’s history and these outstanding results justify the continued exploration of the Finniss region.”

429% increase at Lees & Booths

In particular, the 2023 program delivered a 429% increase in the combined resource at Lees & Booths deposit to 14.4Mt.

This supports Core’s view that the Finniss region has the potential to host large clusters of lithium deposits.

At Lees, the pegmatites remain open in multiple directions with the high chance that further pegmatite sheets exist within the system.

The company’s 2024 exploration program will target both larger standalone deposits, as well as clusters of smaller deposits that have the potential to be mined with shared infrastructure.

Potential multi-mine operation

In less than seven years since the maiden resource at Finnis in mid-2017, Core has made significant strides.

They’ve started mining at the Grants pit, completed construction of the operations plant, and started production of spodumene concentrate.

Looking ahead, Finniss is a potential multi-mine operation. Currently, activities are primarily focused on ramping up production at the Grants open pit mine, Core’s first operation.

Additionally, the company is also targeting a Final Investment Decision (FID) at the BP33 Underground Project, the potential second mine at Finniss, in 2024.

Core is well-funded for this continued development, with cash of A$124.8 million on 31 December 2023.

 

 

 

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