Sign up Australia
Proactive Investors - Run By Investors For Investors

Core Exploration attracts $5 million to progress Finniss Lithium Project

New programs aimed at growing the mining inventory to support a long-life lithium mining project.
australian dollar notes
Share purchase plan to raise up to $2 million to follow

Core Exploration Limited (ASX:CXO) is planning to rapidly transition into development mode, following an oversubscribed placement of shares to raise $5 million at 5.3 cents per share.

The company received strong support from professional Australian and international institutional investors, as well as a number of existing shareholders.

Following the completion of the placement, Core will be fully funded to complete the pre-feasibility study (PFS) and feasibility study (FS) for its Finniss Lithium Project near Darwin in the Northern Territory.

Growing mining inventory through nearby discoveries

In parallel with feasibility and other pre-development activities, Core will maintain aggressive multi-rig, exploration and resource drilling programs.

Core managing director Stephen Biggins said: “Core’s Finniss Lithium Project is on a pathway to production, and the support for this capital raising is not only a strong validation for the project, but will allow us to continue to aggressively progress its development as well as maintain our strong commitment to growing our mining inventory through nearby discoveries.

“Core’s exploration and drilling has proved highly successful to date as evidenced by the discovery of several additional prospects that we expect may lead to further resources in time, including BP33, Sandras, Lees, Hang Gong and Carlton prospects.

“All of these new prospects host high grade spodumene mineralisation similar to Grants.”

READ: Core Exploration receives impressive lithium assays ahead of resource estimate

Last week, the company received an impressive assay result of 75 metres at 1.68% lithium from 210 metres at the BP33 prospect.

This 75-metre mineralised lithium intersection is the widest interval of spodumene pegmatite ever drilled in the Northern Territory.

BP33 is only 5 kilometres from the high-grade Grants deposit, which Core expects to become its first lithium producing asset.

More news flow from Finniss

To ensure retail shareholders are able to participate, the company is raising up to a further $2 million via a share purchase plan for all eligible shareholders at the same issue price as the placement.

Further strong news flow is expected over coming weeks and months, including:

• Imminent resource upgrade at Grants;
• Maiden resource estimate for BP33 in mid Q2 2018;
• PFS for development of Grants deposit in late Q2 2018; and 
• Re-commencement of drilling at several priority targets in late Q2 2018.

READ: Core Exploration has Chinese backing to transform into lithium producer

View full CXO profile View Profile

Core Exploration Ltd Timeline

Related Articles

Eritrean flag
Thu
The company has already signed a binding offtake agreement with EuroChem for up to 100% (minimum 87%) of module I sulphate of potash (SOP) production.
Picture of a copper car
May 01 2018
Based on 2018 projections, Aeris will have reduced debt from US$136 million to US$49 million over the last five years.
australian and south africa flags detailing company's projects
April 12 2018
The company is fast-tracking its application for full-scale mining rights across the WBP.

No investment advice

The information on this Site is of a general nature only. It does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives and requirements and seek financial advice before making any financial decisions. You acknowledge and understand that neither the Company, its related bodies corporate, the information providers or their affiliates will advise you personally about the nature, potential value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter. You should read our FSG and any other relevant disclosure documents and if necessary seek persona advice prior to making any investment decision.

You understand and agree that no Content (as defined below) published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person.

You understand that in certain circumstances the Company, its related bodies corporate, the information providers or their affiliates may have received, or be entitled to receive, financial or other consideration in connection with promoting, and providing information about, certain entities on the Site and in communications otherwise provided to you.

You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate. From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Before you act on any general advice we provide, please consider whether it is appropriate for your personal circumstances.

© Proactive Investors 2018

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use