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Core Exploration increases BP33 lithium deposit by 51%

A definitive feasibility study (DFS) underway is expected to be delivered in later this month.
growth concept shown with stairs going up
A maiden resource at a third deposit within the project is expected in the coming weeks

Core Exploration Ltd (ASX:CXO) has increased the JORC resource estimate by 51% at its BP33 deposit within its Finniss Lithium Project in the Northern Territory.

The BP33 resource upgrade pertained to size, grade and confidence with the new estimate at 2.15 million tonnes grading 1.5% lithium oxide.

BP33 is one of two deposits within the Finniss project and a maiden resource estimate for a third deposit, Sandras, is expected in the coming weeks.

READ: Core Exploration intersects high-grade lithium, expands Finniss potential

Core’s managing director Stephen Biggins said: “The excellent results from BP33 confirm our expectations that the Finniss Lithium Project will have extremely robust economics.

“We look forward to publishing the DFS in late November.”

One of the highest-grade undeveloped lithium deposits in Australia

The size and average grade of the global Finniss Project resource has also increased and stands at 5 million tonnes grading 1.5% lithium oxide.

This makes the resource is one of the highest-grade undeveloped lithium deposits in Australia.

The additional mining inventory defined is expected to result in a longer mine life at the Finniss Project, and further enhance the robust economics being estimated in the DFS.

Notably, the maiden resource estimate for Sandras is expected to further increase the project’s potential.

Furthermore, considerable scope remains to further increase the global resource given Core’s large undeveloped and underexplored surrounding exploration portfolio.

DFS on track, development to commence in 2019

The DFS remains on track for completion in late November 2018.

The study is focussed on mining and production of high-grade lithium concentrate near Darwin with development planned to commence in 2019.

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