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Core Lithium reveals high-grade lithium hits at Finniss project ahead of resource update

Maiden resource estimates for Sandras, Carlton, Hang Gong and Lees-Booths prospects expected to be reported over the next 2 months.

project area
Project resource is expected to double

Core Lithium Ltd (ASX:CXO) has revealed high-grade drill results from the Carlton and Hang Gong prospects demonstrating the potential to significantly expand the lithium resource at Core’s Finniss Lithium Project in the Northern Territory.

Highlight results from recent drilling include:

• 17 metres at 1.34% lithium oxide from 125 metres at Carlton;
• 24 metres at 1.15% lithium oxide from 169 metres at Carlton; and
• 6 metres at 1.49% lithium oxide from 146 metres at Hang Gong.

Finniss Lithium Project

Core managing director Stephen Biggins said: “These exploration results continue the unveiling of the Bynoe Pegmatite Field as what we believe is a world-class lithium district.

“The mineral resource base of the Finniss Lithium Project has increased from 1.8 million tonnes to 5 million tonnes since May this year and the drilling results coming to hand suggest the company will be able to materially increase that in the coming months.

“Core will continue to progress Grants towards development whilst growing the existing mineral resource base through aggressive exploration programs to unlock the hidden potential.”

READ: Core Exploration becomes Core Lithium Ltd to reflect battery metal focus

Core’s drilling in 2018 is aimed at substantially growing the mineral resource base to underpin a potential long-life lithium mining and production operation.

Earlier this month, the company changed its name to Core Lithium Ltd to better reflect its focus on the key battery metal.

As drilling assay results come to hand from the laboratory, Core will be integrating these into current geological models with the view to estimating resources for Sandras, Carlton, Hang Gong and Booths Lees Link.

This exercise has already been carried out at Grants and BP33.

READ: Core Exploration increases BP33 lithium deposit by 51%

A resource estimate for Sandras is imminent and for Carlton in the next 2 weeks.  Data for Hang Gong and Booths Lees received to date also appears to support the estimation of a resource.

If these resources come to fruition, Core believes that it will likely double the global resource at the project.

Quick facts: Core Lithium Ltd

Price: 0.072 AUD

ASX:CXO
Market: ASX
Market Cap: $71.59 m
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Core Lithium expects to be construction-ready at Finniss Lithium project by...

Core Lithium Ltd's (ASX:CXO) Stephen Biggins tells Proactive's Andrew Scott their short- and medium-term goals have not been materially impacted by the COVID-19 pandemic and excellent progress is being made on the updated feasibility study for the Finniss Lithium Project in the Northern...

on 5/5/20

2 min read