viewCore Lithium Ltd

Core Lithium boosts lithium inventory with maiden Carlton resource

The resource upgrade will feed into the definitive feasibility study (DFS) underway.

growth concept shown with stairs going up
Maiden resources for the Hang Gong and the Lees-Booths Link are also expected

Core Lithium Ltd (ASX:CXO) has increased the total JORC resource of its Finniss Lithium Project in the Northern Territory to 7.13 million tonnes grading 1.38% lithium oxide.

The increase is a result of the maiden JORC resource estimate for the Carlton deposit of 0.79 million tonnes at 1.3% lithium oxide.

Notably, Carlton is located within the same mining lease application area as the Grants deposit and within a few hundred metres of the proposed mine and processing facility at Grants.

READ: Core Lithium commences drilling to expand JORC lithium resource at Finniss

Core’s managing director Stephen Biggins said: “The global mineral resource for the Finniss Project has increased rapidly from 1.8 million tonnes at the start of 2018 to 7.1 million tonnes at year end.

"Core’s management is of the view that the global Mineral Resource will grow even further in January, given the quality of the drilling results received from the recent exploration drilling at Hang Gong and Lees-Booths Link.

“These new Mineral Resources have the potential to add substantial upside to the economics of the Finniss Lithium Project, in addition to the lithium Mineral Resources already defined.”

Carlton to be upgraded through additional drilling

The maiden resource at Carlton is expected to be upgraded in scale and in confidence category with the next round of resource drilling.

The next phase of reverse circulation (RC) and diamond resource drilling is planned to commence at Carlton during January 2019.

Two more maiden resources pending

The Finniss Project resource is expected to materially increase further in coming weeks as new resource estimates are pending for Hang Gong and the Lees-Booths Link in January 2019.

The rapidly increasing global resource enhances the potential for the Finniss Project to deliver robust returns, which are expected to be confirmed by the DFS work that is currently underway.

Quick facts: Core Lithium Ltd

Price: 0.041 AUD

Market: ASX
Market Cap: $40.77 m

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on 5/5/20

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