viewCore Lithium Ltd

Core Lithium intersects thick, high-grade spodumene at BP33 deposit, likely to boost reserves

The increasing width and higher grades within the deeper parts of BP33 deposit highlight the potential for underground mining.

Core Lithium Ltd - Core Lithium intersects thick, high-grade spodumene up to 2% lithium at Finniss Lithium Project
Drilling at depth is ongoing with the potential to further grow the BP33 ore reserve

Core Lithium Ltd (ASX:CXO) has intersected thick, high-grade spodumene up 2% lithium oxide to increase ore reserves at BP33 deposit of the Finniss Lithium Project near Darwin, Northern Territory.

The company is confident these new drill assays will increase mine life at Finniss and, in parallel to Core’s mining studies, substantially add to ore reserves at  BP33.

BP33 ore body increases in width and grade at depth, highlighting the potential for bulk underground mining.

"Consistent high lithium grade"

Managing director Stephen Biggins said: “The high-grade lithium ore body at BP33 increases in width and grade at depth.

“Core’s preliminary underground mining studies highlight the near-vertical nature of the ore body and also make it amenable to very efficient, bulk underground mining methods.

“This approach at BP33 is likely to enable Core to recover a very high proportion of the ore body at BP33 as well as opening up the significant mineral resource upside at depth.

“The consistent high lithium grade and very low iron content of BP33 also highlights the excellent quality of the spodumene pegmatite and concentrate to be produced at BP33.”

Reverse circulation (RC) drill results include:

  • 52 metres at 1.28% lithium from 77 metres, including 23 metres at 1.85% from 101 metres;
  • 41 metres at 1.50% from 140 metres, including 11 metres at 2% from 163 metres;
  • 15 metres at 1.59% from 97 metres; and
  • 31 metres at 1.31% from 98 metres.

Higher grades at depth include the following:

  • 56.75 metres at 1.81% from 156.25 metres; and
  • 36 metres at 1.81% from 161 metres.

These deeper holes indicate an overall increase in grade in the deposit.

The company is continuing to drill deeper holes this month using relatively cheap RC techniques to test further upside with the aim of increasing the mineral resource and ore reserves at BP33.

Quick facts: Core Lithium Ltd

Price: 0.045 AUD

Market: ASX
Market Cap: $43.77 m

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