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Core Lithium’s new high-grade intersections to add to Carlton resource

Maiden ore reserve at Carlton to contribute significantly to an expanded mine life at Finniss Lithium Project.

Core Lithium Ltd - Core Lithium’s new high-grade intersections to add to Carlton lithium resource
Expanded Carlton resource to be revealed this quarter

Core Lithium Ltd (ASX:CXO) has confirmed new high-grade spodumene pegmatite intersections at the Carlton Prospect that are expected to expand the lithium resource.

The expanding Carlton lithium resource is currently being considered for addition to the development schedule and should add significant mine-life to the Finniss Lithium Project near Darwin in the NT.

High-grade results

High-grade lithium intersections outside the current resource include:

  • 35 metres at 1.32% lithium oxide (NRC151);
  • 14 metres at 1.40% lithium oxide and 8 metres at 1.37% lithium oxide (NRC154); and
  • 23 metres at 1.12% lithium oxide and 32 metres at 1.52 % lithium oxide (NRC156) Including 5 metres at 2.69% lithium oxide.

These new drill results show that the primary pegmatite body at Carlton extends at least a further 100 metres vertically from previous drilling, and also extends south by an additional 100 metres.

A number of drill holes also intersected a second pegmatite body in addition to the primary pegmatite

Cross-section showing ‘primary’ and new ‘secondary’ pegmatite body south of the current resource at Carlton

Core managing director Stephen Biggins said: “Core’s ability to continue to find, expand and define new high grade spodumene pegmatite deposits at Finniss sets the path to delivering a long-term high-quality lithium supply on Asia’s doorstep.

“Recently renewed Chinese Government support for the Electric Vehicle industry is expected to strengthen Asian EV sales alongside remarkable 30%-40% year-on-year growth in EVs in Europe.

“I wouldn’t be surprised to see markets panic about the future shortfall in lithium supply as forecasts start to take into account lack of investment in new lithium supply as EV sales accelerate in China and back calculate the time needed for new supply to qualify to be on the road in a lithium battery in a new EV.

“Today’s lithium inventory will look like a small speed-bump on the EV super-highway of tomorrow.”

Main prospects in the northern Finniss Lithium Project area, showing the close proximity of Carlton and Grants Deposits

Core is currently escalating the resources and mine life at Finniss and is close to receiving mine and processing approval to deliver Australia’s next construction-ready lithium project.

The Finniss Lithium Project has arguably the best supporting infrastructure and logistics chain to Asia of any Australian lithium project.

The project is within 25 kilometres of port, power station, gas, rail and one hour by sealed road to workforce accommodated in Darwin and importantly close to Darwin Port - Australia’s nearest port to Asia.

Work is now underway this quarter on new resource assessments on a number of prospects within the larger Finniss Lithium Project including Carlton, BP33, Hang Gong and Booth/Lees.

Quick facts: Core Lithium Ltd

Price: 0.036 AUD

Market: ASX
Market Cap: $28.53 m

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Full interview: Core Lithium reveals world-class lithium intersections at...

Core Lithium Ltd (ASX:CXO) managing director Stephen Biggins updates Proactive on the latest world-class, broad, high-grade lithium intersection returned from the Finniss Lithium Project near Darwin in the Northern Territory. Two other recent RC drill holes at BP33 have also intersected...

on 23/1/20

3 min read