Core Lithium
(ASX:CXO) shares had a nice little run up on Monday after it more than doubled the mineral resource for part of its Finniss lithium project in the Northern Territory.
According to the company, drilling as part of the ongoing Finniss Lithium Operation exploration program has seen the mineral resource estimate jumping from 4.37 million tonnes at 1.53% lithium oxide to 10.1 million tonnes @ a slightly lower grade of 1.48% lithium oxide.
And Core also indicated there’s a chance of further significant growth opportunities exist at Finniss beyond currently modelled resources at the Carlton, Ah Hoy, Hang Gong, and Sandras prospects.
So, plans are now in place to continue its exploration efforts in 2023 and another update to the global mineral resource and ore reserve estimate for Finniss is underway.
The company completed 11 drill holes at its BP33 prospect targeting extensions along-strike and down-dip to the existing orebody.
Core says this work showed that the mineralisation in the area appeared open down-plunge and along-strike, with potential for further increases to the BP33 mineral resource in future drilling programs.
Core Lithium’s CEO, Gareth Manderson said in Monday’s announcement that “These results provide further confirmation of the prospectivity of Core Lithium’s ground holding.”
“Importantly, BP33 remains open at depth. Exploration to extend mine life at Finniss and identify growth opportunities is a priority for the business, with an expanded drilling program for CY23.”
Core Lithium revealed in late February that it had produced its first spodumene from Finniss.
The company said it had produced the first volumes of high quality spodumene concentrate from the Dense Media Separation (DMS) plant at the Finniss Lithium Operation.
The payoff has come just 15 months after the company started construction on the plant, which is now complete.
Core has offtake deals with Chinese lithium industry majors Ganfeng Lithium and Sichuan Yahua.
The shares were up more than 11% at one stage but eased to still be 6.25% higher at the close at $1.02.
