- Core Lithium (ASX:CXO) has intersected world-class spodumene pegmatite intersections at its Finniss Lithium project near Darwin
- During a recent RC and diamond drilling program at the BP33 prospect, a 119-metre continuous intersection was drilled
- Other recent holes also intersected pegmatite outside the current mineral resource
- An upgraded mineral resource and an ore reserve estimate are planned for early next year and are expected to extend the life of mine
- Shares in Core Lithium closed 12.5 per cent higher, worth 3.6 cents apiece
Core Lithium (ASX:CXO) has intersected world-class spodumene pegmatite intersections at its Finniss Lithium Project near Darwin.
During a recent RC and diamond drilling program at the BP33 prospect, a 119-metre continuous intersection was drilled.
In addition, the results suggest the primary pegmatite body extends approximately 40 metres in true width and remains open at 400 metres.
Significant intersections were located outside of existing BP33 Prospect Resource.
Furthermore, two more RC holes from recent drilling also intersected pegmatite outside of the prospect.
The company is now awaiting an upgraded Mineral Resource and an Ore Reserve estimate early next year.
Subsequent to the expanded deposit, the company expects the initial 3.5 year mine life for the Finniss Lithium Project will be extended.
Finniss Lithium Project
The definitive feasibility study for the Finniss Lithium Project was completed in April this year.
This study estimated the mine would produce 481,000 tones of high-quality 5 per cent spodumene concentrate for export.
The project is ideally located for export, only 25 kilometres from Darwin Port in the Northern Territory.
Finniss covers an area of 500 kilometres squared and encompasses five prospects including Grants, Carlton, Sandras and Hang Gong SW.
Shares in Core Lithium closed 12.5 per cent higher today, now worth 3.6 cents apiece.