Total
0
Shares
Core Lithium (ASX:CXO) - Managing Director, Stephen Biggins
Managing Director, Stephen Biggins
Sourced: Cannings Purple
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Advanced lithium developer, Core Lithium (CXO) has updated the market on its short and medium-term plans in the wake of the COVID-19 pandemic
  • At this stage, Core doesn’t expect its short-to-medium-term goals will be impacted by the coronavirus, as they are not reliant on fieldwork or travel
  • Following a large drilling and field program in 2019, the company is currently working towards an updated Feasibility study for its Finniss Lithium Project
  • Core is confident that the update will add high-value to the project
  • Core is up 40 per cent and is trading at 2.1 cents apiece

Advanced lithium developer, Core Lithium (CXO) has updated the market on its short and medium-term plans in the wake of the COVID-19 pandemic.

Core’s short-to-medium-term objectives are currently not expected to be impacted by the coronavirus. Majority of the near-term goals include the Mineral Resource estimate upgrade, updated mine plan and an updated Feasibility Study, and is not reliant on fieldwork.

“Even though COVID-19 will delay our next round of Mineral Resource expansion drilling in 2020, our commercial and financing discussions continue, and the Project’s Feasibility Study update and approvals are progressing,” Managing Director Stephen Biggins said.

“Alongside progress on major milestones on approvals, offtake and finance, Core is
working towards updating the Finniss Feasibility Study to at least double or possibly triple the project mine-life,” he added.

Updated Mine Plan

Following the completion of a large drilling and field program in 2019, the company is currently working towards the delivery of an updated Feasibility study for the Finniss Lithium Project.

The aim of the drilling program was to define sufficient Mineral Resources to materially increase Finniss’ mine life.

Based on the high-quality drill results received since completing the Feasibility Study in 2019, Core is confident the Mineral Resource upgrade and mine plan update will be strongly positive.

The updated mine plan does not require travel, therefore it is on schedule to be completed by mid-2020.

“Given the low capex and naturally competitive operating costs of the project close to Port, with project approvals potentially in place and substantially increased mine life in the near future, we see Finniss being front of the line of new global lithium supply as EV manufacturing recovers post COVID-19,” Stephen added.

Core said its Asian partners and strategic investors are beginning to return to normal following the Chinese New Year and COVID-19.

On the market today, Core is up 40 per cent and is trading at 2.1¢ apiece at 2:31 pm AEDT.

CXO by the numbers
More From The Market Herald

" AKORA Resources (ASX:AKO) gets pleasing assays from Madagascar project

AKORA Resources (AKO) has received assays from resource drilling at the Bekisopa project in Madagascar.
Carawine Resources (ASX:CWX) - Non Executive Chairman, Will Burbury

" Carawine Resources (ASX:CWX) begins diamond drilling at Red Bull

Carawine Resources (CWX) has begun diamond drilling on two highly significant bedrock conductors at the Red Bull tenement in Western Australia.

" Woomera Mining (ASX:WML) begins Phase 2 drilling at Mt Venn

Precious and base metals explorer Woomera Mining (WML) has launched a Phase 2 reverse circulation drilling program at its Mt Venn Project in
Challenger Exploration (ASX:CEL) - Exploration Manager, Stuart Munroe

" Challenger Exploration (ASX:CEL) extends mineralisation at Sentazon

Challenger Exploration (CEL) has released results from the next eight holes of its drilling program at the Sentazon prospect within the Hualilan gold