On 29th March 2019, Core Lithium Limited (ASX: CXO), an emerging lithium developer, stated that its securities have been placed on trading halt on ASX. As per the notification from the ASX, the trading in shares of the company shall be in a trading halt till 2nd April 2019 (Tuesday) or when the announcement is released to the market unless otherwise decided by the ASX.
Recently, the company announced the drilling results at the BP33 deposit, within Finniss Lithium Project which is a wholly-owned project of the company. The company undertook a short Reverse Circulation (RC) and diamond drilling (DD) in February 2019. The results now presented by the company are last results from BP33 and are pivotal to increase high-level confidence in the orebody and the accuracy of the inputs and outcomes of the ongoing Definitive Feasibility Study (DFS) by the company, results of which are expected to be released next week.
As per the company, it is in the final stage of completing the Definitive Feasibility Study, which will be completed over the coming weeks by the company and it will enable the Core Lithium, to present the results of the Definitive Feasibility Study before the end of April 2019.
Core Lithium mentioned that the recent drilling intersected high-grade lithium of approx. 1.8% of lithium oxide and over broad intersections exceeded 70m in length, which in turn confirmed the consistency of high-grade nature of the BP33 deposit.
The intersections reported by the company were as following:
The drill hole identified as FRC205 intersected 76m @ 1.78% lithium oxide from 149m Including 21m @ 2.06% lithium oxide from 202m.
The drill hole identified as FDD008 intersected 1.75m @ 1.72% lithium oxide from 269m.
The drill hole identified as FRC026 intersected 31m @ 1.63 % lithium oxide from 106m.
The project of the company which contains the BP33 lithium orebody covers 500 Kilometre square of over the Bynoe Pegmatite Field, near Darwin. The exploration activities taken by the company along with the mineral resources drilling to date confirms the potential of the project tenements to host the high-grade lithium mineralisation.
As per the company, the drilling undertaken by the company in 2018 combined with drilling in early 2019 has a potential to substantially grow the current mineral resources of the prospect to secure a long-life lithium mining and production operation.
The company recently extended its mineral resources for the Finniss Project.
The company is in the final stage of completing its DFS over the prospect and now plans to emerge as a next lithium producer though mining and production of high-quality lithium concentrate in Australia, though its Finniss Project.
During the time of writing this report, the last traded price of the share before the halt was at A$0.054 (as on 28th March) with an average volume of 987,084.
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