The company has begun Mineral Resource expansion and infill drilling at the Finniss Lithium Project initially focussed at the Hang Gong and Lees-Booths Link prospects in December 2018 which is located 80 km by sealed road from Darwin, NT. At both these prospects and the Carlton prospect in January 2019 further RC and Diamond Resource drilling is to follow. Assays from drilling are expected throughout Q1 2019.
For delivery next week initial Mineral Resource Estimate for Carlton on track followed by initial Mineral Resource Estimates for both Hang Gong and LeesBooths Link expected in January 2019. The pending Resources updates have the potential to feed into the expanded Definitive Feasibility Study on track for completion in late Q1 2019.
With the objective of defining initial JORC Mineral Resource Estimates for three prospects at the Hang Gong, Lees-Booths Link and Carlton Prospects within the Finniss Lithium Project, the newly funded drilling programs are aimed at expanding the spodumene pegmatite mineralization already identified. To expand the spodumene mineralization drilled to date the maiden MRE process currently being undertaken at the Hang Gong, Lees-Booths Link and Carlton Prospects has identified significant potential. With the aim of increasing the resource confidence category, infill drilling will also be undertaken.
To continue through the wet season, the proposed drilling is within a kilometer of sealed roads and should enable RC drilling. After a short break over the Christmas/New Year period, RC and Diamond drilling is planned to recommence in early January 2019. The company is expecting that with the addition of MREs from these prospects that have potential to have strongly positive implications regarding extending the life of the Finniss lithium operation and project economic. To materially increase the existing resource base on the Finniss Lithium Project over the next two months, which are being considered in the DFS due for completion in Q1 2019.
A first MRE at Carlton Prospect is expected in the next few days which is located within the same Mining Lease application area as the Grants Lithium Deposit and a few hundred meters of the proposed mine and processing facility at Grants. Covering both Carlton and Grants, the Mining Lease is expected to be granted in the next month. To extend mineralization and move Carlton to a higher resource category additional drilling is already planned at Carlton in January 2019.
Core Exploration Limited (ASX: CXO) traded at a market price of $0.056 which is up by 1.818% and has gained 17.02% over the past six months.
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