Core Lithium Ltd targets over 10 million tonnes of resources at Finnis for 2019-2020

  • May 21, 2019 AEST
  • Team Kalkine
Core Lithium Ltd targets over 10 million tonnes of resources at Finnis for 2019-2020

Core Lithium Ltd (ASX: CXO) unveils its exploration, resource and reserves expansion plan for Finnis Lithium Project NT for 2019-2020. The company is targeting beyond 10 million tonnes of resources based on the recently completed Definitive Feasibility Study (DFS) which has reportedly shown that additional mine life has a significant upside impact on the economics of Finniss.

The core strategy of CXO outlines:


  • Increase the resources through exploration and convert most of the 5-8Mt of ETR* to resources and a subset to reserves
  • Exploration leading to the discovery of new large pegmatites


  • Increase resources 2-3 times and extend reserves and mine life to over 7 years
  • Exploration leading to the discovery of new large pegmatites

Company’s Expansion Plan for Finnis (Source: Company’s Presentation, 21 May 2019)

Core Lithium’s 100% owned Finniss Lithium Project is located south to Darwin port in one of the most prospective areas for lithium in the Northern Territory. The company is actively exploring Grants Deposit and the highly prospective BP33 Deposit, two most integral parts of Finniss.

Finniss Lithium Project global Mineral Resource Estimate (MRE) has been increased to 9.63 million tonnes at 1.3% Li2O through the recent addition of Lees deposit’s resource estimates. The latest estimate reflects an increase of over 500% in CXO Global Resource Base since the start of 2018. More interestingly, there lies an ~500km2 in the Finniss Project which contains hundreds of pegmatites but has “barely been scratched”.

Mineral Resource Estimate at BP33 Deposit totals 2.15Mt, but DFS Reserve Case Pit design takes in only 0.47Mt, of which almost all are in Indicated Resource category. The company informed that there is a substantial potential to increase the size of the pit and tonnes produced at BP33, but currently, additional tonnes are mostly Inferred. CXO is, therefore, planning 1500m of RC or DDH Resource Infill Drilling targeting to double the indicated resource at BP33.

Within the company’s advanced resource programs, Carlton, Hang Gong and Lees outline the principal target prospects. Core intends to increase the size of spodumene pegmatite by 50%-100% at Carlton where current MRE stands at 1.1Mt @ 1.3% Li2O. At Hang Gong, the company aims to convert 3-5Mt @ 1-1.4% Li2O ETR to Resource through the Resource Expansion and Infill drilling.

CXO’s resource expansion program (Source: Company’s Presentation, 21 May 2019)

In addition, Core’s exploration strategy includes the exploration for new Steep pegmatites - “Grants style”, exploration for new Shallow-dipping stacked pegmatites - “Hang Gong style" and exploration for new Large tonnage pegmatites - “Sandras style.”

The company, however, clarified that the potential quantity and grade of an exploration target as stated above is conceptual in nature and there is no certainty that the further exploration will return additional Mineral Resources as estimated.

CXO stock price plunged by 10% to last trade at $0.045 on 21 May 2019. Over the past 12 months, the stock has declined by 7.41% including a negative price change of 9.09% recorded in the past three months.

Also Read: Core Lithium’s March 2019 Quarterly Activities Report


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