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Highlights
- The first Bilatos results at Finniss are encouraging Core Lithium.
- The reverse circulation (RC) drilling assays reveal strong grade and thickness.
- Over the next few months, Core intends to conduct an active exploration program at Finniss.
The share price of mineral exploration firm Core Lithium Ltd (ASX:CXO) shot up 9.288% to trade at AU$1.382 per share at 2:00 PM AEDT on Thursday. The updates on drilling and exploration results from the Finniss Lithium Project close to Darwin in the Northern Territory, is the spark for today’s surge in the Core Lithium share price.
Core Lithium is developing Australia’s most advanced and newest lithium project, the Finniss Project in the Northern Territory. The Finniss Project propels Core Lithium to the forefront of contemporary global lithium production.
Last week, the surprising departure of CEO and managing director Stephen Biggins rattled the firm’s share price. Since then, the share price of Core has made a recovery bounce today, reaching its highest level in over a year.
The impacts of COVID-19 were felt globally, especially in Australia’s mining industry, which suffered significantly and sustained massive losses. However, during the trying time of Covid, the corporation fought hard and not only achieved enormous growth but also increased its shares by 516% in one year and 215% in the last six months.
The stock of the company has of late, maintained its bull run without being significantly impacted. Since the beginning of 2022, the company’s stock has climbed by 115%. CXO also witnessed massive growth in the last one month, with the share price surging by 76%.
Image source: © 2022 Kalkine Media®
If we talk about the S&P/ASX 200 Index, 7 of 11 sectors are higher today. The best performing sector is materials, which has gained 1.83% and 4% in the last five days. Core Lithium’s stock is rising today, in line with the S&P/ASX 200 Materials [XMJ], which is up 2% today and rose over 8% in one month.
Good read: Core Lithium (ASX:CXO) signs supply deal with Tesla, shares zoom
Development of Finniss Lithium Project
Within the southern tenements of the project zone, Core Lithium Ltd provided an update on findings from drilling undertaken on a range of prospects and the early-stage local exploration targets.
Core’s exploration team concentrated on mineral resource conversion and expansion throughout the last drilling season. In addition, the firm also focused on area exploration to expand mine life and build the foundation for medium-term production development at the Finniss Lithium Project.
Drilling Results of The Project
- Bilatos Prospect
At Bilatos, ten RC drill holes have been conducted within and next to the recently acquired MLN813 and Core’s adjacent EL30012. In the initial drilling at Bilatos, most holes intersected consistent thicknesses of pegmatite and substantial lithium grades.
All holes have received assay results, with the following intersections being the best:
Image source: © 2022 Kalkine Media®
- Regional Exploration Prospects
In the southern Finniss project region, assay results for an additional 17 holes have been reported. There were no substantial lithium intercepts even though many of these holes intersected pegmatite at prospects including Sabine, Annie and Saffums.
Management remark
Stephen Biggins, Managing Director of Core’s, stated:
Road ahead
During the Covid inducted lockdown period, the company battled hard and achieved significant growth, which captivated investors’ interest. The firm has plans for active exploration drilling programs at Finniss in the coming months. These approaches indicate why the firm has been on investors’ radar for a long time.
Good read: CXO, PLS, AKE: 3 ASX lithium stocks with over 100% past year returns
