Why are Core Lithium's (ASX:CXO) shares trading in green today?

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 Why are Core Lithium's (ASX:CXO) shares trading in green today?
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Highlights

  • Core Lithium shares were trading at AU$1.41 per share, up 0.36% on ASX today (21 November) at 4.34 PM AEDT.
  • This outperforms ASX 200 Materials index, which was 1.54% down at 17,006.60 points at the same time.

Shares of lithium company Core Lithium Limited (ASX:CXO) were trading in the green today (21 November).

At 4.34 PM AEDT, the company's shares were trading at AU$1.41 per share, up 0.36% on ASX today. This outperforms ASX 200 Materials index, which was 1.54% down at 17,006.60 points today.

A look at Core Lithium's quarterly report

On 31 October, 2022,  Core Lithium had shared its September quarterly report.

Core Lithium had announced through an ASX filing that the first spodumene ore was discovered in the Grants Open Pit in mid-September. According to the company,  work is still being done to ensure the crushing circuit will be operational as scheduled. To speed up the ramp-up of the Dense Media Separation (DMS) plant building for commissioning, a night shift was implemented.

Core Lithium has submitted a Mine Management Plan to the Department of Industry, Tourism, and Trade and gained environmental approval for BP33 (DITT). The last phase in the approval procedure is the mine management plan.

. The majority of the deposits at Finniss, including Sandras, Hang Gong, and Ah Hoy, are still open along strike and at depth.

Additional drilling and re-interpretation are included in the updated MREs for BP33, Carlton, Hang Gong, and Lees. The estimates for Grants and Booths constitute a re-reporting of the existing models at the lower cut-off grade, whilst the Sandras estimate represents a re-interpretation and classification of existing data.

BP33 diamond drilling

At BP33, Core Lithium finished the 12-hole deep diamond drilling programme that was started in May during the quarter.

In September 2022, Core Lithium had completed the programme and reported visual observations of deep diamond holes NMRD035, NMRD038 and NMRD039, which confirmed that all three holes intersected varying thicknesses of spodumene mineralized pegmatite at depths below any previous drilling and as deep as 830 metres below surface.

It's significant to note that new spodumene intersections were recorded more than 400 metres outside of the existing Mineral Resource,

Stock performance: In the last one month, Core Lithium shares have not registered significant gains, however, in the last one year, the company's shares have jumped over 146%.

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