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Highlights:
- Core Lithium has significantly increased the MRE and ORE for its wholly-owned Finniss Lithium Project.
- With the excellent conversion from Inferred to Indicated, almost 70% of the MRE is now in the higher confidence Measured and Indicated categories.
- Additionally, the ORE for the project has grown by 43% to 10.6 Mt at 1.3% lithium oxide.
Core Lithium Ltd (ASX:CXO), one of the biggest lithium producers in Australia, announced on 12 July 2022, that it has significantly increased the Mineral Resource Estimate (MRE) and Ore Reserve Estimate (ORE) for the company's wholly-owned Finniss Lithium Project, close to Darwin in the Northern Territory.
In an ASX filing, Core said that at 1.32% lithium oxide, the MRE has climbed by 28% to 18.9 million tonnes (Mt). The calculated resource groups have risen by 61% to 13.3Mt at 1.4% lithium oxide.
As per CXO, with excellent conversion from Inferred to Indicated, almost 70% of the MRE is now in the higher confidence Measured and Indicated categories.
Additionally, the ORE for the project has grown by 43% to 10.6 Mt at 1.3% lithium oxide.
Drilling in 2021 considerably boosted the ORE at BP33 and Carlton by 70% and 106%, respectively, giving the project an additional four years of mining life.
By the end of CY 2022, the project is on track to ship its first Direct Ship Ore (DSO) lithium shipment from the NT, and shortly after that, it will begin producing its first concentrate.
The project's mining and construction activities are intensifying as new workers and equipment are being brought in.
Meanwhile, Core shares were spotted trading 0.5% lower at AU$0.850 per share at 10:54 AM AEST on Wednesday (13 July 2022). The stock had closed trading at AU$0.86 apiece and tumbled 7.07% on ASX on Tuesday (12 July 2022). Despite the positive news shared by the company, Core's shares have been buzzing in the red zone.
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The Finniss Project in the Northern Territory is being developed by Core Lithium and is touted as the nation's newest and most technologically sophisticated lithium project.
