Core Lithium Increases Its Resource Estimate For Lithium At Finnis

Core Lithium Increases Its Resource Estimate For Lithium At Finnis

Core Lithium Ltd (ASX: CXO) upgraded its mineral resource estimate for the Finniss Lithium Project in the Northern Territory on the back of 38% growth in Mineral Resource Estimate (MRE) at the Carlton Deposit.

The news flags the Finniss’ global mineral resource estimate to now total 8.8Mt at 1.3% Li2O with the 38% increase in the Mineral Resource at Carlton to 1.1Mt @ 1.3% Li2O in 3 months that includes 42% in the Indicated category.

Managing Director of Core Lithium, Stephen Biggins stated “The global Mineral Resource for the Finniss Project has increased rapidly from 1.8Mt at the start of 2018 to 8.85Mt at present. Core’s management is of the view that the global Mineral Resource is likely to grow even further over coming weeks.”

The company expects its Finniss Project Mineral Resource to materially increase further in coming weeks as an upgraded Mineral Resource Estimate is announced at Hang Gong and a new Mineral Resource Estimate is announced at Lees-Booths Link. It is expected that the announcement may come later in March.

The report read that the updated lithium Mineral Resource at Carlton is located within the same granted Mining Lease area as the Grants Lithium Deposit and one kilometre from the proposed mine and processing facility at Grants. The company secured the Mineral Lease covering both Carlton and Grants in January 2019.

Further, the company is undertaking a DFS for the development of a spodumene concentrate operation at the Finniss Project and is aiming to build on the strong financial outcomes highlighted in the PreFeasibility Study. It targets to commence the mining and construction in Q3 2019 and to ramp up commercial scale production of high-quality spodumene concentrate in early 2020, subject to financing and regulatory approvals.

The spodumene pegmatite at Carlton is reportedly defined at the surface by a shallow, 200m long and 15m20m wide pit mined historically for tin and tantalum. As per the company’s information, the regular shape of the existing pit is consistent with the downhole drilling, but the body is much longer and closer to 300m long as defined by the company’s recent drilling.

On the financial front, Core has established offtake and prepayments agreements and now is in talks for negation to finalise further agreements with some Asia’s largest lithium producers. These agreements would add a financial muscle to the project’ capital expenditure requirement. Moreover, Core continues its focus on resource and exploration drilling for the 2019 field season, scheduled to commence in mid Q2 2019.

Mr Biggins concluded that these new Mineral Resources have the potential to add substantial upside to the Finniss Lithium Project, in addition to the lithium Mineral Resources already defined.

In today’s trading session, Core Lithium’s stock price has declined by 3.448% to last trade at $0.056 on 12 March 2019. Over the past 12 months, the stock has witnessed a negative price change of 10.77% despite the surge of 7.41% recorded in the past three months.


Disclaimer

This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. Kalkine Media does not in any way endorse or recommend individuals, products or services that may be discussed on this site. Our publications are NOT a solicitation or recommendation to buy, sell or hold. We are neither licensed nor qualified to provide investment advice.

Top 25 Dividend Stocks report for April

People prefer a dividend stock in their portfolio as it possesses the feature of compounding. Compounding means that the earning which is generated through these dividend stock will get reinvested and will eventually create earnings from earning. More precisely, the dividend generated from these dividend stock will get reinvested to buy another set of a share of the dividend stock which results in giving a higher dividend.

Click here to download your top 25 dividend stocks report!

6 Cannabis Stocks under Investor’s Limelight…

Cannabis companies that sell both medicinal weed and recreational pot. Marijuana stocks to look at. Marijuana mergers and acquisitions. Dispensary data analytics. Upcoming marijuana IPO’s Those phrases have become increasingly common as marijuana legalization spreads.

Global spending on legal cannabis is expected to grow 230% to $32 billion in 2020 as compared to $9.5 in 2017, according to Arcview Market Research and BDS Analytics. As of June 29, 2018 the United States Marijuana Index, despite a lot of uncertainty around regulations, has over the past 1 year gained 71.49%, as compared to about 12% gain seen by the S&P 500.

Click here for your FREE Report

LEAVE A REPLY

Please enter your comment!
Please enter your name here