Emerging lithium developer Core Lithium (ASX: CXO) has unearthed a broad mineralised zone grading at 1.78% lithium oxide during recent drilling within its wholly-owned Finniss project in the Northern Territory.
The company today announced results from drilling at the BP33 deposit including a wide, high-grade intersection of 76m at 1.78% lithium oxide from a depth of 149m, including 21m at 2.06% lithium oxide from 202m, plus a 51.75m intersection at 1.72% lithium oxide from 269m.
According to Core, the drilling results confirm the consistent and high-grade nature of the BP33 lithium orebody, which bodes well for the Finniss project’s definitive feasibility study (DFS) due to be released in the next few weeks.
“These last results from BP33 are important to increasing the high level of confidence in the orebody and the accuracy of the input and outcomes of the DFS,” the company stated.
Finniss resource upgrade
The Finniss project covers 500sq km of granted tenements over the Bynoe pegmatite field near Darwin, NT.
Drilling to date has confirmed that potential ore-grade lithium mineralisation is widespread within the project, with a mineral resource calculated at five deposits – Grants, BP33, Sandras, Carlton and Hang Gong SW.
Earlier in the month, the company announced an 38% increase in the mineral resource at Carlton to 1.1 million tonnes at 1.3% lithium oxide, boosting the Finniss project’s total resource to 8.85Mt at 1.3% lithium oxide.
The company was also recently awarded the first mining lease for the Grants deposit. The 20-year lease arrived three months earlier than anticipated and is the first-ever lithium-focused mining lease to be granted in the NT.
Core is on its way to becoming the next Australian lithium producer, aiming to complete a DFS, regulatory, financing and internal approvals before commencing construction later this year.
According to the company, the DFS is in its final stages of completion, with the report anticipated for release before the end of April.
By mid-afternoon trade, Core shares were up 3.85% to $0.054.