Core Lithium, Finniss lithium project, Lithium, News

Finniss gets a resource boost

Core Lithium intends to pursue new and aggressive exploration programs funded by $100 million raised from a placement of 97.1 million shares.

The total mineral resource estimate for the Finniss lithium project in the Northern Territory has increased by 58 per cent.

Core Lithium upped the mineral resource, which now stands at 48.2 million tonnes, for its 100 per cent-owned operation after drilling concluded for the 2023 period.

The drilling program was the largest undertaken by Core to date and was conducted at both known deposits and at new prospects at the site.

Core Lithium interim chief executive officer Doug Warden said the increase was significant.

“This significant increase to the Finniss mineral resource is an excellent outcome for Core and our shareholders,” he said.

“The 2023 exploration program was the largest in Core’s history and these outstanding results justify the continued exploration of the Finniss region.”

Warden said the 2024 exploration program is set to target both larger standalone deposits and clusters of smaller deposits that can be mined with shared infrastructure.

“In particular, the 429 per cent increase in the combined mineral esource at Lees & Booths to 14.4 million tonnes supports our view that the Finniss region has the potential to host large clusters of lithium deposits,” Warden said.

“At Lees, the pegmatites remain open in multiple directions with the high chance that further pegmatite sheets exist within the system.”

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