Core Lithium is looking to start the new decade on a high after a promising spodumene pegmatite discovery at the Finniss lithium project near Darwin, Northern Territory.
During a reverse circulation drilling, Core uncovered a 119-metre drill intersection of pegmatite at the BP33 prospect, including 105 metres of strongly mineralised spodumene pegmatite.
With this discovery, Core expects the BP33 to significantly contribute to an increased mine life at Finniss.
The company plans to upgrade the mineral resource and ore reserve estimate in the March 2020 quarter.
Core managing director Stephen Biggins said the company’s focus over the coming months would be increasing shareholders’ value by growing mineral resources and further extending mine life.
“Core’s world-class spodumene pegmatite intersection at BP33 highlights the significant upside potential for the Finniss lithium project,” Biggins said.
“We are confident in having the project shovel-ready in early 2020, so we are well-positioned to be Australia’s next lithium producer as market conditions improve.”
Despite lithium oversupply in 2019, Core believes its demand in the medium and longer term will exceed supply.
The company continues to advance its financing and offtake discussions towards an investment decision, ahead of the projected market recovery next year.
“We are well placed to be Australia’s next lithium producer and the first shovel-ready lithium infrastructure project in the Northern Territory,” Core stated.
Core has nearly finalised its approvals for the project and successfully completed the Northern Territory Environment Protection Authority (NTEPA) process.
It is now working to secure final approval to enable mining and construction of the processing facility and finalising its mining management plan.
The Finniss lithium project is supported by infrastructure and logistics chain that links it to Asia, being situated within 25 kilometres of port, power station, gas and rail facilities.
It is also just one hour by sealed road to Darwin port, which is Australia’s nearest to Asia.