Core Lithium has discovered a 100 metre-plus high-grade lithium intersection in the Finnis project near Darwin, pushing the project to construction this year.
The 107 metre at 1.70 per cent lithium oxide intersection, which Core has described as “world-class” was drilled as part of a recent deep reverse circulation (RC) and diamond drilling program at the BP33 prospect.
The company also uncovered two additional spodumene pegmatite intersections at BP33, which it believes will “contribute significantly” to an increased mine life for Finniss.
Core managing director Stephen Biggins believes the project should be ready for construction this year as market conditions continue to improve.
“We are confident in having the Finniss project construction-ready in early 2020 so that we are well-positioned to be Australia’s next sustainable lithium producer,” he said.
Early mining studies at BP33 and the nearby Carlton prospect highlight opportunities to increase mining efficiency and further extend mine life.
These opportunities include increasing ore reserves by cost-efficient underground mining of the pegmatite orebodies continuing from BP33 and Carlton, while developing the nearby Grants resource as a simple open-cut operation.
Core expects to complete mining and feasibility studies for the Finniss project in the first half of 2020 as approvals and financing discussions continue.