Lithium developer Core Lithium (ASX:CXO) has increased the mineral resource estimate (MRE) and ore reserve estimate for the company’s 100 per cent owned Finniss lithium project near Darwin in the Northern Territory.
The MRE for Finniss increased by 28% to 18.9Mt @ 1.32% Li2O (Table 1).
The Measured and Indicated Resource categories have increased by 61% to 13.3 million tonnes at 1.40% lithium.
Approximately 70% of the MRE is now in the higher confidence Measured and Indicated categories, with excellent conversion of Inferred to Indicated.
The ore reserve estimate for the Project has increased by 43% to 10.6 million tonnes at 1.3% lithium.
Drilling in 2021 by Core significantly increased the Ore Reserves by 70% at BP33 and 106% at Carlton providing an additional 4-years of mine life to the Project.
Construction and mining activities at the Project are ramping up with new equipment and people arriving on site.
The Project is progressing well and is currently on track to make its first Direct Ship Ore (DSO) lithium shipment from the NT by the end of CY 2022, with first concentrate production commencing soon after.
Core Lithium non-executive chairman Greg English said: “This is a tremendous outcome for Core and our shareholders and testament to the efforts of our operations and exploration teams as we focus on growing Finniss’ mine life and scale beyond last year’s DFS assumptions.
“The new Ore Reserve Estimate has resulted in a 12 year mine plan.
“In parallel, our teams will complete the 2022 drilling campaign to see if it can deliver equally impressive results across both our open pit and underground deposits.
“Most of the deposits at Finniss – including BP33, Carlton, Hang Gong, Ah Hoy and Sandras – remain open at depth and along strike and we are confident in the potential to deliver further significant increases to the Finniss resource and reserve position.
“Today’s positive announcement adds to the significant momentum being generated by the safe and timely development of Finniss Stage 1.
“Fully funded to first production, Finniss remains on track to ship first lithium by the end of this calendar year to herald Core’s arrival as Australia’s next lithium producer.”