Core Lithium (ASX:CXO) was up 5.68% at the close today after the lithium developer updated on its drilling activities at the Carlton deposit of the Finniss Lithium Project near Darwin.
Eight of nine diamond drill holes completed last year to test the continuity of the mineralisation at Carlton intersected spodumene bearing pegmatites. The latest drilling results from Core Lithium’s Carlton deposit indicate that lithium mineralisation is improving with depth.
This conclusion was also reached at the BP33 deposit last month, where two deep diamond drill holes produced high-grade spodumene-rich intersections.
Situated outside and near the boundary of the current mineral resource at Carlton of 3.02 Mt at 1.28% lithium oxide (Li2O), the intersections are expected to deliver substantial extensions.
Commenting on today’s announcement, managing director Stephen Biggins noted:
“The Carlton deposit is a key component of the under-construction Finniss Project, and we look forward to delivering an updated Mineral Resource estimate in the coming months.”
“This, in combination with the recommencement of exploration and resource drilling, is in line with our stated strategy of further expanding the mine life of the Finniss Project.”
Based on the position of the intersections, plus higher grade and widths, management expects to see an increase in the Mineral Resource estimate (MRE) for Carlton of 3.02 megatons to increase.
Once current delays in laboratory productivity are resolved, Core expects pending Assays for the remainder of the drill holes, completed in 2021, to be received over the coming weeks.
The best results so far included 24.5 metres at 1.46% Li20, 30 metres at 1.78% and 40.3 metres at 1.53%.
With expanded exploration and resource at Carlton drilling set to restart early in the second quarter of 2022, further resource expansion drilling, and a resource update for the Finniss Project are expected in the coming months.
First concentrate production is tipped for fourth quarter 2022.
Core Lithium: A steady riser over one year.
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