Lithium

High-Grade lithium intersections at Carlton: Core Lithium

Wed 09 Mar 22, 6:07pm (AEST)
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Key Points

  • First concentrate production tipped for fourth quarter 2022
  • Pending Assays for the remainder of the drill holes completed in 2021 to be received over the coming weeks
  • Best results so far included 24.5 metres at 1.46% lithium oxide (Li20), 30 metres at 1.78% and 40.3 metres

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.

Substantial extensions

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.”

Increase in MRE tipped for 4Q

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%.

Resource drilling

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.

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Core Lithium: A steady riser over one year.

Written By

Mark Story

Editor

Mark is an investigative financial journalist and editor who started his career working for Marathon Oil in London. He has a degree in politics/economics and a diploma in journalism. Mark has worked on 70-plus newspapers and financial publications across Australia, NZ, the US, and Asia including: The Australian Financial Review, Money Magazine, Australian Property Investor and Finance Asia. Mark is passionate about improving the financial literacy of all Australians through the highest quality content. Email Mark at [email protected].

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