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Core Lithium more than doubles mineral resources at BP33, key deposit for Finniss operation

Kitco News

(Kitco News) - Australian lithium developer Core Lithium (ASX: CXO) yesterday reported a significant upgrade to mineral resource estimate at BP33, a key deposit for the Finniss lithium operation in the Northern Territory.

The company said that drilling completed as part of the ongoing Finniss lithium operation exploration program has led to a more than doubling of the mineral resource estimate at BP33 from 4.37Mt @ 1.53% Li2O to 10.1Mt @ 1.48% Li2O.

"BP33 is the second proposed mine at Finniss currently awaiting development approval,” Core said in a news release.

Importantly, the company pointed out that the BP33 mineralization appears open down plunge and along strike and has potential for increases to the BP33 mineral resource in future drilling programs.

Further drill results are pending from the remainder of the 2022 drilling program and work is underway to update the global Finniss mineral resource and ore reserve estimate, it added.

Core said that its objective is to identify and define additional mineral resources and ore reserves that lead to the development of mining options across the company's Finniss tenements.

Core Lithium is building Australia's next lithium mine – the Finniss lithium project on the outskirts of Darwin in the Northern Territory. The company indicated it is on track to commence maiden spodumene concentrate production in the first half of 2023.

Once online, Finniss will produce an annual average of 160kt of battery-grade lithium concentrate over an initial 12-year mine life. In parallel to construction activities, Core has invested about $25 million for high-impact drilling in 2023 to grow the Finniss resource and extend the mine life.

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