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Core Lithium reports 62% increase in Finniss mineral resources

Kitco Media
By Vladimir Basov
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Updated
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(Kitco News) - Australian lithium miner Core Lithium (ASX: CXO) yesterday announced a significant increase in the Mineral Resource Estimate for the company's 100% owned Finniss Lithium Operation near Darwin in the Northern Territory.

In a press release, the company said that the Mineral Resource Estimate (MRE) for Finniss has increased to 30.6Mt @ 1.31% Li2O, which represents a 62% increase on the previous MRE of 18.9Mt @ 1.32% Li2O.

Core noted that the Measured and Indicated Resource categories have increased by 46% to 19.4Mt @ 1.37% Li2O, adding that approximately 63% of the MRE is in the higher confidence Measured and Indicated categories, with "excellent conversion" of Inferred to Indicated.

"The reported Mineral Resource update at Finniss is the culmination of all drilling undertaken by Core's exploration team in 2022," the company said. "These results show significant potential for mine life extension at Finniss, and work is now underway to complete an updated Ore Reserve Estimate."

Core pointed out it has commenced drilling for 2023 at Finniss and aims to deliver further significant increases to the total Mineral Resource. The company has allocated A$25 million to the 2023 program, nearly double the budget allocated for 2022.

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Vladimir Basov

Vladimir (PhD, MEng in Mining) is a professional mining engineer, scientist and analyst that has more than 20 years of practical in-field and research experience. He is particularly interested in collecting, processing baseline data and writing insightful data-driven mining industry analytics, articles, statistical and research reports.

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