Australian lithium giant Core Lithium has netted a 62 per cent resource increase for its flagship Finniss Lithium Operation, with its total Mineral Resource Estimate now standing at 30.6Mt@ 1.31% Li2O.
The MRE upgrade is a result of an extensive 39,600 RC and diamond drilling campaign undertaken at Finniss last year, the largest drill campaign performed by the Company to date, which drilled both known deposits and new prospects within the Bynoe pegmatite field.
Estimates for existing mineral resources were incorporated into the update including maiden resources at the Bilatos and Penfolds prospects and the recent significant resource increase to 10.1Mt @ 1.48% Li2O at the BP33 deposit, with all mineral resources being reported to a 0.5% Li2O cut off grade.
Not wanting to rest on its laurels, Core has already kicked off an expanded drilling campaign testing for further significant resource growth and providing options for future development and expansion, with the Company nearly doubling the 2022 exploration budget to $25 million for the 2023 program.
This significant resource increase must also be a shot in the arm for explorers who have set up shop around Bynoe in the hopes of repeating Cores’ success, with a recent example being Evergreen Lithium whose share price soared following a blockbuster $7 million IPO as investors took note of its flagship Bynoe Project which was confirmed to host strike extensions of Finniss, with drill hits up to 107m @ 1.70% Li 20 logged within 1km of Bynoe.
The Company said that these results show significant potential for mine life extension at Finniss with work now underway for an updated Ore Reserve Estimate.
“Through the targeted and systematic drilling of known and emerging deposits, the Company has further highlighted the prospectivity of our landholding in the Bynoe Pegmatite field and the strong potential for life of mine extensions at the Finniss Lithium Operation,” Chief Executive Gareth Manderson said.
“Our exploration team returns to Finniss in 2023 with a pipeline of new and existing deposits. The success of the 2022 exploration program is a strong endorsement of our near-doubled 2023 exploration budget as we target growth at the Finniss Lithium Operation.”
CXO’s Australian Stock Exchange-listed share price has risen 8.91 per cent today, currently selling at $1.007 (12:21 pm UTC+ 8 hours).