Core Lithium lifts Finniss lithium resource more than 50% to 15 million tonnes

Core Lithium Ltd (ASX:CXO) has increased the mineral resource estimate (MRE) for its Finniss Lithium Project in the Northern Territory by more than 50% to 15 million tonnes at 1.3% lithium oxide (Li2O). The measured and indicated resource increased by 150% to 7.62 million tonnes at 1.41% Li2O, which provides strong potential to increase mine-life for the newly approved project. This new MRE is expected to provide a material increase in the ore reserve classification when this is finalised later this month. "Further validation of potential" Core managing director Stephen Biggins said: “Core’s announcement today is further validation of the enormous potential that our flagship Finniss Lithium Project holds. “We are very pleased to have reached a global mineral resource of 15 million tonnes at 1.3% Li2O for the project and we are excited to see the life of mine significantly improve as a result of this when mining studies are completed later this month.” Shares have been as much as 9% higher to 4.9 cents intra-day. Increased life of mine The resource estimation process has also highlighted opportunities to extend and expand the MRE with further resource drilling planned for later in 2020. Similarly, mine planning has defined numerous opportunities to potentially add additional ore reserves, and as a result, further increase revenue over the extended life of the proposed project. The company is completing mining studies targeting a 7-10-year mine life and anticipates that the studies will show that high-grade continuous mineralisation is amenable to efficient underground mining methods, after initial development of the Grants deposit as an open pit mine. An updated mine plan is expected to be completed later this month and will be used to update the feasibility study for the Finniss Project. Looking forwards Core expects the increase in mine life and improvement in economic outcomes to be attractive to potential offtake and financing partners as markets continue to improve. Biggins said: “We continue to be encouraged by the ongoing confidence in lithium demand and project support, as recently demonstrated in both our successful capital raising and in the securing of our first Europe-based offtake partner, notwithstanding the current challenging environment as we progress towards construction, commissioning and production.”