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Friday 21 June 2024

Core Lithium (ASX:CXO) reveals a 58% increase in Finniss Mineral Resource

Article

Core Lithium (ASX:CXO) has revealed a 58% increase in the Mineral Resource Estimate for the Company’s 100% owned Finniss Lithium Project located near Darwin in the Northern Territory. The updated Mineral Resource Estimate is 48.2Mt at 1.26% Li2O. 

The RC and diamond drilling program completed in 2023, was the largest program undertaken by the Company to date. The program was conducted at both known deposits and at new prospects within the Bynoe Pegmatite Field.

Highlights

  • Total Finniss Mineral Resource Estimate increased by 58% to 48.2Mt @ 1.26% Li2O
  • Combined Lees & Booths Mineral Resource Estimate grows by 429% to 14.5Mt @ 1.11% Li2O
  • Maiden Mineral Resource Estimate declared for Seadog
  • Significant increases to known deposits and an additional new deposit included in the Mineral Resource Estimate
  • 2024 exploration program is underway with results to be announced as they become available

Commentary 

Core Lithium interim CEO Doug Warden said:
“This significant increase to the Finniss Mineral Resource is an excellent outcome for Core Lithium and our shareholders. The 2023 exploration program was the largest in Core Lithium’s history and these outstanding results justify the continued exploration of the Finniss region.

In particular, the 429% increase in the combined Mineral Resource at Lees & Booths to 14.4Mt, supports our view that the Finniss region has the potential to host large clusters of lithium deposits. At Lees, the pegmatites remain open in multiple directions with the high chance that further pegmatite sheets exist within the system.

Our 2024 exploration program will target both larger standalone deposits, as well as clusters of smaller deposits that have the potential to be mined with shared infrastructure.”

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