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Core Lithium set to grow BP33 resource at Finniss with more high-grade intersections

15:41 Wed 05 Oct 2022
John Miller
ViewCore Lithium Ltd
ASX:CXO
https://cdn.*.com/ey

Development at the Finniss Lithium Project.
Core Lithium Ltd (ASX:CXO) is set to grow the lithium resource at the BP33 deposit of the Finniss Project after confirming high-grade spodumene-bearing pegmatite in diamond holes up to 830 metres below surface.
The assay results are from the final three holes of a 12-hole resource expansion drilling program at the project near Darwin in Australia’s Northern Territory and validate the company’s visual observations.
High-grade results

High-grade intersections include:

• 72.74 metres at 1.56% lithium oxide (Li2O) from 674 metres in hole NMRD038 including 14 metres at 2.00% from 699 metres; and
• 22.0 metres at 1.60% from 601 metres in hole NMRD039 including 6.0 metres at 2.16% from 605 metres.

New spodumene intersections in deep diamond holes NMRD035, NMRD038 and NMRD039 are more than 400 metres outside the current mineral resource at BP33 are expected to deliver substantial extensions.
Set to increase resource

BP33 has a total resource of 3.24 million tonnes at 1.51% Li2O with 2.69 million tonnes in the measured and indicated categories. The ore reserve totals 2.3 million tonnes at 1.4% for 32,200 tonnes.
This resource is part of the overall Finniss resource of 15 million tonnes at 1.3% Li2O with the project hosting a reserve of 10.6 million tonnes at 1.3%.
The best result of 72.74 metres was intersected in hole NMRD038 and is interpreted to represent the down plunge extension of the main BP33 pegmatite body.
Intersections in NMRD035 and NMRD039 are interpreted to be associated with the southern BP33 pegmatite body.
Reinforce down plunge continuity

These results, when combined with others reported for this drilling program, reinforce the geological down plunge continuity of the pegmatite bodies hosting the mineralisation, with the grade of the main pegmatite body remaining consistently high.
However, the grade of the southern body remains variable with lower grade intersections of 2 metres from 828 metres at 0.97% and 11 metres from 855 metres at 0.58% including 1-metre at 3.06% in NMRD035 highlighting this variability.
Collectively, these intersections combine to define and double the depth extent of the mineralised pegmatite at BP33.
The true thicknesses of the intersections are about two-thirds of those shown (ie downhole intersection of 72 metres equals true thickness of about 45 metres).
Well-placed for growth

A recent placement to new and existing high-quality domestic and global institutional investors enables Core to advance available growth opportunities at the Finniss Lithium Project.
These include accelerated resource definition, extensional and exploration drilling as well as bringing forward the development of the proposed BP33 underground mine by investment in early works.