Core Lithium (ASX:CXO) has revealed a 58% surge in its Mineral Resource Estimate, totalling 48.2 million tonnes at 1.26% Li2O, for the Finniss Lithium Project in Darwin, NT.
The extensive RC and diamond drilling campaign undertaken in 2023 stands as the largest program ever executed by the company. This initiative covered drilling activities at both established deposits and new prospects within the Bynoe Pegmatite Field.
“The 2023 exploration program was the largest in Core’s history, and these outstanding results justify the continued exploration of the Finniss region,” Core Lithium interim CEO Doug Warden said.
“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 a 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.” Doug Warden said.
The combined drilling efforts for both Lees and Booths increased the MRE from 2.73 million tonnes at 1.11% Li2O to 14.5 million tonnes at 1.11% Li2O, a 429% increase.
This increase in the MRE is particularly promising for the company, especially amidst its challenges as an embattled stock through the recent fluctuation in lithium prices, coupled with its one-year returns plummeting by 81.77%.
The introduction of a maiden Mineral Resource at Seadog marks on going development in the exploration efforts of the project.
CXO shares are up nearly 6.5% on the news.
CXO last traded at 16.5c.