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    CXO   AU000000CXO2


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Core Lithium Ltd. Announces Finniss Mineral Resource Grows to 8.6Mt with Hang Gong

01/30/2019 | 05:27pm EST

Core Lithium Ltd. announced the global Mineral Resource Estimate (MRE) for the Company's Finniss Lithium Project in the Northern Territory (Finniss Project) has again been increased to now total 8.6Mt @ 1.33% Li2O with the addition of an initial MRE in respect of the Hang Gong Deposit. The initial Hang Gong MRE is 1.4Mt at 1.2% Li2O and is classified as Inferred under the JORC code 2012. The maiden MRE announced at Hang Gong is expected to be significantly upgraded in scale and in confidence category over the course of 2019, to add additional resources to the proposed development project with further resource drilling. In addition to the new MRE, a further Exploration Target of 3 to 5 million tonnes grading between 1.0% and 1.4% Li2O has been identified by Core at Hang Gong. The potential quantity and grade of this Exploration Target is conceptual in nature; there has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of additional Mineral Resources. Hang Gong is located less than 1km from the proposed mine and processing facility at the Grants Deposit and only a few hundred metres from the Carlton Prospect where Core recently announced a spodumene lithium Mineral Resource Estimate. Based on the potential outlined by the 3Mt-5Mt Exploration Target, Core is currently conducting follow-up drilling at Hong Gong with the aim of expanding on the initial Mineral Resource Estimate. The Exploration Target is based on a number of very broadly space RC drill holes immediately surrounding the Hang Gong SW Mineral Resource Estimate. The Exploration Target assumes extensions of the existing Hang Gong SW mineralised pegmatites to the south and north with average thicknesses of between 5-8m and density of 2.72 g/cm3. Giving a range of 3-5 Mt. The average grade range of 1.0-1.4 % Li2O was derived from the typical range of grades seen for drilling at this and other similar deposits nearby. Core is undertaking a DFS for the development of a spodumene concentrate operation at the Finniss Project and is aiming to build on the strong financial outcomes highlighted in the Pre-Feasibility Study (PFS). The Company is targeting commencement of mining and construction in mid-2019 and first production of high-quality spodumene concentrate in late 2019, subject to financing and regulatory approvals. The Finniss Project has arguably the best supporting infrastructure and logistics chain to Asia of any Australian lithium project. The Finniss Project is within 25km of port, power station, gas, rail and 1 hour by sealed road to workforce accommodated in Darwin and importantly to Darwin Port - Australia's nearest port to Asia.

© S&P Capital IQ 2019
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09/29Core Lithium Ltd Approves Finniss Lithium Project FID
More news
Sales 2022 - - -
Net income 2022 -4,00 M -2,86 M -2,86 M
Net Debt 2022 - - -
P/E ratio 2022 -
Yield 2022 -
Capitalization 884 M 634 M 633 M
Capi. / Sales 2022 -
Capi. / Sales 2023 11,4x
Nbr of Employees -
Free-Float 79,1%
Duration : Period :
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Mean consensus BUY
Number of Analysts 1
Last Close Price 0,53 AUD
Average target price 0,70 AUD
Spread / Average Target 32,1%
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Managers and Directors
Stephen Richard Biggins Managing Director & Executive Director
Simon Iacopetta Chief Financial Officer
Gregory David English Non-Executive Chairman
Blair L. Duncan Chief Operating Officer
Heath Albert Hellewell Independent Non-Executive Director
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