Core Lithium has released an update on the progress of the $45-$50 million early works and feasibility study of its BP33 Underground Project, as the company progresses towards a final investment decision in Q1 of 2024.
BP33 is the second proposed mine at the Finniss Lithium Operation, and the Carlton Project Study is Core’s potential third mine.
Early works commenced onsite in early August. The early works program is a significant scope of work that includes: a covered box cut, including tunnel foundations, liner installation and backfill, site access road, stockpiles and ROM pad establishment, contractors’ facilities, temporary services, site drainage and associated water management infrastructure.
Box cut excavation has successfully commenced. The final box cut will be covered to help manage potential wet season impacts to mining. The box cut tunnel liner has been custom designed and manufactured in a specialist plant in South Korea and delivery to Darwin is nearing completion.
The box cut will provide portal access from which the decline to the BP33 ore body will be developed as a part of the next phase of capital works.
The BP33 feasibility study is on track to inform the next phase of capital works and a final investment decision.
An additional program of geotechnical and resource infill drilling was completed in August. The mining block model is being updated using the results of this work and will form the basis of the case presented for an investment decision.
The metallurgical test work program is 45 per cent complete, the backfill test work is well underway, and the regional groundwater model is currently being updated to include recent groundwater data and geotechnical logging.
The Carlton Project, located 2km from the processing plant at Finniss, is also a potential future mine and is the subject of a study update which is due to be complete by the end of 2024.
Drilling recommenced at Carlton in April and results have now been received for the approximately 7,500m diamond drilling (DD) and reverse circulation (RC) program comprising six DD holes and 16 RC holes.
Core Lithium CEO, Gareth Manderson, said that he was pleased to see the progress of the parallel early works and feasibility study workstreams at BP33.
“We are aiming to make a final investment decision for BP33 in the first quarter of 2024 and are completing these early works so we can be ready to commence decline development promptly,” Mr Manderson said.
“We have also now commenced discussions with a number of underground mining contractors who have expressed interest in the BP33 project.
“And we are undertaking a systematic exploration program targeting a number of deposits near the Finniss processing facilities.
“We are pushing ahead with drilling and updated studies at Carlton as we begin to define the optimal mine sequencing at Finniss.”
