Core Lithium’s updated ore reserve at its Finniss Lithium Project includes a 223 per cent growth in the BP33 ore reserve.
Finniss is located within the Bynoe Pegmatite Field and is around 88km by road from the Darwin Port.
The reported Finniss ore reserve estimate update is the culmination of drilling and study work undertaken throughout 2023 and 2024. The ore reserve estimate and related assumptions were developed by independent consultant OreWin with assistance from Core.
The Finniss ore reserves align with the restart study areas of focus (BP33 and Grants) and underpin a simpler project with a notional operating life of 9.5 years at the rate of the existing 1Mtpa Finniss process infrastructure.
Core’s CEO, Paul Brown, said, “The updated ore reserve for our lithium assets around Finniss in the Northern Territory represents the next step in the reset of our future operating strategy.
“This estimate reflects the changes in lithium market conditions since our last ore reserves update and is consolidated around the high-grade BP33 deposit. The ore reserve for BP33 has more than doubled, underpinning a projected life of over nine years at the currently installed processing capacity.”
Mr Brown said the box cut and site establishment of BP33 were well underway before the company paused operations earlier in 2024, with excavation of the final bench of the box cut almost complete.
“Our team is maintaining the site in good order so that development can resume in the future, should it be supported by our restart studies and prevailing lithium market conditions.”
Mr Brown said the overall 9.3Mt ore reserve, which includes a small contribution from the Grants open pit, is based on the company’s measured and indicated mineral resource of approximately 28 million tonnes.
“This represents a subset of the group mineral resource of 48.2 million tonnes, containing more than 600,000t of Li2O metal. Our current drilling activities are targeting further resource growth and the discovery of new deposits of a similar scale to BP33.
“This new Ore Reserve supports our strategy for a simpler, lower-cost, and more sustainable operating platform for Core Lithium. Restart studies are progressing to develop the execution plan.”
Featured image: Steve Morfi/shutterstock.com
