First BP33 extension hole NMRD100 hit 34.08m @ 2.09% Li2O from 578.7m, outside the existing 10.5Mt @ 1.53% resource, next to earlier hole NMRD085 (90.17m @ 1.80%). Four more holes planned. Extra Blackbeard rig is on its way.
Drilling began at Blackbeard, Core's priority growth target at Finniss: up to 12,150m to support a first resource estimate, with completion expected in the September quarter. Core also agreed to acquire the Bynoe lithium tenement (EL 30897) from Charger Metals. Existing target is 7-10Mt at 1.5-1.7% Li2O (conceptual).
Grants will be mined first as an open pit, moving underground later, cutting Grants pre-production capital by A$35-45M and bringing first ore within a month of mobilisation. Grants Ore Reserve rises 33% to 1.53Mt @ 1.42% Li2O. This revises the May underground-only plan.
Maiden Carlton Ore Reserve of 4.5Mt @ 1.19% Li2O lifts total Finniss Ore Reserves 42% to 15.2Mt @ 1.26% Li2O (192kt contained, up from 138kt). The restart mine schedule is now 87% backed by reserves, up from 61%.
Total Finniss Ore Reserve rose to 10.73Mt @ 1.29% Li2O, from 9.25Mt, with Grants doubling to 1.15Mt via a switch to underground mining. Mineral Resource edged up 0.6% to 48.5Mt @ 1.26% Li2O after adding tailings and stockpile material.
Final Shoobridge assays include 46m @ 0.75g/t gold from 3m and 34m @ 0.97g/t from 49m, suggesting a large shallow oxide gold system over 800m of strike. Core will assess low-cost bulk open-pit potential, while keeping the lithium restart study as its focus.
Finniss drilling hit 63m @ 1.67% Li2O from 166m at Blackbeard, inside Core's Mining Lease within 20km of the Grants plant. With Centurion, mineralisation spans over 600m. More drilling is planned after the wet season; it could feed restart studies and a future resource.
Final Shoobridge holes returned 12m @ 2.93g/t gold from 56m (including 6m @ 5.12g/t), with a single-metre assay up to 19.76g/t. Less than 1km of the 4.5km trend is tested, and a 4,500m follow-up program has started, building on the September results.
Finniss Ore Reserve is now 9.3Mt @ 1.38% Li2O (9.5-year notional life). BP33 reserve rose 223% to 8.7Mt, while Grants fell to 0.6Mt and no reserves are reported for smaller deposits such as Carlton. It supports restart studies; restart is not decided.
Shoobridge assays for 21 of 28 holes include 2m @ 12.9g/t gold from 54m, plus lithium up to 1.41% Li2O at Barretts. Core plans expanded drilling aimed at a maiden gold resource, adding a gold angle beyond lithium; remaining results are due this month.
Core has applied for approvals to drill at its 100%-owned Napperby uranium project, which holds an 8.03Mlb U3O8 inferred resource, with drilling expected later this year. It also flagged gold, niobium and rare earth style targets; Entia and Fitton uranium projects are being reassessed.
Core finished the maiden Shoobridge drilling (3,535m) and has started a 12,000-15,000m Finniss program targeting new lithium within trucking distance of the Grants plant. Shoobridge assays are due in September and Finniss results in the December quarter.
Drilling has started at Shoobridge, with a 2,800m scout reverse circulation program testing old tin-tantalum workings for lithium for the first time, plus a 4.5km gold trend. It is the first drilling of the FY25 exploration program, following the 2023 program.
Finniss resource rises 58% to 48.2Mt @ 1.26% Li2O, from 30.6Mt @ 1.31%. Lees and Booths combined grow 429% to 14.5Mt, and Seadog gets a maiden resource. Measured and Indicated is 27.9Mt, about 58% of the total.
Final 2023 assays include 70m @ 1.40% Li2O at Ah Hoy and 78m @ 1.30% Li2O at Seadog, plus new regional targets. A resource update is expected next month, and a new exploration strategy and budget next quarter, focused on larger pegmatite targets.
Core says its 2023 exploration program (over 68,000m drilled) is complete. BP33 hole NMRD085 hit 90.17m @ 1.80% Li2O, not yet in the resource model. Lees-Booths and Penfolds results are being interpreted for resource updates; the newest-target drill results are pending.
The BP33 resource rose to 10.5Mt @ 1.53% Li2O from 10.1Mt @ 1.48%. The Measured and Indicated share rose to 9.36Mt (89%), up from 6.94Mt, so more can be considered for conversion to Ore Reserves for the updated feasibility study.
BP33 box cut excavation has started, with the A$45-50M early works and updated feasibility study on track for a Q1 CY24 investment decision. Carlton infill drilling is finished, with results such as 25m @ 1.32% Li2O; the Carlton study update is due by end-2024.
BP33 early works (A$45-50M box cut and surface works) and the detailed feasibility study have started, with contractor NAC on site. The investment decision remains due in Q1 CY24. This repeats the previously announced plan.
The board approved A$45-50M of early works at BP33 (covered box cut, access, water management), awarded to Darwin-based Northern Australian Civil. Final scope, capital cost and investment decision are now expected by end of Q1 CY24, once the larger resource is built into the study.
Total Finniss resource rose 62% to 30.6Mt @ 1.31% Li2O, from 18.9Mt, with Measured and Indicated up 46% to 19.4Mt. New maiden resources at Bilatos and Penfolds were added, and an updated reserve is being prepared. A$25M is allocated to the 2023 drilling.
BP33 resource more than doubled to 10.1Mt @ 1.48% Li2O from 4.37Mt @ 1.53%, with 69% in the higher-confidence Measured and Indicated categories. It remains open at depth, and a Finniss-wide resource and reserve update is under way.
Near-mine drilling gave Bilatos 61m @ 0.87% Li2O (shallow, 22km from the plant) and Far West 12m @ 1.66%, plus Hang Gong 7m @ 1.86%. These are potential extra ore sources for the Grants plant. Drilling continues, with a larger 2023 program planned.
Final three BP33 deep diamond holes confirm the earlier visual results, including 72.74m @ 1.56% Li2O and 22.0m @ 1.60%, to 830m depth. Southern body grade remains variable. Core expects a BP33 resource increase and will bring forward early works using placement funds.
First spodumene ore was uncovered at the Grants pit on 15 September 2022, and first DSO shipment preparations are under way for before year-end. BP33 diamond holes hit 22.85m @ 1.59% Li2O, with intersections to 830m depth and over 400m outside the current resource, so a resource increase is expected.
A 40,000m+ RC drilling program has started at Finniss alongside diamond drilling at BP33. Two NT grants of $100,000 each fund a Shoobridge survey and a deep Sandras hole. Rock chips at Anningie-Barrow Creek assayed up to 4.78% Li2O; Finniss gold work is also recapped.
Deep BP33 drilling returned 66.88m @ 1.78% Li2O (downhole; true thickness about two-thirds), including 16m @ 2.27%. Core expects these hits outside the current resource to expand it. A trial ambient noise survey also imaged pegmatite to 500m depth. Final BP33 mining approval expected in coming weeks.
Finniss resource rose 28% to 18.9Mt @ 1.32% Li2O, and Ore Reserve rose 43% to 10.6Mt @ 1.3%, extending mine life from 8 to 12 years. This delivers the upgrade flagged since March, including Ah Hoy's maiden resource (0.8Mt @ 1.20%). First DSO shipment is targeted by end-2022.
Final 2021 assays confirm mineralised pegmatite south of BP33 (35m @ 0.84% Li2O) and extensions at Hang Gong and Lees, plus a new Penfolds hit of 11m @ 1.55% Li2O. Core expects resource extensions; resource drilling has restarted at BP33. This closes the 2021 assay backlog.