Core has established its first JORC 2012 Lithium Resource at the Grants Prospect at the Finniss Lithium Project ("Finniss"), near Darwin in the NT.
Core has recently applied for a Mineral Lease to enable development and mining of the ore body at Grants.
A number of Environmental, Engineering and Economic Studies were initiated and continued by Core during the reporting period to facilitate development approval and project feasibility of the Grants Lithium Deposit as a potential Mining Project.
To support the development of Grants, Core has a Heads of Agreement with Darwin Port to export up to one million tonnes per annum of ore from East Arm Wharf. During the reporting period, Core also made a strategic share placement and signed a framework agreement to negotiate a DSO offtake agreement with leading Chinese lithium producer Sichuan Yahua Industrial Group Co. Ltd.
During the reporting period, Core entered into an agreement to acquire the Bynoe Lithium Project directly adjacent to Core's Finniss Lithium Project.
Core had a strong cash position of approximately $7.0 million to further its project objectives at the end of the period.
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About Core Exploration Ltd
Core Exploration Ltd (ASX:CXO) is an emerging lithium producer focused on development of its Finniss Project near Darwin in the Northern Territory. Core owns 100% of Finniss, a major developing project that lies close to existing infrastructure such as the Darwin Port, grid power, gas and rail infrastructure.
The Finniss Project covers a 500km2 tenement holding and 25 historic pegmatite mines. The project area is about 80km from Darwin Port. Exploration work has generated a near term development timeline, with feasibility studies to be completed over the course of 2018 ahead of receipt of approvals in early 2019 and planned first production during 2019.
An aggressive exploration program is under way, which has confirmed the high quality prospectivity across much of the Finniss Project area. Core's stated ambition is to upgrade Finniss' resource base to fast-track commercialisation options.
Core Exploration Ltd
Core Exploration Ltd (ASX:CXO) Improved Recovery of High Grade Lithium in New Results Strongly Positive for Finniss Economics