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‘Core is right at the front of the line of new lithium production in Australia’: Lithium miner’s bold move on six mineral leases near Darwin

THE proponent of a lithium mine near Darwin has acquired the right to six mineral leases adjacent to its Finniss project

Core Lithium managing director Stephen Biggins
Core Lithium managing director Stephen Biggins

THE proponent of a lithium mine near Darwin, Core Lithium, has acquired the right to six mineral leases adjacent to its Finniss project giving it the potential to significantly accelerate its resource expansion plans.

Core’s managing director, Stephen Biggins, said the acquisitions were a significant milestone in the company’s history.

The six mineral leases all have a history of tin and tantalum mining and production from pegmatites with similar chemistry as the high-grade spodumene pegmatites on Core’s adjacent Finniss lithium project tenements.

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“The expected increases in resources from this deal and our well-funded resource drill programs at Finniss this year should provide a strong platform for extending and expanding production of lithium from the project as lithium prices increase,” Mr Biggins said. “Spodumene and lithium chemical prices have increased more than 50 per cent from lows in 2020, and as Australia’s most advanced lithium developer, Core is right at the front of the line of new lithium production in Australia.”

The Territory government granted final approval in April last year to Core Lithium to start development of its new lithium mine in the Top End. It also gave the company further support with a $5m conditional loan offer in August.

The Finniss lithium project is a proposed open cut lithium mine located along the Cox Peninsula Road, approximately 35km west of Berry Springs. Core plans to start critical assessment drilling of the exciting new lithium pegmatite targets as the 2021 field season starts and once approvals are received next quarter.

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The aim is to complete the acquisition of these assets in 2021 and, based on a positive assessment, to significantly increase mineral resources and potentially increase the mine’s project life.

Mr Biggins said with much of the world’s lithium supply coming from WA, as resources continue to expand, Core believes the Territory is also going to play a major role in meeting this global need.

gary.shipway@news.com.au

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Original URL: https://www.ntnews.com.au/business/core-is-right-at-the-front-of-the-line-of-new-lithium-production-in-australia-lithium-miners-bold-move-on-six-mineral-leases-near-darwin/news-story/41db386a71934dc297526598063cdfb9