World-class find boosts lithium mine just south of Darwin

THE Finniss Lithium Project, just south of Darwin, expects a recent discovery to strengthens its position to be Australia’s next lithium producer

A map of Core Lithium’s Finniss Lithium Project just south of Darwin. Picture: Supplied

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CORE Lithium’s proposed Finniss project near Darwin expects a recent spodumene pegmatite discovery to significantly contribute to an increased mine life and strengthens its position to be Australia’s next lithium producer.

“We are confident in having the project shovel-ready in early 2020,” Core managing director Stephen Biggins says.

It will cost around $50 million to build the project and get into production.

The company would employ up to 100 people during the construction period.

Core Lithium has been working to get its Finnis lithium project up and running about 100km south of Darwin. Picture: Supplied artist’s impression

The Finniss project has some of the best supporting infrastructure and logistics chain to Asia of any Australian lithium project, being located just one hour by sealed road to Australia’s nearest port to Asia.

Core has already signed a one million tonne binding offtake and $US20 million prepayment agreement with Yahua, one of China’s largest lithium producers.

Finniss covers an area of 500 square kilometres and encompasses five prospects including Grants, Carlton, Sandras and Hang Gong SW.

“We have intersected world-class spodumene pegmatite intersections at the Finniss Lithium project,” Mr Biggins said.

“This highlights the significant upside potential for the Finniss lithium project.”

He said Core’s focus over coming months would be increasing shareholders’ value by growing mineral resources and further extending mine life.

“During a reverse circulation drilling, Core uncovered a 119-metre drill intersection of pegmatite at the BP33 prospect, including 105 metres of strongly mineralised spodumene pegmatite,” the company said.

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The company expects to substantially upgrade the mineral resource and ore reserve estimate in the March 2020 quarter. Core is now working to secure final approval to enable mining and construction of the processing facility and finalising its mining management plan.

It says it is working with the NT Department of Primary Industry and Resources (NTDPIR) to secure final approval to enable mining and construction of a processing facility. “Core has provided all information requested by the NTDPIR, and although the feedback from NTDPIR has been positive and reasonable, the timeline to complete this final approval step is taking longer than expected,” the company said.