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Core Exploration estimates maiden resource for BP33 lithium deposit

Core Exploration Ltd. estimated a maiden resource for the BP33 deposit, part of the Finniss lithium project in Australia's Northern Territory, the company said May 23.

The maiden estimate comprises an inferred resource of 1.4 million tonnes at 1.4% lithium oxide, or Li2O, for 20,000 contained tonnes, which increased the project's total resource by 70% to 3.5 million tonnes at 1.4% Li2O for 50,000 contained tonnes.

The company now plans to restart resource extension and exploration drilling at BP33 in June to increase the size of the resource.

Meanwhile, a pre-feasibility study for development of the Grants deposit is expected to be complete in June, with start of production targeted for the end of 2019.

The resource at the Grants deposit more than doubled recently to 2.0 million tonnes at 1.5% Li2O for 30,000 contained tonnes.