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Core Lithium further grows Finniss project resource to 7.1 million tonnes

Core Lithium Ltd. increased the mineral resource at its Finniss lithium project in Australia's Northern Territory to an estimated 7.1 million tonnes at 1.4% lithium oxide containing 98,700 tonnes of lithium oxide and 244,085 tonnes of lithium carbonate.

The increase from the November estimate of 6.3 million tonnes was realized on the back of a maiden inferred mineral resource at the Carlton deposit of 790,000 tonnes at 1.3% lithium oxide containing 10,000 tonnes of lithium oxide and 24,730 tonnes of lithium carbonate.

The Carlton resource is within the same mining lease application area as the Grants deposit and within a few hundred meters of the proposed mine and processing facility at Grants.

The mining lease grant covering Carlton and Grants is expected in January 2019, and Core plans to conduct further resource upgrade drilling at the Carlton deposit in January 2019.

New estimates at the Hang Gong and Lees-Booths Link deposits in January 2019 will further increase the resource at Finniss.

An ongoing definitive feasibility study on developing a spodumene concentrate operation at the Finniss project is expected to complete in early 2019.

The company is targeting the start of mining and construction at Finniss in mid-2019 and first production of high-quality spodumene concentrate in late 2019.