Core Lithium has announced an updated mineral resource estimate for its BP33 lithium project in the Northern Territory.
The project’s mineral resource has increased by 89 per cent in the measured and indicated categories, going from 6.94 million tonnes (Mt) to 9.36Mt. This represents a 35 per cent increase from BP33’s previous estimate.
The mineral resource increase comes after Core Lithium received drilling results from four recent drill holes that targeted infill positions. The company aimed to increase the proportion of measured and indicated resources within the existing BP33 orebody.
As per the infill drilling results, the project’s total mineral resource tonnage and grade has now been set at 10.5Mt at 1.53 per cent of lithium oxide (Li2O), from 10.1Mt at 1.48 per cent Li2O.
Core Lithium confirmed that the drilling results align with its previous expectations and BP33’s mineralisation has increased in its grade and thickness and will continue to do so while remaining open down plunge.
The project’s new measured and indicated resources are now under consideration for conversion to ore reserves.
“Increasing the confidence in the BP33 resource is a significant step in the progress of the feasibility study and supports the development of the BP33 mine plan,” Core Lithium chief executive officer Gareth Manderson said.
“These results, which include a higher proportion of the measured and indicated resource category can now be considered for conversion to BP33 reserves.
“The early works program and the construction of the covered box cut is progressing well (and) we remain on schedule to make a final investment decision for BP33 in early 2024.”
BP33 is the second proposed mine at the Finniss lithium operation.