Australia-based metals developer Core Exploration has increased the size of its Finniss lithium project in the Northern Territory (NT) to 5mn t grading 1.5pc lithium oxide, confirming its status as one of Australia's highest grade undeveloped lithium projects.
The BP33 deposits within the Finniss project has been upgraded by 51pc to 2.15mn t, adding to a recent 42pc increase in the Grant deposit that also forms part of the project.
Finniss' overall mineral resource is expected to be further increased in the next few weeks when a new mineral resource estimate is announced for the Sandras deposit.
Core is in the final stages of a definitive feasibility study on the Finniss project, due to be released by the end of November.
While most of Australia's lithium projects are in Western Australia (WA), the Finniss project is 25km from NT's Darwin port. An offtake agreement is already in place for future output from the project. First concentrate output is expect in late 2019, subject to remaining finance arrangements and regulatory approvals.
Scope remains for the mine resource to be increased to expand the size and lifespan of the project. It is Australia's closest lithium project to Asian customers with most other projects exporting concentrate from the WA ports of Port Hedland, Kwinana, Bunbury and Esperance.