Lithium miner Core Lithium Ltd has reported on the development progress at the BP33 Underground Project and Carlton Project Study.
BP33 is the second proposed mine at the Finniss Lithium Operation. Core Lithium said the $45-50 million early works and feasibility study are nearing completion, with a Final Investment Decision expected in Q1 CY24.
Early August saw the start of the site’s early works. A covered box cut, tunnel foundations liner installation and backfill, a site access road, the establishment of stockpiles and ROM pad, contractor facilities, temporary services, site drainage, and associated water management infrastructure are all included in the early works program.
Box cut excavation has also begun. The final box cut will be covered to assist in managing potential wet season impacts on mining. The box cut tunnel liner was specifically developed and manufactured at a specialised South Korean plant, and delivery to Darwin is nearly complete.
The box cut will give portal access from which the decline to the BP33 ore body will be developed as part of the next phase of capital activities.
The BP33 feasibility study is on schedule to inform the next phase of capital works and a final investment decision in the first quarter of fiscal year 2024. Last month, an additional geotechnical and resource infill drilling program was completed. The mining block model is being revised based on the findings of this study, and it will serve as the foundation for the case provided for an investment decision. The metallurgical test work program is 45% finished, backfill test work is well underway, and the regional groundwater model is being upgraded to include recent groundwater data and geotechnical logging.
“It is pleasing to see the progress of the parallel early works and feasibility study workstreams at BP33. We are aiming to make a final investment decision for BP33 in the first quarter of 2024 and are completing these early works so we can be ready to commence decline development promptly,” Core Lithium CEO Gareth Manderson said.
“We have also now commenced discussions with a number of underground mining contractors who have expressed interest in the BP33 project. And we are undertaking a systematic exploration program targeting a number of deposits near the Finniss processing facilities,” Manderson stated.
Meanwhile, the Carlton Project is Core Lithium’s third potential mine, and a study update is scheduled to be completed by the end of 2024.
Drilling resumed at Carlton in April, and results for the ~7,500m diamond drilling (DD) and reverse circulation (RC) program, which included six DD holes and 16 RC holes, have already been received.
Drilling has defined the northern boundary of the mineralisation and confirmed the down-plunge continuity of the spodumene-bearing pegmatite mineralisation. The drilling followed the geological model’s expectations, extending previously reported mineralisation at depth.
RC drilling also targeted a shallow subhorizontal mineralised pegmatite sill at the southern end of the main pegmatite body, providing more clarity and extending the sill to the south.
Mineralisation remains open at depth, and the current drilling results will be included in an updated Mineral Resource and Ore Reserve Estimate.
