Core Lithium Share Price Up after Adding Exploration Target (ASX:CXO)

By ,

The Core Lithium Ltd’s [ASX:CXO] share price is up 2.17% at time of writing after it defined a new exploration target at their key lithium project, Finniss. Shares are trading at 23.5 cents, up from yesterday’s close of 23 cents.

Core Lithium is a lithium developer. Their flagship project is the Finniss Lithium Project, located near Darwin in the Northern Territory, of which they own 100%.

Core aiming to double Finniss resources and mine life

Core Lithium said they’ve established a new lithium exploration target at Finniss.

The new exploration target is of 9.8 to 16.2 million tonnes at a grade of between 0.8 to 1.4% lithium oxide. The target expands across seven different prospects and is on top of the mineral resource estimate already defined by Core at Finniss of 15 Mt @1.3% Li2O.

Core said that the new target is supported by historical drilling, trenching and exploration results, and could potentially increase the life of the mine.

Yet, Core has also said that the potential quantity and grade in the exploration target is all very much ‘conceptual in nature’. So far, there hasn’t been enough exploration to estimate a mineral resource and they aren’t sure that more exploration will end up in the estimation of a Mineral Resource.

Core’s Managing Director Stephen Biggin said:

Core has a clear pathway to achieve our goal of more than doubling resources and mine life at Finniss.

Core’s exploration and resource drilling should provide a regular flow of news as webuild the expansion potential and financeabilityof Finniss,and move into construction of Australia’s next lithium project later this year.

It’s pretty simple maths to add the ET to our existing Mineral Resources to see where Core is headed, and our other well-funded exploration work ramping up at Finniss should add more tonnes on top of that.

Our publication Money Morning is a fantastic place to start on your investment journey. We talk about the big trends driving the most innovative stocks on the ASX. Learn all about it here

What could happen next to the CXO Share Price?

Core has received drilling approval from the NT government in the new exploration target, and expansion drilling should start in the coming weeks. The goal is to convert a high proportion of the exploration target to Mineral Resources this year.

It could prove a good move by Core to try to expand their resource with EVs rolling out and demand for lithium rising along with lithium prices. GlobalData expects global demand for lithium to double by 2024.

If you are interested in lithium stocks, check out our free report ‘Three Lithium ‘Bounce Back’ Stocks for 2021’.

For more information, click here.

Best,

Selva Freigedo

PS: This free report reveals three stocks that could surge on the back of renewed demand for lithium in 2021. Click here to get your copy now.

 

About Selva Freigedo

Selva Freigedo is an analyst at Money Morning. She has a background in financial economics, but what makes Selva´s experiences different to many are the places she has lived and worked. Born in Argentina, she has also lived in Brazil, the US, Spain, and now Australia. She has seen up…

Sayona [ASX:SYA] Shares Rise On New Lithium Discoveries at Moblan

Junior Lithium producer Sayona Mining [ASX:SYA] announced new lithium discoveries at its Moblan lithium project, ‘strengthening’ its potential.

Core Shares Fall in Wider ASX Lithium Stocks Sell-off Despite Drilling Results [ASX:CXO]

Core Lithium [ASX:CXO] shares fell 5% on Tuesday morning in a red day for the ASX. The sharp sell-off in stocks across global markets has hit lithium stocks hard.

Core Lithium [ASX:CXO] Shares in Focus on Environmental Approval

Core Lithium [ASX:CXO], one of 2022’s top-performing stocks, received environmental approval for its flagship lithium project on Tuesday.

Lithium Supply Crunch Hitting Home

In today’s Money Morning…automakers are increasingly worried about lithium supply…EVs are ramping up…a new rush for battery metals…and more…

Core Lithium [ASX:CXO] Shares Soar after Releasing Drilling Update on Finniss Lithium Project

Core Lithium [ASX:CXO] shares are up more than 7.5% at time of writing after providing an exploration and drilling update on their Finniss Lithium Project.

Core Lithium Share Price Soars on Tesla Lithium Deal

Core Lithium [ASX:CXO] shares are up by almost 16% today after signing a lithium supply deal with electric carmaker Tesla Inc [NASDAQ:TSLA].