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

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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 is an advanced lithium developer. Their flagship project is their 100%-owned Finniss Lithium Project, which is located near Darwin, Northern Territory.

First lithium drilling results from Bilatos prospect reveal ‘encouraging thickness and grade’

Over their last drilling season, Core focused its exploration efforts on mineral resource growth and conversion and regional exploration to extend mine life along with laying the foundation for production expansion at Finniss Lithium Project.

The results they released today were from drill samples taken from Bilatos and other southern regional exploration targets, as you can see in the image below:

Core lithium drilling map

Source: Core Lithium

At Bilatos, they completed 10 reverse circulation (RC) drill holes with most intersecting ‘significant lithium grades and consistent thicknesses of pegmatite’.

Some of the best results include: 24 metres at 2.24% lithium oxide, 30 metres at 1.11% lithium oxide, 12 metres at 1.09% lithium oxide, and 15 metres at 0.80% lithium oxide.

The company also reported on 17 RC regional results, which unfortunately didn’t yield any significant lithium intercepts.

What happens next?

Core expects to receive additional exploration and resource drilling results in the next coming weeks and are planning an active exploration drilling program at Finniss in the coming months.

Core Lithium plans to produce their first lithium from the Finniss project in the fourth quarter of 2022.

Shares for Core Lithium were up 7.51% at time of writing and trading at $1.36.

Over the last 12 months, though, Core’s share price has increased by a whopping 518% after getting a boost from signing deals with Tesla and GangfengLithium to supply both companies with lithium spodumene concentrate from their Finniss Lithium project.

If you are interested in lithium stocks, check out our new report ‘Three Overlooked ASX Lithium Stocks that Could Soon Rocket Higher on the Fast-Growing EV Revolution’.

For more information, click here.

Best,

Selva Freigedo

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…

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