How and when will Core Lithium Ltd's development projects progress?
Australian lithium miner Core Lithium Ltd (ASX: CXO) has recently provided an update on the progress of its development projects, the BP33 Underground Project and the Carlton Project Study. These projects aim to expand Core's operations and increase the confidence in its existing mineral resources.
BP33 Underground Project Advancements
The early works and feasibility study for the BP33 project, valued at $45-$50 million, are steadily moving towards a Final Investment Decision in Q1 CY24. Early works, which began in early August, include several significant tasks. These include the excavation of a covered box cut, installation of tunnel foundations liner and backfill, construction of a site access road, establishment of stockpiles and ROM pad, development of contractors' facilities and temporary services, site drainage, and water management infrastructure.
Excitingly, the box cut excavation has already begun, marking the initial step towards accessing the BP33 ore body. The final box cut will have a protective cover to mitigate any potential mining disruptions during the wet season.
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The tunnel liner, specifically designed and made in a specialized plant in South Korea, is nearing delivery completion in Darwin. The completion of the box cut and the subsequent decline development will be part of the next phase of capital works.
Feasibility Study Progress and Investment Decision
The BP33 feasibility study, an essential component of the investment decision-making process, is progressing as planned. The results of the recent geotechnical and resource infill drilling program have been instrumental in updating the mining block model, which forms the basis for the investment decision. This model will be presented to stakeholders, including potential investors, to demonstrate the project's viability.
Other crucial aspects of the feasibility study, such as metallurgical test work and backfill testing, are underway. Currently, the metallurgical test work program is 45% complete, paving the way for a comprehensive analysis of the ore's composition and processing methods. The backfill testing is also in progress, ensuring efficient and sustainable mining practices.
Carlton Project Study Update
In addition to the BP33 project, Core Lithium is advancing the Carlton Project Study. This study aims to evaluate the potential of establishing a third mine for Core. The recently completed 2023 infill drilling program has increased confidence in the existing mineral resources at Carlton.
The company is conducting updated feasibility studies for both the BP33 and Carlton projects simultaneously. These studies will provide insights into the economic viability and technical feasibility of the projects, supporting investment decisions. The overall progress of these studies remains on schedule.
Looking Ahead
Core Lithium Ltd's focus on advancing the BP33 Underground Project and the Carlton Project Study demonstrates the company's commitment to expanding its operations and increasing the confidence in its mineral resources. As the projects continue to progress on track, further updates are expected in the coming months, with a final investment decision for the BP33 project anticipated in Q1 CY 2024.
Disclaimer: This news article is for informational purposes only and should not be considered as financial advice for investment decisions.
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