The Core Lithium Ltd (ASX: CXO) share price is taking off today after the company reported a significant jump in its Finniss Lithium Operation's mineral resource estimate. It's been lifted to 30.6 million tonnes at 1.31% lithium oxide – a 62% improvement.
The Core Lithium share price is surging in response. The stock is currently up 5.14%, trading at 97.25 cents a share.
Let's take a closer look at today's news from the S&P/ASX 200 Index (ASX: XJO) lithium miner.
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Core Lithium share price soars on 62% jump in resources
Core Lithium stock is in the green today as the company's 2022 drilling campaign proves fruitful.
Results from the 39,600-metre drilling program have highlighted significant potential for mine life extension at the company's flagship operation. Work is now underway to update its ore reserve estimate.
Additionally, the project's measured and indicated resource categories have jumped 46% to 19.4 million tonnes at 1.37% lithium oxide.
The company previously revealed its BP33 deposit's mineral resource estimate had more than doubled as a result of last year's campaign.
Today, it reported that its Carlton, Han Gong, Sandras, and Ah Hoy deposits have increased 53%, 36%, 20%, and 30% respectively. Meanwhile, its Bilatos and Penfolds deposits received maiden mineral resources.
However, the project's Grants deposit's mineral resource dropped 2% to 2.19 million tonnes at 1.47% lithium oxide due to mining depletion. The ASX 200 company delivered the maiden shipment of lithium from Grants for export earlier this month.
Core Lithium CEO Gareth Manderson commented on the news driving the company's share price higher, saying:
This significant increase to the Finniss mineral resource is a fantastic outcome for Core and our shareholders.
Through the targeted and systematic drilling of known and emerging deposits, the company has further highlighted the prospectivity of our landholding in the Bynoe Pegmatite field and the strong potential for life of mine extensions at the Finniss Lithium Operation.
Core Lithium has already kicked off this year's drilling program. Manderson said last year's success is a "strong endorsement" of 2023's $25 million program – nearly double 2022's then-record-breaking budget.
