Core raises cash to advance Finniss
PERTH (miningweekly.com) – Explorer Core Exploration has raised A$6-million to accelerate work at its Finniss lithium project, in the Northern Territory.
The company has received firm commitments from professional and sophisticated investors to place some 67-million new shares, at 9c each, to raise the funds.
Funds raised will be used to immediately accelerate activities at the Finniss project, where Core on Monday announced the highest-grade spodumene intersections ever drilled in the Northern Territory.
The accelerated programme will include immediate follow-up diamond and reverse circulation (RC) drilling, as well as immediate Phase 2 RC exploration drilling at other high priority pegmatites at Finniss.
Preliminary metallurgical testwork, geochemical and geophysical work, along with early engineering and permitting work, was also planned, with the aim of fast-tracking the development of the Finniss project.
“The recent drilling results from the Finniss lithium project demonstrate that we have made a very significant high-grade lithium discovery,” said Core MD Stephen Biggins.
“The funds raised from the placement will allow us to pursue an aggressive work programme at Finniss to unlock the huge potential upside we believe exists, and capitalise on the project’s high-grade significant potential scale and close proximity to major infrastructure at Darwin.”
Core's share price rallied this week following the exploration result announcement, from 8c on Friday to 14c on Wednesday. On Thursday afternoon, the stock fetched 12c in Sydney, giving the junior a market capitalisation of A$29.92-million.
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