Advanced Australian lithium developer, Core Lithium Ltd (Core or Company) (ASX: CXO), is pleased to announce that it has executed the acquisition of six prospective Mineral Leases (MLs) adjacent to the Finniss Lithium Project near Darwin in the Northern Territory.
- Core has executed an option agreement to purchase six granted Mineral Licences (MLs) that include over 30 historic pegmatite mines.
- Core’s initial evaluation drilling has confirmed the prospectivity for these lithium-rich pegmatites for spodumene mineralisation.
- Evidence of lithium fertility and spodumene mineralisation intersected in multiple drill holes during first pass exploration on option agreement MLs.
- Significant tin, tantalumand niobiumlevels also identifiedin drilling.
- New MLs have significant potential to accelerate opportunities to expand and extend lithium production at Finniss.
- Further Finniss lithium exploration and resource drilling updates over coming weeks and into 2022 as results are received from over 4,000 laboratory assays.
In March 2021, Core entered into an option agreement to acquire these six granted MLs, which have a history of tin and tantalum mining and production from pegmatites with similar chemistry to the pegmatites on Core’s adjacent Finniss Lithium Project tenements.
During the 2021 drilling season, a first pass drill assessment of five of these MLs immediately adjacent to Core’s Finniss Project was completed. A total of 29 RC holes were drilled for 4,530m to test ten separate targets. Assays have now been received for 18 of the holes.