Emerging lithium producer Core Exploration (ASX: CXO) has announced the discovery of significant extensions to the Grants lithium deposit, part of the company’s wholly-owned Finnis Lithium Project near Darwin. New drilling results include a 73m intersection of spodumene pegmatite located outside of the existing defined resource at Grants. These new results are significant and highlight the potential to immediately grow the currently defined resource at Grants which underpinned the strong economics of the recent Pre-Feasibility Study.
HIGHLIGHTS
- New drilling has identified significant extensions directly south along strike and at depth at Grants – outside of the existing defined Mineral Resource
- New results include a 73m downhole intersection of spodumene pegmatite
- These extensions demonstrate the potential to further increase the size of the Mineral Resources and mine life at Grants
- Any incremental mine life through extensions to the Grants deposit or proximate discoveries is expected to have material positive impacts on the financial returns from development of the proposed 1Mtpa Finniss Lithium Project
- Drilling to recommence at Grants later this month to test for further depth and strike extensions once drill-rig at BP33 completes current phase of work
- Regional exploration is ramping up at Finniss aimed at discovery of additional ore sources at the Finniss Project
- Assays from this recent phase of drilling at Grants are expected in coming weeks
Emerging Northern Territory lithium developer, Core Exploration Ltd (ASX:CXO) (“Core” or the “Company”) is pleased to announce the discovery of significant extensions to the Grants Lithium Deposit, part of the Company’s wholly-owned Finniss Lithium Project, located near Darwin in the Northern Territory.
New drilling results include a 73m intersection of spodumene pegmatite located outside of the existing defined resource at Grants. These new results are significant and highlight the potential to immediately grow the currently defined resource at Grants (Figure 1) which underpinned the strong economics of the recent Pre-Feasibility Study.
All 10 holes drilled in this recent phase of drilling intersected pegmatite extensions to the Grants Mineral Resource. Most of the pegmatite intersections included spodumene pegmatite, with the spodumene content of the intersections the grade being typically higher in the thicker parts of the pegmatite and lower where the pegmatite is thinner.
These new intersections are expected to add to the existing Mineral Resource at Grants and highlights that the spodumene pegmatite orebody at the deposit is still open to the south along strike and at depth (Figure 1).
Drilling will recommence at Grants later this month to test for further depth and strike extensions once the current phase of drilling at BP33 is completed. Similarly, the current drilling at BP33 is also targeting extensions to the initial JORC-2012 Mineral Resource (see ASX :CXO 23/05/2018).
Assays from the recently completed phase of drilling at Grants are expected toward the end of July.
