Emerging lithium producer Core Exploration (ASX: CXO) has released its March Quarterly Report, with significant drilling results from BP33 the highlight for the quarter. The Pre-Feasibility Study for Finniss is on track for completion, following an update to the Mineral Resource estimate.
The Board of Core Exploration Ltd (“Core” or “Company”) is pleased to present its Quarterly activities report for the Period ended 31 March 2018.
During the reporting period Core:
Advanced drilling work at the BP33 Prospect at the Company’s wholly-owned Finniss Lithium Project near Darwin, with outstanding results released during and post the end of the period;
Progressed development of the Grants deposit, with a Pre-Feasibility Study to be completed in Q2 once Mineral Resource updates are finalised; Presented at the Mines and Money Conference in Hong Kong and the INFORMA Lithium and Battery Metals Conference in Perth;
Raised $5 million from investors via an oversubscribed placement priced at $0.053 per share after the end of the period; and
Launched a $2 million Share Purchase Plan for eligible shareholders to participate.
NT Lithium Projects
Core’s flagship asset is its wholly-owned Finniss Lithium Project, located in the Bynoe pegmatite field in the Northern Territory.
The Company is developing one of Australia’s highest-grade lithium resources at the Grants deposit and is also actively exploring the highly prospective BP33 prospect, both of which are integral components of the Finniss Lithium Project.
The Finniss Lithium Project is ideally situated in close proximity to the Darwin Port, Australia’s closest port to China (Figure 1).
Core also owns the Bynoe Lithium Project, located adjacent to the Finniss Lithium Project, which was acquired by Liontown Resources Ltd (ASX LTR) in 2017, that has added lithium pegmatite targets and more than 50 historic pegmatite prospects to the Company’s portfolio.