Core Lithium (ASX: CXO) today reported that it has received a number of Expressions of Interest in relation to the company’s wholly-owned Blueys silver project, located near Alice Springs in the Northern Territory.
HIGHLIGHTS:
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Core has received a number of Expressions of Interest in the Company’s 100%-owned Blueys Silver Project in the NT.
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Core has previously discovered high-grade silver, lead and zinc at the Blueys Silver Project.
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Drilling has intersected grades up to 1,000g/t (1kg/t) silver and 17% zinc and lead.
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Very high grades of silver 4,500g/t (4.5kg/t) silver and 10% copper also found at surface.
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Core’s 2014 drilling regularly intersected silver mineralisation over a 500m long zone at the nearby Inkheart Prospect.
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Potential to infill and expand high-grade silver mineralisation at Blueys and Inkheart to define maiden Silver Mineral Resource.
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Core considering asset sale or restructure of its silver and gold assets.
Core has previously discovered high-grade silver, lead and zinc within the Blueys Project, with drilling having intersected grades of up to 1,000 grams per tonne (or 1 kilogram per tonne) of silver and 17% zinc and lead, while very high grades of silver at 4,500g/t Ag and 10% copper were also found in rock chips at surface.
Throughout the course of 2014, drilling activities by Core regularly intersected silver mineralisation over a 500m long zone at the nearby Inkheart Prospect that included 3m @ 198g/t Ag and 4.1% Pb (IKRC016), and 3m @ 177g/t Ag and 4.1% Pb (IKRC007).
Core remains of the view that there is significant potential to infill and expand highgrade silver mineralisation at Blueys in order to define a maiden JORC silver Mineral Resource.
Given the prospectivity of these silver assets, and in conjunction with the prevailing silver price, Core’s management team has been considering and exploring its options for the Blueys Silver Project, including an asset sale or restructuring of these silver assets with a view to generating the best valuable outcome for shareholders.
This has so far culminated in Core receiving a number of Expressions of Interest in relation to the potential sale of the portfolio.
Commenting on the Expressions of Interest, Core’s Managing Director Stephen Biggins said: “We’re pleased to have received this interest in our non-core silver assets and will carefully consider the best course of action with a view to generating the maximum value out of these assets for our shareholders.
“As we have stated, we remain committed to progressing activities at our flagship Finniss Lithium Project in the Northern Territory, which was recently the subject of a $5 million concessional Finance Facility through the NT Government’s Local Jobs Fund.
“We look forward to updating shareholders once we have carefully explored our options for these silver assets.”
The Blueys Silver Project is located within a 1.5-hour drive by bitumen road to the town of Alice Springs.
A full history of activities conducted on the Blueys Silver Project by Core, since the Company acquired it in 2012, can found in the presentation accompanying this announcement.
