Core Lithium (ASX: CXO) today announced that early ongoing reconnaissance exploration has discovered another new gold prospect in the northern area of the company’s Bynoe gold project in the Northern Territory.
HIGHLIGHTS:
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Piper North Prospect identified by re-assaying lithium soil samples for gold.
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Gold in soil up to 536ppb Au in new assays from the northern part of the Bynoe Gold Project.
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Gold geochemical anomaly over 200m wide and open over 500m along strike.
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Piper North is covered by a thin (<1m) layer of colluvium and quartz float.
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Re-assays and new sampling results continue to generate numerous new targets previously unassayed for gold.
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Mapping, soil sampling and rock chip sampling is ongoing.
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Core’s low-cost gold re-assay and field exploration program substantiating the huge gold potential of this very exciting project.
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Further assay results expected soon include:
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Second round of lithium sample re-assays;
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New rock chip assays; and
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New soil sample assays.
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The Piper North Prospect is one of a number of gold anomalies that have emerged from the re-assaying of lithium exploration soil samples identified as having anomalous gold indicator elements, in this case As and Sb.
Re-assaying of the lithium exploration soil sample showed gold up to 151ppb, which prompted Core to undertake a broad-spaced auger soil sampling program and re-assay more of the adjacent lithium-exploration pulps.
Those assay results are now in-hand and show a coherent gold-in-soil geochemical anomaly of 200m x 500m in size and peaking at 536ppb Au (0.5gt/Au).
The gold anomaly at Piper North is largely covered by a thin veneer of colluvium (eroded angular rock fragments) and quartz vein float and it is making it difficult to interpret the bedrock source.
Unlike the recently announced Pickled Parrot and Covidicus West prospects, Piper North lies in the northern domain of the Bynoe Gold Project area, well north of the BBF Gold Field that was of immediate interest.
These new results illustrate that Core’s tenement holding has substantial regional gold prospectivity in the north in addition to the gold prospects in the BBF Gold Field to the south.
In the northern prospects and targets, there is no direct spatial association with an intrusive body based on geophysical data, but they do appear to share the same strip of stratigraphy in the Burrell Creek Formation. These gold bearing host rocks comprise an interlayered package of sandstone, pebble conglomerate and graphitic shale.
