Core Lithium (ASX: CXO) has announced that an ongoing review of historical data for the company’s Adelaide River gold project, located in the Pine Creek Orogen of the Northern Territory, has returned further exciting results.
HIGHLIGHTS:
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Advanced gold prospects identified after further review of Adelaide River Gold Project, Northern Territory.
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New Happy Valley, Croc Pate and Adelaide River Mine prospects identified in addition to recently recognised Possum and Arum prospects at Adelaide River.
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Happy Valley Prospect:
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Rock chips up to 16.4g/t Au.
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16 rock chip samples collected above 1g/t Au.
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Croc Pate Prospect:
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Rock chips up to 11.3g/t Au.
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7 rock chip samples collected above 1g/t Au.
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Adelaide River Mine Prospect:
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Rock chips up to 56.2g/t Au.
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Gold mineralisation is hosted in gold vein systems similar to those at Kirkland Lake’s nearby Cosmo gold mine.
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Core remains focussed on the development of the Finniss Lithium Project while assessing other opportunities to add value for Core shareholders.
The Adelaide River Gold Project, comprising exploration licence application EL31886, is located 25km south east of Core’s flagship Finniss Lithium Project near Darwin and leverages the Company’s local exploration capabilities.
Gold grades of 16.4g/t Au, 10.5g/t Au, 6.4g/t Au and 5.0g/Au at the Happy Valley Prospect were identified in rock chip sampling of altered and sheared conglomerate during short periods of gold-focussed exploration in the late 1980’s and early 2010’s. Happy Valley is located along an anticlinal hinge zone of bedded conglomerate that hosts a ~200m stockwork zone, containing gold-bearing quartz-sulphide veins.
Similarly, widespread elevated gold, with values including 11.3g/t Au, 8.3g/t Au, 7g/t Au, 5.3g/t Au, 3.7g/t Au, 2.9g/t Au, 2.6g/t Au, 1.9g/t Au and 1.7g/t Au were identified at the Croc Pate Prospect in sulphide and gold-bearing quartz and quartz stockwork veins within a north-south anomaly extending over 1km strike length. This highly prospective area is currently only scantly tested by rock chips and soil sampling.
The Adelaide River Mine Prospect also contains significant gold assays in rock chips and drill core. Rock chip gold values are 56.2g/t Au, 3.1g/t Au, 2.7g/t Au, 1.9g/t Au and 1.2g/t.
Exploration on the Adelaide River Project has encountered numerous gold vein systems that locally contain fine visible gold and sulphide-hosted gold, similar to those at the nearby Cosmo gold mine, operated by Kirkland Lake Resources.
In 2019, Kirkland Lake announced drill results from the nearby Lantern Deposit at Cosmo grading of 578g/t Au over 1.8m and 67.6g/t Au over 3.1m. Kirkland Lake has estimated a total gold NT Mineral Resource of 2,680,000oz @ 2.5g/t, including 1,410,000oz @ 2.5g/t Measured and Indicated and Inferred Resource of 1,270,000oz @ 2.6g/t gold (Kirkland Lake 19/2/2020).
The gold mineralisation discovered to-date in the project area occurs in many different prospects. The mineralisation is consistent with saddle reef style mineralisation and is limited to narrow veins and disseminations in adjacent fractured country rocks.
Significant surface geochemical surveys and drill assaying have historically been carried out, but only ~20% of samples have been assayed for gold.
This highly prospective Pine Creek Orogen gold province in the NT has the potential for long-term, profitable mining operations in a historic mining district with over 4.5 million ounces of gold produced over the past four decades.
Core plans to undertake further assessment of the historical exploration information for the Project over coming months and expects to update the market as the Company refines its understanding of this exciting new gold project and progresses plans to commence initial fieldwork later this year.
Core Lithium’s Managing Director, Stephen Biggins, commented: “These new prospects at Adelaide River, in addition to the recently discovered Possum and Arum prospects, are highly encouraging for the potential of this project.
“Core remains firmly focussed on the development of our flagship Finniss Lithium Project, and our construction-ready timeframe remains unchanged; however, we will continue to assess and explore the opportunity that this gold project holds for our shareholders.
“The Adelaide River Project is under explored, and Core sees a significant opportunity to take a more consolidated and systematic approach to exploration over this gold prospective area.”
