Core Lithium (ASX: CXO) today announced impressive assay results from the first phase of gold exploration at the company’s wholly-owned Bynoe gold project in the Northern Territory.
Gold assays up to 106.5g/t in rock chips at newly defined Covidicus West Prospect.
Surface mapping suggests gold occurs in sulphide-rich zone 10m wide and at least 180m long within broader en echelon quartz vein system up to 45m wide.
Individual veins up to 5m across and 60m long.
Vein system is open to the north and south.
Mapping, soil sampling and rock chip sampling at Covidicus West and other similar targets is ongoing.
Further assay results expected in coming weeks, including a second round of rock chip and soil sample assays.
Results provide further encouragement for Core’s ongoing lowcost gold re-assay and field program.
Regional mapping and reconnaissance rock chip sampling have led to the discovery of a number of exciting gold prospects, including Covidicus West, where ubiquitous gold-bearing sulphide occurs along the flank of a large quartz vein system. One rock chip assayed over 100g/t Au and numerous others are above 10g/t. The presence of gold has also been confirmed via visible gold grains in arsenopyrite at the prospect.
Covidicus West has no previous exploration data and no evidence of historic workings, despite obvious weathered sulphide at the site. The discovery is fortuitously the result of the geology team following up airborne imagery features located adjacent to the Covidicus Prospect.
Core believes the potential of this new area, tentatively named the “BBF Gold Field”, has barely been assessed.
The most impressive result is 106.5g/t (ppm) Au in a first-pass rock chip sample that is described as blue-grey quartz with large globular limonitic inclusions or “blebs”, with a gossanous appearance. Successive repeat assays on the pulp indicate excellent correlation, being 85g/t and 101g/t. The next best of the 14 first-pass samples are 20.2g/t, 12.1g/t and 2.3g/t. Repeats are similarly excellent.
Core’s Managing Director, Stephen Biggins, said:
“Finding visible gold at surface at a virgin prospect is remarkable given that our first phase of gold focussed field investigations only started on the Bynoe Gold Project two months ago. These impressive gold grades encountered this early in the process, along with over 10 million ounces of gold Resource inventory within the Pine Creek Orogen substantiates the district-scale gold potential of the Project outlined by Core earlier this year and bodes well for future discovery.
“Further assays of Core’s recent mapping, rock-chip and soil sampling are expected over the coming weeks and months and positive assay results from these programs are being followed up immediately.
“Whilst these spectacular assay results from very early-stage gold exploration highlights the significant gold potential of the Bynoe Pegmatite Field, Core remains absolutely focused on delivering Australia’s next lithium project by developing the Finniss Lithium Project near Darwin in the Northern Territory.