Core Lithium reports gold mineralisation confirmed by initial drilling at Bynoe gold project, NT

Core Lithium (ASX: CXO) today announced that scout RAB drilling has found gold mineralisation beneath the newly-discovered Far East belt at the Company’s wholly owned Bynoe Gold Project in the Northern Territory.

HIGHLIGHTS: 

• Initial drilling by Core has confirmed gold mineralisation beneath 100-150m wide and 1.6km long series of sulphide-rich, gold-bearing quartz veins.

• RAB drill gold intersections identified along the entire length of the 1,600m Far East gold trend:

  • Hurricane Prospect

    • 10m @ 1.5g/t Au from 7m1

      • Including 1m @ 10.6 g/t Au from 12m.

    • 7m @ 1.0g/t Au from surface to EOH1

      • including 2m @ 3.3g/t Au from 2m.

  • Windswept Prospect

    • 24.5m @ 0.5g/t Au from the surface to EOH1

      • including 1m @ 5.3g/t Au from 22m.

  • Far East

  • 6m @ 1.0g/t Au from surface

    • including 2m @ 2.4g/t Au from surface.

  • 15m @ 0.5g/t Au from surface

    • including 1m @ 3.8g/t Au from 14m.

• Approximately one-third of the holes intersected gold mineralisation >0.5 g/t.

• RAB drilling is very widely spaced and average depth of only 20m.

• Potential for significant regional gold system emerging at the under-explored Bynoe Gold Project.

• Gold prospectivity can be rapidly substantiated through costeffective exploration given the logistical and technical synergies with Core’s lithium exploration team.

• Core remains focused on delivering Australia’s next lithium project – lithium resource and geotechnical drilling at Finniss Project will be completed this month at Finniss.

Drilling by Core has confirmed gold mineralisation beneath the 1,600m long and 100- 150m wide series of gold bearing quartz veins along the Far East belt.

Core’s first-pass, shallow drill program has drilled elevated gold intersections along the entire 1,600m length of this series of connected gold prospects.

Current assay results released are considered highly encouraging given the reconnaissance nature of the drilling as gold has now been positively identified in the subsurface within quartz veins. Lower-level gold mineralisation has also been encountered in the enclosing Burrell Creek Formation host-rocks (metasediments).

Core’s Managing Director, Stephen Biggins, said the Company viewed the RAB assay results as evidence of a broad-scale gold mineralising system at play in the Bynoe Gold Project.

“Though it is surprising that the area has not received attention for gold, it must be remembered that the Pine Creek region hosts over 13Moz of gold and has previously produced between 4Moz-5Moz of gold.

“Core is also now well-funded to recommence an expanded lithium and gold exploration program in the second quarter 2021 over the Company’s significant tenement holding – to expand the Finniss Lithium Project resources and life of mine and unlock the value of the gold potential of the Bynoe Gold Project.”