Australian lithium miner Core Lithium (ASX: CXO) has provided an update on the three-phase exploration program conducted in 2023 across the Finniss district in the Northern Territory.
Highlights
- 2023 drilling program now complete
- Phase 1: Focused on infill and resource definition drilling at BP33 and Carlton
- BP33 drill results include 90.17m @ 1.80% Li2O from 568.83m (hole NMRD085). This hole exceeded expectations and is yet to be included in the BP33 resource model
- Phase 2: Encouraging results have been received from infill and extensional drilling at the Lees-Booths, and Penfolds prospects and are now being interpreted and incorporated into updated resource estimations
- At Lees-Booths, detailed interpretation of the drilling results is underway, with early analysis highlighting strike and down dip extensions (to the northeast) to known mineralised pegmatite bodies
- Some of the deeper intersections at Penfolds are up to 100m below the bottom of the current mineral resource and confirm a steep westerly dip to the pegmatite system
- Phase 3: Testing of new priority targets generated in 2023 from geophysical and geochemical surveying commenced in the December quarter – drill results are pending
The first phase focused on resource definition drilling to support the BP33 and Carlton studies. As previously reported, a key outcome of this work was that the BP33 Mineral Resource Estimate increased to 10.5Mt at 1.53% Li2O and increased from 69% to 89% in the Measured and Indicated Categories. These increased Measured and Indicated categories are being used to revise the mine plan as part of the BP33 Feasibility Study.
The second phase of the 2023 drill program focused on infill drilling and resource extension at the Lees-Booths, Hang Gong, Ah Hoy and Penfolds deposits; these are the majority of the new results reported in this update. The results from this program demonstrate the prospectivity of the Finniss region and will be used to support new updated resource estimations and the development of the growth pathway for Core.
As data from geochemical and geophysical surveys became available, including ANT (Ambient Noise Tomography), the third phase of the exploration program moved to drill test new targets identified. Drilling was completed in mid-December and laboratory assay work is underway.
Exploration drilling was performed by a fleet consisting of up to three diamond drill rigs (DD), four reverse circulation drill rigs (RC) and a rotary air blast rig (RAB), collectively drilling more than 68,000m over the calendar year.
Core Lithium CEO Gareth Manderson said:
“The 2023 exploration program has successfully increased our confidence and understanding of the BP33 and Carlton ore bodies, and in addition to expanding our understanding of these ore bodies, the program has also successfully identified new drill targets in the Finniss region.
“While there is still more work to do to analyse all drill results, the results that we do have available confirm the prospectivity of the Finniss region. The team will continue to analyse the results and determine the exploration strategy moving forward.”
