Emerging lithium producer Core Lithium (ASX: CXO) has defied the wider ASX slump today, with its share price rising on the back of upbeat results from its Lees-Booths Link and Hang Gong prospects. The two prospects form part of the company’s wholly-owned Finniss lithium project near Darwin. The assay results released today demonstrate the potential for the prospects to host large lithium deposits.
HIGHLIGHTS
- Assays returned from 10 step-out RC drillholes recently drilled at LeesBooths Link show consistent lithium mineralisation up to 13m downhole width
- Best results include:
- 13m @ 1.46% Li2O from 193m in NRC066
- 9m @ 1.04% Li2O from 160m & 4m @ 1.72% Li2O from 227m in NRC070
- Four separate intercepts in NRC075: 5m @ 1.38% Li2O from 136m, 1m @ 0.47% Li2O from 160m, 3m @ 0.99% Li2O from 186m & 2m @ 1.31% Li2O from 230m
- Multiple mineralised pegmatites intersected over 1km strike length, and in stacked horizons support the potential for favourable mining economics at Lees-Booths
- Assays for the outstanding 4 RC drillholes at Hang Gong also show encouragement, including 6m @ 0.89% Li2O from 130m & 3m @ 1.25% Li2O from 157m in FRC199
- Initial Mineral Resource Estimations for both prospects to follow in January
- In-fill drilling planned for January-February at each of the Carlton, Hang Gong and Lees-Booths Link prospects, with the intent to upgrade the Resource classification and potentially grow the scale of those Mineral Resources
- Mineral Resource drilling underway at Hang Gong