Core Lithium (ASX: CXO) has reported exciting gold results from a detailed review of historic data for the company’s Adelaide River project located in the Pine Creek Orogen of the Northern Territory.
HIGHLIGHTS:
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Review of historic data identifies several advanced gold prospects at Adelaide River Gold Project located 25km south of flagship Finniss Lithium Project in the Northern Territory.
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Possum Prospect:
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Rockchips up to 170 g/t Au (including 128 g/t Au); and
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22 rock-chip samples collected above 5 g/t Au.
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Arum Prospect:
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Rockchips up to 8.4 g/t Au.
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Other untested gold targets from soil and stream sediment sampling (up to 1,000 ppb 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 this new project opportunity to add value for Core shareholders.
The Adelaide River Gold Project, comprising exploration licence application EL31886, is located 25km south east of Core’s flag-ship Finniss Lithium Project near Darwin and leverages Core’s local exploration capabilities.
Rock-chip gold grades of up to 170 g/t Au (including 128 g/t Au) at the Possum Prospect have only been scantly followed up by previous explorers. During short periods of gold-focussed exploration in the late 1980’s and early 2010’s. The exploration programs encountered numerous gold vein systems similar to those at the nearby Cosmo gold mine, operated by Kirkland Lake Resources.
Kirkland Lake, which recently completed a A$5 billion takeover of Detour Gold (TSX:DGC), also announced drill results from the nearby Lantern Deposit at Cosmo grading of 578 g/t Au over 1.8 m and 67.6g/t Au over 3.1 m. 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.
This highly prospective gold region in the NT has 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’s new tenement area hosts extensive laminated quartz veins that locally contain fine visible gold and sulphide-hosted gold, not unlike many of the other gold deposits of the Pine Creek and Cosmo Howley Mineral Fields.
The Adelaide River prospects have received limited exploration to date. Previous geochemical and geophysical surveys of the broader tenement area were limited to small programs over localised areas and individual prospects. Core sees a significant opportunity to take a more consolidated and systematic approach to exploration over this highly prospective area.
Core plans to undertake further research, assessment and interpretation of the historic datasets and exploration information for the Project over coming months, and expects to update the market as the Company refines its understanding of the Project and progresses plans to commence initial fieldwork on this exciting new gold Project later this year.
Core Lithium’s Managing Director, Stephen Biggins, commented:
“The exciting gold prospectivity of Adelaide River as demonstrated by these very high gold grades as well as new gold results from Finniss earlier this year, strengthens our view that the district has a strong gold endowment.
“Core is still firmly focussed on the development of our flagship Finniss Lithium Project; however, we see this new project is an obvious opportunity to leverage the expertise and capabilities of our exploration team and NT experience to add value for Core’s shareholders.
“We look forward to extending our NT gold exploration program to cover Adelaide River over the course of 2020.”