Finniss exploration and resource growth drilling update

Finniss exploration and resource growth drilling update

Advanced Australian lithium developer Core Lithium (ASX: CXO) has provided an exploration and drilling update from the Finniss Lithium Project near Darwin in the Northern Territory. Core’s recent exploration and Mineral Resource drilling has intersected lithium-rich spodumene pegmatite at a number of prospects.


HIGHLIGHTS

·       High grade spodumene mineralisation intersected in multiple drill holes in recent exploration and Mineral Resource growth drilling at the Finniss Lithium Project, located near Darwin in the NT; 

·       Assays from first round of reverse circulation (RC) and diamond drilling (DDH) expected within two weeks;

·       Core has commenced a second round of Mineral Resource growth drilling at Finniss this week;

·       Large capacity RC drill rig is on site to undertake a number of drilling campaigns for the remainder of 2019; and

·       Drilling to target discovery and increase Mineral Resources and Ore Reserves over coming months

Core’s exploration team is currently focused on near-term Mineral Resource growth and conversion, as well as regional exploration, to extend mine life within the broader Finniss Lithium Project. Drill hole intersections for the recently completed phase of drilling were in line with expectations.

·       Two diamond drill holes at BP33 have intersected 51m and 60m respectively of spodumene pegmatite.

·       Multiple pegmatites were intersected in most of the six RC drill holes at Hang Gong, however only two of these holes reached target depth.

·       The first phase of RC resource drilling at Booths intersected pegmatites in line with the Mineral Resource expansion model.

·       A 14m RC intersection of spodumene pegmatite was found at Ah Hoy prospect as part of a three-hole program.

·       RC drill pegmatite intersections with a range of widths and variable lithium potential from new exploration prospects.

Core has been advised that assay results for the first round of RC drilling at Finniss have been delayed by an instrument problem at the laboratory, the problem has been rectified and results are expected in the next two weeks.

In parallel to the recent drilling, Core has been actively exploring its large tenement package with a range of cost-effective exploration methods including soil sampling, mapping, auger sampling and rotary air blast (RAB) drilling to continue to assess the hundreds of historic pegmatite occurrences and geophysical anomalies. Numerous new prospects are being assessed and those with high priority are being prepared for deeper RC drill testing.

In follow-up to the expected positive results of the recent drilling and exploration work, a second phase of Mineral Resource growth and exploration drilling has re-commenced this week at Finniss utilising a large capacity RC drill rig.

Drilling over coming months will be conducted at a number of prospects aimed at expanding existing Mineral Resources and adding additional Ore Reserves and mine life at the Finniss Lithium Project.

These include BP33, Carlton, Hang Gong and Lees-Booths and other new high priority prospects. Core will update the market with significant drill results and Mineral Resource growth progress over coming weeks and months.

Core’s Managing Director, Stephen Biggins, commented: “With the recent Share Purchase Plan and LRC funding in place, Core is in prime position to focus on expanding the lithium Mineral Resources and Ore Reserves through exploration and resource drilling at the Finniss Lithium Project.

“Assay results are expected in a few weeks and a new round of drilling has just commenced; Core is putting every resource into action at Finniss to build on the already strong economics of the project.

“With the Definitive Feasibility Study complete, approvals, additional offtake and project finance advancing towards finalisation ahead of first construction, Core remains well on track to becoming Australia’s next lithium producer.”

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