Emerging lithium producer Core Exploration (ASX: CXO) has released new exploration drill results from Carlton and Hang Gong, both of which are located on mining tenure within 1.5 kilometres from the Grants lithium deposit. The results demonstrate the significant potential to expand and define substantial additional lithium resources at the Finniss lithium project in the Northern Territory through exploration drilling.
Emerging Australian lithium developer, Core Exploration Ltd (ASX: CXO) (“Core” or the “Company”), is pleased to announce new exploration drill results from Carlton and Hang Gong, which are located on mining tenure located within 1.5km from the Grants Lithium Deposit, that demonstrate the significant potential to expand and define substantial additional lithium resources at the Finniss Lithium Project in the Northern Territory (“Finniss”) through exploration drilling.
The Finniss Lithium Project comprises over 500km2 of granted tenements near Darwin over the Bynoe Pegmatite Field. Results have confirmed that ore grade lithium mineralisation is widespread within the Finniss Project and Core’s drilling in 2018 is aimed at substantially growing the Mineral Resource base to underpin a potential long-life lithium mining and production operation.
Core is focused on completing a Definitive Feasibility Study (DFS) later this year for the development of mining and producing high quality lithium concentrate from the Finniss Project, and is aiming to complete regulatory approvals, financing and internal approvals, before commencing production at Grants by the end of 2019.
The Finniss Lithium Project has substantial infrastructure advantages supporting the Project’s development; being close to grid power, gas and rail and within easy trucking distance by sealed road to Darwin Port – Australia’s nearest port to Asia.
Commenting on the exploration results, Core Managing Director Stephen Biggins said: “These exploration results demonstrate the huge potential of the Finniss Lithium Project that we are yet to realise. The remainder of 2018 is shaping up to be a very busy one for Core as we continue to progress Grants towards development whilst continuing drilling to grow the existing resource base at Grants and BP33 as well as maintaining an aggressive exploration program to continue to identify prospects such as Carlton and Hang Gong.”