Advanced Australian lithium developer Core Lithium (ASX: CXO) has announced high-grade spodumene intersections from exploration and Mineral Resource growth drilling at the Finniss Lithium Project, located near Darwin in the Northern Territory.
· High-grade spodumene intersections at multiple prospects in recent exploration and Mineral Resource growth drilling at the Finniss Lithium Project:
· Hang Gong
· 4.8m @ 1.5% Li2O from 116.5m & 13.8m @ 1.3% Li2O from 127.9m (NMRD002)
· 13m @ 1.56% Li2O from 123m (NRC109)
· 13m @ 1.29% Li2O from 142m & 5m @ 0.83% Li2O from 161m & 3m @ 1.44% Li2O from 175m (NRC113)
· 31m @ 1.13% Li2O from 186m (NRCD001)
· 6m @ 0.9% Li2O from 195.9m (NRCD002)
· Lees Booths
· 4m @ 1.00% Li2O from 92 (NRC122)
· Ah Hoy
· 10m @ 1.57% Li2O from 128m (FRC208)
· 47.4m @ 1.53% Li2O from 202m (FRCD013)
· 28m @ 1.22% Li2O from 182m (FRCD015)
· Assays from BP33 diamond drilling (DDH) expected soon
· Mineral Resources and Ore Reserves expected to grow over coming months with further exploration drilling at Finniss
Drill assays have been received from Core’s near-term Mineral Resource growth and conversion drilling, as well as regional exploration drilling aimed at extending the mine life within the broader Finniss Lithium Project.
These new results are expected to expand the current resources, and in parallel to Core’s mining studies, substantially add to the reserves and mine-life of the Finniss Lithium Project.
Core’s drilling has identified and intersected high-grade spodumene pegmatites at a range of prospects within the Finniss Lithium Project.
Alongside the recent drilling, Core has been actively exploring its large tenement package utilising 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 pegmatite occurrences and geophysical anomalies.
Numerous new prospects are being assessed and high potential targets are being prepared for deeper RC drill testing. 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: “Recent and current drilling is continuing to discover and define more spodumene pegmatite close to port and road infrastructure near Darwin.
“Core is confident in converting these new high-grade lithium intersections through mining studies into additional Mineral Resources and substantially increase Ore Reserves and mine life over the coming months.
“With the Definitive Feasibility Study complete and approvals, additional offtake and project finance advancing towards finalisation, Core remains well on track to becoming Australia’s next lithium producer.”