Review of Core Tenure Identifies Lithium Potential of NT Pegmatites.
Adelaide, Feb 3, 2016 AEST (ABN Newswire) - Core Exploration Ltd's (
ASX:CXO) Review of Core tenure identifies lithium potential of NT pegmatites.
HIGHLIGHTS
- Building on Core's expertise and early mover advantage in the NT the Company has identified highly prospective lithium rich pegmatite fields
- Core's extensive review has recognised the potential of lithium rich pegmatites, previously mined for tin (and tantalum) in the Northern Territory
- Spodumene and other lithium mineralisation has been previously identified in pegmatites in the NT, but historically mining and exploration has been focussed on the associated tin-tantalum mineralisation
- Recent Chinese Joint Venture on Core's Blueys Project in the NT enables Core to refocus resources on NT lithium prospectivity
- Lithium is a new age metal currently used in advanced battery technology
- Further updates will be provided to the market over coming weeks
Core Exploration Ltd's (ASX:CXO) extensive review of its strong tenement position in the Northern Territory has highlighted the lithium potential of the pegmatite fields under tenure in the Harts Range and Arunta region (Figure 1 in link below).
Core's research highlights that the Northern Territory has over a 100 years of history of tin and tantalum mining from lithium rich pegmatites similar to the mining history at Greenbushes in WA, one of the world's largest spodumene deposits.
Core has recognised a number of highly prospective lithium project areas in the Northern Territory and occurrences of spodumene and lithium rich pegmatite fields in the Arunta geology of the NT, a region where Core already has large tenement holding (Figure 1 in link below).
Analysis by the Company's exploration team of NT pegmatite geology, geochemistry and historic mining records has uncovered highly prospective, lithium rich pegmatite fields that have the potential to host lithium mineralisation along with the known tin and tantalum mineralisation.
Core is a diversified metals exploration company that has been operating in the Northern Territory for a number of years.
Core has recently completed a Joint Venture on its Blueys Project in the Northern Territory with the Chinese based Jilin No1 Survey. The JV with Jilin is seen as the initial foundation for a growing and positive relationship that has the potential to support both organisations' goals to make high quality exploration discoveries and invest further into the Australian mining industry.
Signing the JV with Core's Chinese partners has also enabled the Company's geological team to refocus its expertise in the NT on the lithium potential of its large tenure position as well as a review of the highly prospective lithium rich pegmatite geology of the NT.
Core has an early mover advantage in the NT and with a new focus on discovering and developing high grade lithium deposits, is currently reviewing and prioritising the prospectivity of a number of lithium rich pegmatite provinces in the NT.
Next Steps
The Company expects to update the market regarding forward steps on the lithium potential and Core's tenure holdings in the NT over coming weeks.
Background
Core Exploration Ltd is an ASX-listed diversified metal exploration company a number of advanced exploration projects in the Northern Territory and South Australia. Core's Executives and Directors have been successful in identifying, acquiring and making significant exploration discoveries that have evolved into mining operations.
To view figures, please visit:
http://media.abnnewswire.net/media/en/docs/82646-ASX-CXO-20160203.pdf
About Core Lithium Ltd
Core Lithium Ltd (ASX:CXO) is an emerging lithium producer focused on development of its Finniss Project near Darwin in the Northern Territory. Core owns 100% of Finniss, a major developing project that lies close to existing infrastructure such as the Darwin Port, grid power, gas and rail infrastructure.
The Finniss Project covers a 500km2 tenement holding and 25 historic pegmatite mines. The project area is about 80km from Darwin Port. Exploration work has generated a near term development timeline, with feasibility studies to be completed over the course of 2018 ahead of receipt of approvals in early 2019 and planned first production during 2019.
An aggressive exploration program is under way, which has confirmed the high quality prospectivity across much of the Finniss Project area. Core's stated ambition is to upgrade Finniss' resource base to fast-track commercialisation options.
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