Key Finniss Tenements Granted
Adelaide, Sep 27, 2016 AEST (ABN Newswire) - Core Exploration Ltd (
ASX:CXO) ("Core" or the "Company") is pleased to announce Core has been granted two key 100%-owned exploration licences (EL) covering 120km2 within the Finniss Project (Figure 1, see link below).
HIGHLIGHTS
- Two key 100%-owned Exploration Licences granted within Core's Finniss Lithium Project in NT
- Core now holds the largest lithium tenure position in the NT, including the highest grade lithium drill intersections
- First four recently drilled holes at Finniss have returned multiple broad zones of high grade lithium, confirming Finniss Project as a major new lithium discovery
- Results include:
-- 34m @ 1.60% Li2O from 71m (FRC003), including:
--- 7m @ 2.02 % Li2O from 79m
--- 4m @ 2.00% Li2O from 93m
--- 3m @ 2.00% Li2O from 101m
- Significant spodumene mineralisation has been observed at other prospects drilled by Core in its first RC drilling campaign at Finniss for which assay results are awaited
- The large Zola pegmatite identified by Core is contained within the new granted tenements, and will be targeted in the future given the very large scale potential of the Zola pegmatite
- Further lithium drill assays will be reported in the coming weeks
With the granting of EL 31126 and EL 31127 (Figure 1), Core now holds the largest lithium tenure position in the NT, including the highest grade lithium drill intersections, the largest historic pegmatite mine and at least another 25 other recorded pegmatite mines in the Northern Territory.
Recent drilling results from the first four holes from the Company's maiden lithium drilling program at the Finniss Lithium Project in the Northern Territory has confirmed Finniss, as a major new discovery of high grade lithium (ASX 23/09/2016).
The discovery of high grade zones of lithium with this current drill program is very significant for Core given the scale of some of the new pegmatites identified by the Company's current field programs are directly comparable to the scale of pegmatites hosting large lithium resources in Western Australia. These include the Zola Pegmatite (ASX 23/06/2016) identified by Core on newly granted EL 31126 (Figure 2, see link below).
With the granting of this tenement, the Zola prospect will be a priority area for Core to target given its very large scale. The most important aspect of Zola is the scale. The outcrop of decomposed pegmatite and quartz blows extend for up to 1,500 m NS (abundant quartz in road-cutting to the north - Figure 3, see link below). Further background in respect of the Zola pegmatite was announced to ASX on 23 June 2016.
Core's Finniss Lithium Project covers a large portion of the Bynoe Lithium-Tantalum-Tin Pegmatite field. The Bynoe Field is a 15-20 kilometre wide belt of more than 90 tin and tantalum prospects and mines and lithium rich pegmatites which stretches over a distance of 75 kilometres south from Port Darwin and is one of the most prospective areas for lithium in the NT.
Core's Finniss Lithium Project has substantial infrastructure advantages being close to grid power, gas, and rail and services infrastructure and within easy trucking distance by sealed road to the multi-user port facility at Darwin Port - Australia's nearest port to Asia.
Further lithium drill assays will be reported in the coming weeks
Core completed its initial 2,000m RC drilling program last week, which in addition to testing BP33, also tested a number of initial pegmatite drill targets on granted EL 29698 (Figure 2).
Preliminary results from these prospects indicate substantial spodumene mineralisation has also been intersected within broad pegmatite at a number of prospects.
The remaining assays from this RC drilling campaign are expected from the laboratory over coming weeks, and will be released to the market in due course.
To view tables and figures, please visit:
http://abnnewswire.net/lnk/2L957P29
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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