Core Acquires Large Tenement Prospective for Lithium in Northern Arunta Pegmatite Province in NT
Adelaide, Dec 14, 2016 AEST (ABN Newswire) - Core Exploration Ltd (
ASX:CXO) ("Core" or the "Company") is pleased to announce that it has acquired a 100% interest in granted Exploration Licence 31058 comprising 574km2 in the Barrow Creek Pegmatite Field in the NT, building on the Company's successful discovery of high grade spodumene pegmatites at the Finniss Lithium Project ("Finniss").
HIGHLIGHTS
- Core has acquired 574km2 granted tenure covering the central Barrow Creek Pegmatite Field in the NT
- Barrow Creek is an early-stage look-alike to Core's high grade discoveries at the Finniss Lithium Project with a long history of tin and tantalum production around Barrow Creek, similar to Core's Finniss Lithium Project (and Greenbushes)
- Lithium contents of the source granites for the Barrow Creek Pegmatite Field are comparable to those at Finniss
- Acquisition complements Core's surrounding 2,500km2 of recently granted tenements in the Barrow Creek and Anningie Pegmatite Fields
- 13 potential Tin Tantalum Pegmatite targets identified to date at Barrow Creek
- Barrow Creek has year round access for field work and is close to rail connection that links direct to Darwin Port
- Potential for Darwin to become central processing and transport hub for NT spodumene production
As with Greenbushes in WA and Finniss in the Bynoe Pegmatite Field in the NT, the Barrow Creek Pegmatite Field has also had a long history of tin and tantalum mining prior to lithium mineralisation being recognised.
The pegmatites in the Barrow Creek Field are potentially enriched with lithium as evidenced by the presence of economic lithium mineral spodumene in the region, as well as highly elevated lithium in previous geoscientific sampling of source granites and pegmatites by the NTGS. The source granites at Barrow Creek are considered comparable to source granites related to the highly prospective Bynoe Pegmatite Field.
The recent grant of four EL's (Exploration Licences) covering and additional 2,500km2 (Figures 1-3, refer to link below) in and around the Anningie and Barrow Creek Pegmatite Fields, along with this new acquisition at Barrow Creek and together with Core's 100% interest in the Finniss Lithium Project gives Core a dominant position in the NT pegmatite fields and ensures Core is able to operate year round.
Very little previous exploration has been conducted for lithium at Barrow Creek.
Once the current focus on Phase 2 RC drilling is completed at Finniss, Core has the opportunity for active fieldwork at Barrow Creek Project in early 2017 until recommencement of drilling at Finniss in 2017.
Northern Arunta Pegmatite Province
The major tin-tantalum (+lithium) pegmatite fields of the Northern Territory occur at the Bynoe Pegmatite Field and the northern margin of the Arunta Region (Figure 1, refer to link below).
The Northern Arunta pegmatite province occurs in well-defined clusters at the Barrow Creek and Anningie Pegmatite Fields (Figures 1-3).
At Barrow Creek, a large number of tin-tantalum-bearing pegmatites, prospective for lithium intrude the Palaeoproterozoic Bullion Schist within 30 km of Barrow Creek (Figures 2-3).
The pegmatites typically occur in linear swarms and range in size from a few metres long up to hundreds of metres long and tens of metres wide.
The first reported occurrence of alluvial tin mining from tin-bearing pegmatites in the Arunta Region was not until 1935, when shallow alluvial deposits were worked on leases southwest of Barrow Creek township at what was to become the Anningie Tin Field.
The source granite for the pegmatites is considered to be the lithium-rich, fractionated S-type Barrow Creek Suite, which occurs as apophyses throughout the Barrow Creek area (Figure 2, refer to link below).
NTGS and other geoscientific research highlights that the Barrow Creek Suite source granites have enriched lithium contents comparable with the highest lithium granites in the NT.
The lithium minerals spodumene, elbaite and lepidolite are also reported to occur in pegmatites within the region of the Anningie Tin Field.
Core's Managing Director Stephen Biggins commented:
"Core believes there is an excellent fit between the lithium potential of Barrow Creek Pegmatite Field, direct rail link to Darwin Port and Core's objectives to make Darwin and Core's Finniss Lithium Project near Darwin a central processing and global transport hub for NT lithium and spodumene production as forecast increasing lithium demand continues to grow."
Terms of Acquisition
Core has agreed to purchase granted Exploration Licence 31058 from Excedo Exploration Pty Ltd.
At Completion of the Agreement, Excedo will transfer the rights to EL 31058 and all mining information to Core's 100%-owned subsidiary Lithium Developments Pty Ltd.
At Completion, Core will pay Excedo $85,000 cash and issue 1,000,000 CXO Shares. The Shares will be in Escrow for 6-months.
To view tables and figures, please visit:
http://abnnewswire.net/lnk/KR71978B
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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