Finniss Lithium Project Area Expanded 250%
Adelaide, Feb 2, 2017 AEST (ABN Newswire) - Core Exploration Ltd (
ASX:CXO) ("Core" or the "Company") is pleased to announce that the granting of two new Exploration Licences has resulted in an increase in granted tenure of 250% at the Company's 100% owned Finniss Lithium Project near Darwin in the NT.
HIGHLIGHTS
- Core's 100%-owned granted tenure at Finniss has expanded 250% and now exceeds 400 square kilometres
- Core has received grant of two new large Exploration Licences as part of the Finniss Lithium Project near Darwin
- The Finniss Project includes the highest grade lithium drill results and the largest historic pegmatite mine in the NT
- Core holds the largest lithium tenure position in the NT
- The Company is well funded and will continue to aggressively explore and advance development assessment of its high grade lithium discoveries in 2017
The recent grant of two new Exploration Licences EL 31271 and EL 31279 adds another 240km2 of granted tenements to Core's Finniss Lithium Project, which now totals over 400km2 in size (Figure 1, see link below).
Core has proven success in finding previously undiscovered large pegmatites and drilling high grade spodumene mineralisation within its other ELs within the Finniss Lithium Project.
For example, the large Zola Pegmatite Prospect (ASX 23/06/2016) was found by Core within new EL 31126 and Ringwood Pegmatite Prospect (ASX 18/10/2016) within new EL 31127 during 2016 (Figure 1). Full approvals for Core to commence drilling are in now place to drill Zola and Ringwood pegmatite targets as soon as the 2017 field season commences.
In addition to drilling the large Zola and Ringwood prospects, Core is planning to undertake exploration programmes on these large, newly granted tenements that will be similar to the programmes that were highly successful for Core in 2016, leading to the discovery of multiple high grade lithium rich pegmatites at the Finniss Project, including the Grants, BP33 and Far West prospects.
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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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