Drilling of Large-Scale Ringwood Lithium Prospect Underway
Adelaide, July 24, 2017 AEST (ABN Newswire) - Core Exploration Ltd (
ASX:CXO) ("Core" or the "Company") is pleased to announce that drilling of the large-scale Ringwood Pegmatite Swarm has commenced within the Company's 100% owned Finniss Lithium Project near Darwin in the NT ("Finniss").
HIGHLIGHTS
- RC and RAB drilling underway on large-scale lithium targets contained within the Ringwood Pegmatite Swarm at the Finniss Lithium Project near Darwin, NT
- The Ringwood Pegmatite Swarm covers a sizeable area of more than 4 km long and 2 km wide
- Lithium potential of Ringwood confirmed by lithium soil anomalies that correlate with pegmatite outcrops and rock chip samples assaying up to 3.1% Li2O
- Large number of exceptionally large pegmatite bodies to drill test at Ringwood
- RAB drilling has already been successful in discovering new pegmatite zones ranging between 50m and 100m wide, and hundreds of metres long
- Maiden RC Drilling program at Ringwood to be completed by late August, with initial assay results expected 4 weeks after drilling is completed
- Maiden RC Drilling program now completed at the large Zola prospect and drill assays expected in August. Most drill holes hit broad intersections of pegmatite
- The Company is well funded and multiple exploration drill programs are being conducted at the Finniss Lithium Project in 2017, aiming to build a large resource base to support a long-life lithium operation
Core's early work to date suggests that the Ringwood Pegmatite Swarm extends over an area of more than 4 km long and 2 km wide (see Figure 1 in the link below).
Core's recent detailed aeromagnetic survey over the Ringwood Pegmatite Swarm has substantially increased the potential scale of Ringwood, with numerous pegmatite outcrops, geochemical surveys and rock samples confirming Ringwood's high-grade lithium potential (see Figure 1 in the link below).
The Ringwood prospect has not been subject to systematic pegmatite exploration by previous explorers, so in parallel with deeper reverse circulation (RC) drilling, Core has commenced a series of shallow (<10m) reconnaissance RAB drilling traverses. The RAB drilling is planned to drill through the shallow soils and laterite that conceals the bedrock, with the aim of defining the lateral extent of the numerous known pegmatite bodies at Ringwood. It is also anticipated that this reconnaissance RAB drilling will potentially define several new pegmatites targets in addition to the existing targets.
Preliminary results from the reconnaissance RAB drilling at Ringwood have already been successful in identifying large pegmatite swarm zones with interpreted widths ranging between 50m and 100m wide, and hundreds of metres long.
Core's RC drilling has now commenced to test a number of exceptional lithium pegmatite targets already defined at Ringwood, and additional RC holes are planned as RAB drilling progresses across the large prospective area in and around the Ringwood Pegmatite Swarm over coming weeks (see Figure 1 in the link below).
Core's first phase of RC drilling at Ringwood is expected to be completed in August and assays results are expected 4 weeks after completion of drilling.
Core also expects to receive assays from the RC drilling of the large Zola prospect during August. The maiden RC drill program is now completed, with most drill holes intersecting broad zones of pegmatite.
To view figures, please visit:
http://abnnewswire.net/lnk/7RSK48BW
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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