Bynoe Lithium Project Drilling Update
Adelaide, Nov 20, 2017 AEST (ABN Newswire) - Core Exploration Ltd (
ASX:CXO) ("Core" or the "Company") is pleased to provide the following update on its recently commenced exploration drilling on lithium pegmatite targets within the Company's newly acquired Bynoe Lithium Project tenements near Darwin in the NT. The Bynoe Lithium Project is located immediately adjacent to Core's high-grade lithium resource at the Grants deposit within the Finniss Lithium Project.
HIGHLIGHTS
- Core's first round of RC and RAB drilling continuing on high grade lithium targets within the recently acquired Bynoe Lithium Project near Darwin
- The Bynoe Lithium Project contains a large number of untested, highly prospective lithium pegmatite targets, including over 50 historic pegmatite prospects and small-scale Sn-Ta mines
- Previous drilling has confirmed widespread spodumene-related lithium mineralisation in numerous pegmatites at Bynoe
- Drilling will focus on proven lithium pegmatite targets that have been mined previously for tin and tantalum, previous drill intersections greater than 1% Li2O and potential economic volumes of spodumene pegmatite
- Broad zones of ore grade pegmatite have already been discovered at other prospects targeted for drilling including Sandras prospect (42m@1.0% Li2O)
- Initial results from BP33 prospect are highly encouraging, returning the widest spodumene bearing intersection drilled to date (refer ASX release 16 November 2017)
- Most recent drillhole at BP33 (FRC105) intersected pegmatite to EOH on southern extension
- Diamond drilling to commence at BP33 next week in follow-up to exciting new drill results
The Company is targeting a number of high grade lithium pegmatite drill targets with this latest drill campaign. Targets are based on Core's previous exploration programs and an assessment of previous drilling intercepts above 1% Li2O over the project area (including 42m @ 1.0% Li2O at Sandras (LTR- ASX 2/11/2016)).
The drill program will also focus on proven lithium pegmatite targets based on areas that have been mined previously for tin and tantalum (Sn-Ta) along with pegmatite swarms that have potential to represent economic volumes of spodumene pegmatite.
Targets to be tested by the 4,000m RC drilling program include Sandras, Lee's, Booth's, Hang Gong and Carlton. A number of these prospects are situated within an existing granted Mineral Lease (ML) which will expedite any commercial discovery into production.
Core's RC drilling program has now commenced at the Sandras target. The high priority Sandras pegmatite target was previously drilled by Liontown Resources, and includes lithium drill assays up 4.09% and broad intersections of mineralisation above 1% including 42m @ 1% Li2O (see Figures 1 & 2 in link below).
In addition to the proposed RC program, Core also has commenced a shallow RAB drilling program aimed at discovering and refining new targets in the region. RAB drilling has commenced at the Hang Gong Prospect to better define distribution and geometry of multiple pegmatites in and around one of the largest historic tantalum pegmatite mines in the NT.
Exploration RC and RAB drilling will continue on the Bynoe and Finniss Lithium Projects until the end of the field season during December with final assays results typically expected approximately four weeks after the completion of drilling.
Follow-up Diamond core drilling to commence at BP33
The initial results from recent RC drilling has confirmed that the BP33 spodumene pegmatite is open along strike both to the north and to the south and is thicker at depth than expected.
Most recent RC Drillhole FRC105 has now confirmed that BP33 is also open to the south. Drillhole FRC105 targeted the southern extension of BP33 and intersected pegmatite to end of hole (EOH), where 8m of pegmatite was intersected from 116m to the EOH at 124m before drilling problems caused the hole to terminate (see Figure 3 in link below).
Diamond drilling is planned to commence next week at BP33 to follow-up the recent exciting RC drill results. The RC drill rig has had difficulty with drilling at BP33 to required depths and a diamond rig has the both the capacity to drill to target depths and importantly the diamond core can provide information that can be used potentially for metallurgical testwork and resource evaluation at BP33.
Grants Pre-Development Activities
At the Grants Lithium Deposit, infill RC and Diamond drilling is expected to commence in December and will continue into 2018 with the aim of upgrading the Grants Mineral Resource to higher confidence categories. The upgraded, higher confidence JORC resource will then form the basis on which the Grants Feasibility Study will be undertaken.
A program of geotechnical drilling is also planned at Grants for feasibility mine design studies.
To view figures, please visit:
http://abnnewswire.net/lnk/AN1YU90W
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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