Re-Commences Lithium Resource Drilling at High Grade BP33 Prospect
Adelaide, Jan 23, 2018 AEST (ABN Newswire) - Core Exploration Ltd (
ASX:CXO) ("Core" or the "Company") is pleased to announce that drilling has re-commenced in 2018 at its high grade Finniss Lithium Project near Darwin in the NT.
HIGHLIGHTS
- Core has recommenced diamond drilling at the High-Grade BP33 Lithium Pegmatite within the Finniss Lithium Project near Darwin in the NT
- Drilling is focussed on establishing an initial JORC Resource at BP33
- Recent High-Grade Lithium drill assays received from RC drilling at BP33 include:
o 62m @ 1.24% Li2O from 66m in FRC104
o 54m @ 1.42% Li2O from 101m in FRC103
- Assays from diamond core drilling completed in December at BP33 are expected in the coming weeks
- Strong flow of assay results expected from BP33, Grants and other exploration targets throughout Q1 2018 as drilling continues within the Finniss Project
Drilling has re-commenced with an initial focus at the high-grade BP33 Lithium Pegmatite. The current and recent diamond drilling at BP33 is aimed at defining the continuity of grade and scale of the spodumene mineralisation to allow for estimation of an initial JORC Resource at BP33. Once defined, BP33 will be the 2nd lithium deposit Core has defined within its broader Finniss Lithium Project, which is located within trucking distance of Darwin Port.
The diamond drill core will also provide valuable information that may be used for metallurgical testwork and geotechnical evaluation at BP33.
Core's recent lithium drill results at BP33 (announced to ASX on 27/11/2017 & 13/12/2017) reflect the widest pegmatite intervals that have ever been drilled at BP33, and amongst the widest spodumene bearing intersections ever drilled in the Northern Territory.
Results from the drilling in late 2017 also confirm that BP33 pegmatite is open along strike both to the north and to the south, and is thicker at depth than expected. The drill intersections from the last holes of 2017 suggested a down-dip doubling of true thickness of the spodumene pegmatite in the north of BP33 (20m at surface vs 40m estimated true width at depth).
Core's diamond drilling at BP33 is planned to continue into early February, when the rig will be moved to the Grants deposit, to commence resource upgrade drilling.
Assay results from diamond core drilling at BP33 (including diamond drilling completed in December 2017) are expected in the coming weeks.
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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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