Wide High-grade Lithium Intersections Positive for BP33
Adelaide, Mar 1, 2018 AEST (ABN Newswire) - Core Exploration Ltd (
ASX:CXO) ("Core" or the "Company") is pleased to announce a new high-grade intersection of 42.9m @ 1.39% Li2O at the BP33 Prospect within Core's 100%- owned Finniss Lithium Project near Darwin in the NT.
HIGHLIGHTS
- Wide and high- grade assays results returned from recent diamond drilling at BP33 Prospect include 42.9m @ 1.39% Li2O (drillhole FMRD004)
- High-grade results are positive for pending assays from nearby drillhole FMRD0007 that recently intersected 86m of spodumene pegmatite (with the drillhole still in spodumene pegmatite at end of hole)
- The wide spodumene intersection in FMRD007 is southeast of the BP33 historic pit and toward potential extensions at both BP32 and BP32W Prospects
- Recent drilling highlights significant potential for extensions to the highgrade lithium pegmatites at BP33 Prospect
- Final assays from recent BP33 2018 diamond drill core expected this month
- BP33 maiden Resource estimate expected shortly after receipt of all assays
- Drilling to re-commence testing for potential extensions to BP33 and adjacent BP32 and BP32W upon commencement of the dry season in Q2 2018
- Resource upgrade drilling continuing at Grants located 5km from BP33
The new high lithium grades in drillhole FMRD004 are positive for the nearby 86m spodumene pegmatite intersection containing high average concentrations of spodumene in FMRD007 (ASX - 19/2/18).
The visual spodumene content of drill core from FMRD004 is comparable to that from recently drilled FMRD007 that has now been cut and delivered to the laboratory for assay (see Photo 1 in link below and refer ASX - 19/2/18).
The nearby 86m intersection in FMRD007 is the widest interval of spodumene pegmatite ever drilled in the NT. As the drillhole ended within the spodumene pegmatite body, further drilling collared to the east at BP33 is planned to define the geometry of this pegmatite body.
Results from the recent diamond and RC drilling confirm that the BP33 pegmatite is open at depth and along strike to the south. It is probable that the pegmatite body becomes broader with depth at the southern end of BP33 and plunges to the south under cover toward pegmatites at BP32 and BP32W prospects (see Figure 2 in link below).
Pegmatites at BP32 & BP32W have been identified in historic trenching and verified more recently in shallow RAB drilling by Core. However, no RC or Diamond drilling has been conducted at either of these Prospects.
BP33 is located only 5km south of the proposed development of the Grants lithium deposit, offering strong development synergies and potential for extending mine life at the Finniss Project.
Next Steps at BP33
The first phase of resource focused diamond drilling at BP33 has been completed with final assays from recent drillhole FMRD007 expected during March 2018.
Core is planning to commence an initial resource evaluation at BP33 in late March 2018.
Follow-up drilling is planned to better define the southward and shallow up-dip extension of the wide spodumene pegmatite body intersected by FMRD007 at BP33. Further drilling is also planned at both BP32 and BP32W Prospects as soon as the site becomes accessible in the dry season during Q2 2018.
To view figures, please visit:
http://abnnewswire.net/lnk/D3AB160O
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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