Outstanding Wide and High-Grade Lithium Intersection at BP33
Adelaide, April 11, 2018 AEST (ABN Newswire) - Emerging Australian lithium developer Core Exploration Ltd (
ASX:CXO) ("Core" or the "Company") is pleased to announce that assays results have been returned for the 86m continuous intersection of spodumene pegmatite that was drilled at the BP33 Prospect in February (refer ASX Announcement 19/02/2018). The BP33 Prospect lies within Core's 100%-owned Finniss Lithium Project near Darwin in the Northern Territory, and importantly, is only 5kms away from the high-grade Grants deposit which Core expects to become its first lithium production asset.
HIGHLIGHTS
- Wide and high-grade lithium assays returned from drilling at BP33 prospect delivers spodumene intersection amongst the best in Australia:
o 75m @ 1.68% Li2O from 210m; including:
-- 55m @ 1.97% Li2O from 230;
-- 23m @ 2.07% Li2O from 262m.
- Drill hole still in high-grade spodumene pegmatite at end of hole, with last metre grading 2.41% Li2O
- This 75m intersection is the widest interval of spodumene pegmatite ever drilled in the NT and one of the best lithium exploration drilling results in Australia
- High-grade spodumene pegmatite body at BP33 open along strike to the south from this drillhole toward BP32 Prospect
- Drilling at BP33 aimed at establishing a maiden Resource estimate in May, to add to the Company's lithium resource inventory at the Finniss Project
- Drilling to re-commence to test BP33 and adjacent BP32 and BP32W prospects upon commencement of the dry season in Q2 2018
The gross continuous mineralised interval at 0.4% Li2O cut-off and 3m dilution is 75m @ 1.68% Li2O from 210m, including:
- 55m @ 1.97 Li2O from 230; and
- 23m @ 2.07% Li2O from 262m.
Core's Managing Director, Stephen Biggins said:
"We continue to be very encouraged with how BP33 is evolving, and expect it has potential to add considerable mine life to our Finniss Project. The results reported today are amongst the best spodumene intersections in Australia, and greatly increase our confidence that Core's Finniss Project near Darwin has potential to become a long life and high margin lithium operation".
This 75m mineralised lithium intersection is the widest interval of spodumene pegmatite ever drilled in the NT and the last metre of the drillhole was still in very high grade spodumene and assayed 2.41% Li2O.
These new results from BP33 are among the best spodumene intersections ever recorded in Australia, and significantly upgrade the BP33 prospect.
Pegmatite was intersected from 199m downhole in drill hole FRCD007 and contained high average concentrations of spodumene from 210m to the end of hole at 285m. The new assays align well with visual estimates of between 15%-20% spodumene.
Some intervals contain significantly higher levels of spodumene, comprising a very high proportion of the whole rock composition of the pegmatite (Photo 1). Assay results for these intervals include 55m @ 2.0% Li2O from 230m.
Drilling of FRCD007 was terminated because of the slow rate of penetration in the hard pegmatite and deteriorating vehicle access conditions as the wet season peaked. There are no visual signs in the lower part of the drill core to suggest the hole is close to the margin of the pegmatite-wallrock contact. The bottom 55m of the drillhole assayed 2.0% Li2O and the last metre interval is mineralised with very high grade spodumene and assayed 2.41% Li2O.
The pegmatite body is therefore open to the east by an unknown distance. The minimum true width is at least 40m, based on the assumption that the pegmatite dips at 80o to the east (see Figures 1-2 in link below), which is considered reasonable given the vertical continuity demonstrated by other drilling at BP33.
Results from the recent diamond and RC drilling highlight that the BP33 pegmatite is open at depth along strike to the south under cover (see Figure 1 and Figure 3 in link below).
As the drill hole ended within the spodumene pegmatite body, further drilling collared to the east at BP33 will be required to define the geometry of this pegmatite body. Core is currently planning an extension drill program (to be followed by infill drilling) aimed at increasing the size of the resource that is currently being estimated for BP33.
Adjacent pegmatites at the BP32 and BP32W prospects, in the direction of the southerly extension from BP33, 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 yet at the nearby BP32 and BP32W Prospects.
Next Steps at BP33
Core will process the various data from BP33 and estimate a resource, which is expected to be released in May.
The recently completed diamond drill program at BP33 will also provide valuable information that may be used for metallurgical testwork at BP33.
Core is planning further drilling at BP33, as well exploratory holes at both the BP32 and BP32W prospects, as soon as the 2018 dry season commences (expected Q2 2018). The drilling is designed to test the continuity and grade of these pegmatites adjacent to and along strike from the high-grade BP33 and add to the initial resource estimate at BP33.
To view tables and figures, please visit:
http://abnnewswire.net/lnk/3C01I99N
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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