Extensions to Grants Lithium Deposit Intersected in New Exploration Drilling
Adelaide, July 6, 2018 AEST (ABN Newswire) - Emerging Northern Territory lithium developer, Core Exploration Ltd (
ASX:CXO) ("Core" or the "Company") is pleased to announce the discovery of significant extensions to the Grants Lithium Deposit, part of the Company's wholly-owned Finniss Lithium Project, located near Darwin in the Northern Territory.
HIGHLIGHTS
- New drilling has identified significant extensions directly south along strike and at depth at Grants - outside of the existing defined Mineral Resource
- New results include a 73m downhole intersection of spodumene pegmatite
- These extensions demonstrate the potential to further increase the size of the Mineral Resources and mine life at Grants
- Any incremental mine life through extensions to the Grants deposit or proximate discoveries is expected to have material positive impacts on the financial returns from development of the proposed 1Mtpa Finniss Lithium Project
- Drilling to recommence at Grants later this month to test for further depth and strike extensions once drill-rig at BP33 completes current phase of work
- Regional exploration is ramping up at Finniss aimed at discovery of additional ore sources at the Finniss Project
- Assays from this recent phase of drilling at Grants are expected in coming weeks
New drilling results include a 73m intersection of spodumene pegmatite located outside of the existing defined resource at Grants. These new results are significant and highlight the potential to immediately grow the currently defined resource at Grants (see Figure 1 in link below) which underpinned the strong economics of the recent Pre-Feasibility Study.
All 10 holes drilled in this recent phase of drilling intersected pegmatite extensions to the Grants Mineral Resource. Most of the pegmatite intersections included spodumene pegmatite, with the spodumene content of the intersections the grade being typically higher in the thicker parts of the pegmatite and lower where the pegmatite is thinner.
These new intersections are expected to add to the existing Mineral Resource at Grants and highlights that the spodumene pegmatite orebody at the deposit is still open to the south along strike and at depth (see Figure 1 in link below).
Drilling will recommence at Grants later this month to test for further depth and strike extensions once the current phase of drilling at BP33 is completed. Similarly, the current drilling at BP33 is also targeting extensions to the initial JORC-2012 Mineral Resource (see ASX CXO 23/05/2018).
Assays from the recently completed phase of drilling at Grants are expected toward the end of July.
These new results highlight the potential to increase the size of the Resources to be incorporated in the Definitive Feasibility Study (DFS) later this year. The DFS will build on the strong economics defined in the recently released CXO Pre-Feasibility Study (PFS) (see ASX CXO 25/06/2018) focused on the production of lithium concentrate commencing in late 2019 from the Finniss Project.
To view figures, please visit:
http://abnnewswire.net/lnk/U403I538
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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