New High-Grade Assay Results Expected to Expand Grants Lithium Mineral Resource
Adelaide, July 24, 2018 AEST (ABN Newswire) - Emerging lithium developer Core Exploration Ltd (
ASX:CXO) ("Core" or the "Company") is pleased to announce the return of wide, high-grade intersections confirming 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
- Multiple new high-grade lithium intersections outside the Mineral Resource at Grants include:
o 67m @ 1.57% Li2O from 191m in FRC151
-- Including 16m @ 2.17% Li2O
-- And 12m @ 2.08% Li2O
o 45m @ 1.72% Li2O from 188m in FRC154
-- Including 22m @ 2.09% Li2O
o 45m @ 1.72% Li2O from 142m in FRC159
-- Including 16m @ 2.03% Li2O
o 30m @ 1.70% Li2O from 206m in FRC153
-- Including 2m @ 2.12% Li2O
- New assays confirm significant extensions directly south along strike and at depth at Grants - outside of the existing defined Mineral Resource.
- These extensions demonstrate the potential to further increase the size of the Mineral Resource and mine life at Grants, which is expected to have material positive impact on the financial returns from development of the proposed 1Mtpa Finniss Lithium Project.
- Drilling underway at BP33 and first assays expected in coming weeks.
- Drilling then to recommence at Grants to test further down plunge.
Regional exploration drilling continues within the larger Finniss Lithium Project with results expected from Carlton, Hang Gong, Highland and Far West Central expected next month
New drilling results are located outside of the existing defined Mineral Resource at Grants and therefore highlight the potential to immediately grow the currently defined Mineral Resource at Grants (see Figure 1 in link below), which underpins the strong economics of the recent Pre-Feasibility Study.
The average grades of the new significant extensions intersected at Grants are above the Mineral Resource grade of 1.5% Li2O and include wide intervals up to 22m, grading >2% Li2O.
These new intersections are expected to add to the existing Mineral Resource at Grants and highlights that the spodumene pegmatite orebody is open along strike and down-plunge to the south (see Figure 1 in link below).
These extensional targets at Grants will be the focus of the next round of drilling once the RC rig has completed drilling at BP33.
Drill Results from Grants
Multiple new high-grade lithium intersections from Grants include:
o 67m @ 1.57% Li2O from 191m in FRC151
-- Including 16m @ 2.17% Li2O
-- And 12m @ 2.08% Li2O
o 45m @ 1.72% Li2O from 188m in FRC154
-- Including 22m @ 2.09% Li2O
o 45m @ 1.72% Li2O from 142m in FRC159
-- Including 16m @ 2.03% Li2O
o 30m @ 1.70% Li2O from 206m in FRC153
-- Including 2m @ 2.12% Li2O
These new results highlight the potential to increase the size of the Grant's Mineral Resource 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 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.
All but one of the 12 exploration holes drilled in this recent phase of drilling (see ASX- CXO 6/07/2018) intersected pegmatite extensions to the Grants Mineral Resource. Six of these had significant intercepts, one failed to reach target depth, and the remaining five holes at the extremes of the deposit were not mineralised (see Figure 1 in link below).
Drilling is advancing at BP33, testing a similar pegmatite model to Grants, targeting extensions to the initial JORC-2012 Mineral Resource (see ASX- CXO 23/05/2018). Results from BP33 drilling are expected in the coming weeks. Once that first-pass drilling is completed, the rig will return to Grants to test for further down-plunge extensions and infill the successful holes outlined herein.
A second RC rig has made progress at a number of other prospects in the northern part of the Finniss Project area, including Carlton, Hang Gong, Highland and Far West Central, and will continue on to other targets in the greater Grants area. Results from this drilling will be released in due course (see Figure 2 in link below).
Commenting on these recent results, Core's Managing Director, Stephen Biggins said "These high-grade results highlight the significant upside potential for the Finniss Project.
"These new extensions to the Mineral Resource area, as well as the addition of BP33 Mineral Resources, are expected to have a material impact on the economics for the Finniss Project.
"The Pre-Feasibility Study for Grants highlighted exceptional returns and these results, which have the potential to extend the mine life of the project at minimal to no additional capex, are extremely exciting."
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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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