First Lithium Drilling Underway on Finniss Lithium Project
Sydney, Aug 26, 2016 AEST (ABN Newswire) - Core Exploration Ltd (
ASX:CXO) ("Core" or the "Company") is pleased to announce that it has commenced the Company's first lithium focused drilling program at the Finniss Lithium Project in the Northern Territory.
HIGHLIGHTS:
- Core's first drilling campaign has commenced on the Finniss Lithium Project in the NT
- Drill program will consist of 2,000m of RC drilling to test 5 high priority, large-scale lithium pegmatite drill targets
- Drilling is scheduled to be completed in mid-September with assay results expected mid-late October
The drilling program will consist of 2,000m of RC drilling and will test 5 high priority drill targets on granted EL 29698, being the BP 33, Hills, Grants, Far West Central and Ah Hoy prospects (Figures 2 & 3, see link below).
Core expects the drilling to be completed around mid-September with assay results expected mid-late October 2016.
Discovery of high grade lithium with the drill program would be significant for Core given the scale of some new pegmatites identified by the Company's current field programs are directly comparable to the scale of pegmatites hosting large lithium resources in the Pilgangoora region in Western Australia.
Core's Finniss Lithium Project has substantial infrastructure advantages being close to grid power, gas and rail infrastructure and within easy trucking distance by sealed road to the multi-user port facility at Darwin Port - Australia's nearest port to Asia (Figures 2 & 3).
Commenting on commencement of drilling, Core's Managing Director, Stephen Biggins said: "We are absolutely delighted to have commenced our first drilling campaign at the Finniss Lithium Project. While our sampling results confirmed the lithium potential of the project, we are excited to kick off the drilling program. We look forward to keeping our investors updated as the drilling progresses."
Finniss Lithium Project
Core's Finniss Lithium Project covers a large portion of the Bynoe Tin-Tantalum-Lithium Pegmatite field. Bynoe is one of the most prospective areas for lithium in the NT and has many similarities to Greenbushes in WA, one of the world's largest and highest grade spodumene deposits.
As with Greenbushes, before economic lithium was recognised, Core's Finniss Lithium Project also has a 100 year history of tin and tantalum mining.
The Bynoe Pegmatite Field is a 15-20 kilometre wide belt of more than 90 tin and tantalum prospects and mines which stretches over a distance of 75 kilometres from Mount Tolmer to Kings Table (near Port Darwin) in the north with Core's tenements covering the northern end of the Bynoe Pegmatite Field (Figures 2 & 3).
Core's Finniss Lithium Project has substantial infrastructure advantages being close to grid power, gas and rail infrastructure and within easy trucking distance by sealed road to the multi-user port facility at Darwin Port - Australia's nearest port to Asia (Figures 2 & 3).
To view the release including tables and figures, please visit:
http://abnnewswire.net/lnk/TXH6GY65
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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