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Core Lithium results underpin potential resource growth at Finniss Lithium Project

Drilling confirms that ore-grade lithium mineralisation is widespread within Finniss and has potential to support a long life-life mining and production operation.

Core is planning to be the next lithium producer in Australia

Core Lithium Ltd (ASX:CXO) has received exploration drill results from Lees-Booths Link and Hang Gong prospects, further confirming potential expansion of the resource base at its Finniss Lithium Project in the Northern Territory.

New and pending assay results, adjacent to Core’s lithium deposits at Grants, Carlton and BP33, are expected to add to an expanded resource estimate at Hang Gong as well as an initial mineral resource at Lees-Booths during March.

Results "show scale potential”

Core Lithium managing director Stephen Biggins said: “These exploration results continue to show scale potential and continuity at Lees-Booths and Hang Gong.

“We have also confirmed a lower spodumene pegmatite in the southwestern part of the resource area at Hang Gong, which will likely add to the initial Hang Gong mineral resource.

“Core is continuing to progress Grants towards development whilst growing the existing mineral resource base through aggressive exploration programs to unlock the hidden potential.”

READ: Core Lithium makes key appointment to progress Finniss Lithium Project

Intersections at Lees-Booths Link prospect include:

  • 7 metres at 1.09% lithium oxide from 95 metres; and
  • 4 metres at 1.50% from 137 metres.

Drill results at Hang Gong continue to highlight the potential for shallow-dipping, multiple stacked pegmatites and include:

  • 12 metres at 0.94% from 88 metres; and
  • 8 metres at 1.90% from 91 metres.

READ: Core Lithium boosts Finniss resource to 8.6 million tonnes with initial Hang Gong estimate

Once the final round of assays has been returned the company will have sufficient information to undertake a mineral resource estimation for the two prospects.

Reverse circulation and diamond core drilling that continued through January and February have only recently stopped after the late onset of the wet season.

As final drilling laboratory assay results are received, Core will integrate these into geological models in March.

An updated mineral resource estimate is also expected for Core’s Carlton lithium deposit next week. 

- Jessica Cummins

Quick facts: Core Lithium Ltd

Price: 0.048 AUD

Market: ASX
Market Cap: $46.55 m

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