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Core Lithium high-grade results expected to add to Finniss resources

High-grade spodumene intersections have been returned from exploration and mineral resource growth drilling at a number of prospects.

Core Lithium Ltd - Core Lithium high-grade results expected to add to Finniss resources
The company aims to begin spodumene concentrate production in late 2020

Core Lithium Ltd (ASX:CXO) has received high-grade spodumene results from across the Finniss Lithium Project in the Northern Territory which are expected to lead to increased resources and reserves.

The assay results of up to 7 metres at 1.8% lithium oxide from 207 metres have been returned from exploration and mineral resource growth drilling at a number of prospects.

Drilling, which identified and intersected high-grade spodumene pegmatites, was aimed at extending the mine life within the broader Finniss Lithium Project, near Darwin.

Confident of adding to mine life

Core’s managing director Stephen Biggins said, “Recent and current drilling is continuing to discover and define more spodumene pegmatite close to port and road infrastructure near Darwin.

“Core is confident in converting these new high-grade lithium intersections through mining studies into additional mineral resources and substantially increase ore reserves and mine life over the coming months.

“With the definitive feasibility study complete and approvals, additional offtake and project finance advancing towards finalisation, Core remains well on track to becoming Australia’s next lithium producer.”

Lithium resources and pegmatite prospects at Finniss Lithium Project.

Hang Gong results

At Hang Gong prospect assay results have also been received for holes drilled over recent months, including two diamond core holes:

  • 4.8 metres at 1.5% lithium oxide from 116.5 metres and 13.8 metres at 1.3% from 127.9 metres;
  • 13 metres at 1.56% from 123 metres; and
  • 13 metres at 1.29% from 142 metres, 5 metres at 0.83% from 161 metres and 3 metres at 1.44% from 175 metres.

Excellent spodumene pegmatite intersections from Carlton include:

  • 31 metres at 1.13% from 186 metres, including 7 metres at 1.8% from 207 metres; and
  • 17.6 metres at 0.9% from 195.9 metres.

Two new RC holes have also been drilled at Carlton and intersected 18 metres and 12 metres of pegmatite with assays pending.

Results from Lees-Booths

Two shallow RC holes have been drilled to date at Booths as the first component of a mineral resource definition program aimed at converting the Lees-Booths prospect exploration target into inferred resource.

Multiple pegmatites were intersected, in line with expectations and results were 4 metres at 1.00% from 92 metres and 1-metre at 1.28% from 109 metres.

A further eight RC holes are underway at Lees and Booths and will be reported in due course.

Drilling of two deeper holes as part of this program will be delayed to mid-October, after a break from drilling, to enable a trial of the new drilling equipment being introduced to manage hole deviation.

Ah Hoy a strong target

At Ah Hoy prospect Core intersected 10 metres at 1.57% from 128 metres with this being down-dip of an existing intercept of 12 metres at 1.19% from 67 metres and along strike from two intercepts of lower grade but similar thickness.

This particular spodumene pegmatite body represents a strong target for further exploration drilling.

Core is also optimistic that a number of other pegmatites mapped at the Ah Hoy prospect have similar exploration potential.

At Grants prospect assays have returned from diamond drill holes that had been drilled for geotechnical purposes in late 2018 and core had not been processed until recently.

They returned results as expected for the positions they were drilled in the mineral resource:

  • 47.4 metres at 1.53% from 202 metres; and
  • 28 metres at 1.22% from 182 metres.

Assays from diamond drilling at BP33 deposit are expected soon.

Other exploration

Alongside this drilling, Core has been actively exploring its large tenement package utilising a range of cost-effective exploration methods.

These include soil sampling, mapping, auger sampling and rotary air blast (RAB) drilling to continue to assess the hundreds of pegmatite occurrences and geophysical anomalies.

Numerous new prospects are being assessed and high potential targets are being prepared for deeper RC drill testing.

Quick facts: Core Lithium Ltd

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