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Core Lithium identifies multiple rock chips above 100 g/t gold at Adelaide River Project

A review of historic data has identified several advanced gold prospects at Adelaide River Gold Project in the Northern Territory.

Core Lithium Ltd - Core Lithium reports multiple rock chips assay above 100 g/t gold at Adelaide River Project
The Adelaide River prospects have received limited exploration to date

Core Lithium Ltd (ASX:CXO) has identified encouraging new gold results during a detailed review of historical data for Adelaide River Project in the Pine Creek Orogen of the Northern Territory.

Several advanced gold prospects were identified in the review with numerous rock chips assaying in excess of 100 g/t.

Results from the Possum prospect include rock chips up to 170 g/t (including 128 g/t) and 22 rock-chip samples collected above 5 g/t.

Results from the Arum prospect include rock chips up to 8.4 g/t and other untested gold targets from soil and stream sediment sampling of up to 1,000 parts per billion gold.

Shares higher

Shares have been up as much as 25% to an intra-day high of 5.8 cents.

Adelaide River project sits just 25 kilometres southeast of Core’s flagship Finniss Lithium Project near Darwin and leverages Core’s local exploration capabilities.

The company remains focused on the development of the Finniss Lithium Project while simultaneously assessing this new gold opportunity.

"Exciting prospectivity"

Core managing director Stephen Biggins said: “The exciting gold prospectivity of Adelaide River as demonstrated by these very high gold grades as well as new gold results from Finniss earlier this year, strengthens our view that the district has a strong gold endowment.

“Core is still firmly focused on the development of our flagship Finniss Lithium Project; however, we see this new project is an obvious opportunity to leverage the expertise and capabilities of our exploration team and NT experience to add value for Core’s shareholders.

“We look forward to extending our NT gold exploration program to cover Adelaide River over the course of 2020.”

Historical mining district

The area has been mined historically for uranium and rock-chip gold grades at the Possum prospect have only been scantly followed up by previous explorers during short periods of gold-focused exploration in the late 1980s and early 2010s.

These programs encountered numerous gold vein systems like those at the nearby Cosmo gold mine, operated by Kirkland Lake Gold Ltd (NYSE:KL) (TSX:KL) (ASX:KLA).

Kirkland Lake, which recently completed a A$5 billion takeover of Detour Gold (TSX:DGC), also announced drill results from the nearby Lantern Deposit at Cosmo grading 578 g/t over 1.8 metres and 67.6 g/t over 3.1 metres.

That company has estimated a total gold NT mineral resource of 2.68 million ounces at 2.5 g/t.

Core considers its Adelaide River tenements strategically located in the highly prospective gold region in the NT which has potential for long-term, profitable mining operations in a historic mining district with over 4.5 million ounces of gold produced over the past four decades.

Location of Adelaide River Project (EL31886) in relation to mineral occurrences in the Pine Creek Orogen.

Systematic approach

Previous geochemical and geophysical surveys of the broader tenement area were limited to small programs over localised areas and individual prospects and Core sees a significant opportunity to take a more consolidated and systematic approach to exploration over this highly prospective area.

The company plans to undertake further research, assessment and interpretation of the historic datasets and exploration information for the project over coming months and expects to update the market as it refines its understanding and progresses plans to commence initial fieldwork later this year.

Quick facts: Core Lithium Ltd

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