Core Lithium Ltd (ASX:CXO) has received gold grades of up to 106.5 g/t and observed visible gold in rock chips at the newly defined Covidicus West prospect of the Bynoe Gold Project in the Northern Territory.
These encouraging results are from the first phase of gold exploration at the wholly-owned project at which the company is undertaking a low-cost gold re-assay and field program.
The regional mapping and reconnaissance rock chip sampling have led to the discovery of several gold prospects, including Covidicus West.
District-scale gold potential
Core managing director Stephen Biggins said: “Finding visible gold at surface at a virgin prospect is remarkable given that our first phase of gold-focused field investigations only started on the Bynoe Gold Project two months ago.
“These impressive gold grades encountered this early in the process, along with over 10 million ounces of gold resource inventory within the Pine Creek Orogen substantiates the district-scale gold potential of the project outlined by Core earlier this year and bodes well for future discovery.”
Shares have been as much as 14% higher this morning to 4.6 cents.
The most impressive result is 106.5 g/t gold in a first-pass rock chip sample that is described as blue-grey quartz with large globular limonitic inclusions or ‘blebs’, with a gossanous appearance.
Successive repeat assays on the pulp indicate excellent correlation, being 85 g/t and 101 g/t.
The next best of the 14 first-pass samples are 20.2 g/t, 12.1 g/t and 2.3 g/t with similar repeats.
Surface mapping suggests gold occurs in sulphide-rich zone 10 metres wide and at least 180 metres long within broader en echelon quartz vein system up to 45 metres wide.
Individual veins are up to 5 metres across and 60 metres long and the vein system is open to the north and south.
Preliminary map of the quartz vein array at Covidicus West Prospect, showing newly received reconnaissance rock chip gold assays.
Focused on Finniss
Mapping, soil sampling and rock chip sampling at Covidicus West and other similar targets is ongoing with further assay results expected in coming weeks, including a second round of rock chip and soil sample assays.
Core is also considering a restructure of its gold and silver assets in 2021 so that full valuation can be achieved for shareholders of these exciting precious metals projects as the company focuses on development of the first lithium project in the NT.
Biggins said: “Further assays of Core’s recent mapping, rock-chip and soil sampling are expected over the coming weeks and months and positive assay results from these programs are being followed up immediately.
“Whilst these spectacular assay results from very early-stage gold exploration highlights the significant gold potential of the Bynoe Pegmatite Field, Core remains absolutely focused on delivering Australia’s next lithium project by developing the Finniss Lithium Project near Darwin in the Northern Territory.”