Core Lithium Ltd’s (ASX:CXO) ongoing reconnaissance exploration has discovered a new gold anomaly named Piper North in the northern area of the company’s Bynoe Gold Project in the Northern Territory.
Piper North Prospect is one of the anomalies that have emerged from the re-assaying of lithium exploration soil samples identified as having anomalous gold indicator elements, in this case, arsenic and antimony.
Re-assaying of the lithium exploration soil sample showed gold up to 151 parts per billion (ppb) and this prompted Core to undertake a broad-spaced auger soil sampling program and re-assay more of the adjacent lithium-exploration pulps.
These assay results are now in-hand and show a coherent gold-in-soil geochemical anomaly of 200 metres x 500 metres in size and peaking at 536 ppb gold or 0.5 g/t.
Anomaly at Piper North
The gold anomaly at Piper North is largely covered by a thin veneer of colluvium (eroded angular rock fragments) and quartz vein float and it is making it difficult to interpret the bedrock source.
Re-assays and new sampling results continue to generate numerous new targets previously unassayed for gold.
These new results illustrate that Core’s tenement holding has substantial regional gold prospectivity in the north in addition to the identified gold prospects in the BBF Gold Field to the south.
New results substantiating potential
Mapping, soil sampling and rock chip sampling are also progressing at the project.
Core’s low-cost gold re-assay and field exploration program is helping to substantiate the gold potential of this project.
The company is expecting further assay results including the second round of lithium sample re-assays, new rock chip assays and new soil sample assays.
Bynoe Gold Project
The core is testing and confirming the gold prospectivity of the Bynoe Gold Project by taking advantage of the vast library of lithium exploration samples collected by the company over the past five years from the Finniss Lithium Project tenements.
In recent months, Core has also undertaken field investigations of more than 15 targets, including mapping, rock chip sampling and soil sampling.
The assays of recent fieldwork are expected over the coming weeks and months and positive assay results from these programs will be followed up in due course.
Numerous gold targets have been generated and based on the early success of the re-assay program the company believes a plethora of further gold targets exist.
Finniss is primary focus
Core is well-positioned in terms of tenure, easy access, local expertise and gold prospectivity to progress the gold potential at the Bynoe and nearby Adelaide River gold projects while its primary focus remains on the Finniss Lithium Project.
The highly prospective Pine Creek Orogen gold province in the NT hosts more than 10 million ounces of gold resources and has the potential for long-term, profitable mining operations.
This historic mining district has produced more than 4.5 million ounces of gold during the past four decades.
