Core Lithium Ltd’s (ASX:CXO) (OTCMKTS:CXOXF) rotary air blast (RAB) drilling has found gold mineralisation beneath the newly-discovered Far East belt at its wholly-owned Bynoe Gold Project in the Northern Territory.
Initial drilling by Core has confirmed gold mineralisation beneath the 100-150 metres-wide and 1.6 kilometre-long series of sulphide-rich, gold-bearing quartz veins, with about one-third of the holes intersecting gold mineralisation of more than 0.5 g/t.
Gold prospectivity can be rapidly substantiated through cost-effective exploration, given the logistical and technical synergies with Core’s lithium exploration team.
Core remains focused on delivering Australia’s next lithium project with lithium resource and geotechnical drilling at the Finniss Project to be completed this month.
Focus on finalising updated DFS
Core managing director Stephen Biggins said the company viewed the RAB assay results as evidence of a broad-scale gold mineralising system at play in the Bynoe Gold Project.
“Though it is surprising that the area has not received attention for gold, it must be remembered that the Pine Creek region hosts over 13 million ounces of gold and has previously produced between 4 million-5 million ounces of gold.
“With Core’s lithium resource drilling having been completed at the nearby flagship Finniss Lithium Project, Core will now focus on defining lithium mineral resources and finalising an updated DFS.
“Core is also now well-funded to recommence an expanded lithium and gold exploration program in the second quarter of 2021 over the company’s significant tenement holding - to expand the Finniss Lithium Project resources and life of mine and unlock the value of the gold potential of the Bynoe Gold Project.”
o Hurricane Prospect
- 10 metres at 1.5 g/t from 7 metres, including 1-metre at 10.6 g/t from 12 metres; and
- 7 metres at 1.0 g/t from surface to EOH, including 2 metres at 3.3 g/t from 2 metres
o Windswept Prospect
- 24.5 metres at 0.5 g/t from the surface to EOH, including 1-metre at 5.3 g/t from 22 metres
o Far East
- 6 metres at 1.0 g/t from surface including 2 metres at 2.4 g/t from surface; and
- 15 metres at 0.5 g/t from surface, including 1-metre at 3.8 g/t from 14 metres
Other unexplored vein systems
About one-third or 23 of the 74 holes drilled returned gold assays above 0.5 g/t and about two-thirds of the drill holes intersected anomalous gold of above 100ppb.
These results are considered highly encouraging at this reconnaissance stage of exploration at the Far East belt.
The company is excited as there are numerous other similar vein systems in the immediate area that have not been explored.
Future plans at Far East belt
There are significant gaps in the current drill pattern, and the top 25 metres weathered zone has been scantily drilled.
Future work at the Far East belt is likely to include infill and deeper RAB/aircore drilling to infill the gaps in drill coverage and follow-up geological and geochemical trends that have now been confirmed.
RC or diamond drilling may then be undertaken to ascertain geometrical and structural data to better constrain mineralisation style and orientation.
This will assist ongoing gold exploration not only at Far East but in the northern Bynoe Gold Project more broadly.
Core will also explore the immediate area of the Far East belt in the coming dry season, as there are numerous positive regional soil assay results and reconnaissance mapping data that suggest there are other similar quartz vein systems are present.
Core believes it is well-positioned in terms of tenure, easy access, local expertise and gold prospectivity to cost-effectively progress the gold potential of the Bynoe Gold Project.