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Core Lithium finds nuggets and extends Far East gold trend to 2,500 metres at Bynoe Gold Project

Last updated: 12:25 24 Jun 2021 AEST, First published: 12:14 24 Jun 2021 AEST

Core Lithium Ltd -
Core’s major focus is on the development of the Finniss Lithium Project.

Core Lithium Ltd (ASX:CXO) (OTCMKTS:CXOXF) has extended the Far East gold trend at Bynoe Project in the Northern Territory to 2,500 metres in length after locating quartz veins at Toolebuc prospect of simillar style to those that host gold to the north of the trend.

Most encouragingly, gold nuggets and samples containing visible coarse gold have been located at Toolebuc, suggesting the new veins are auriferous.

Mapping, rock chip sampling and systematic soil sampling are underway at Toolebuc, with assaying of the geochemical samples in progress.

The gold potential of this region was initially identified by reassaying Core’s lithium-focused geochemical samples for gold in 2020.

A second gold re-assay program to analyse a further 3,000 historical samples is now underway.

“Dedicated gold effort warranted”

Managing director Stephen Biggins said: “While Core is maintaining a clear focus on the main game of expanding the lithium resource inventory and subsequent development of our first lithium mining operations at Finniss, we believe a dedicated gold effort is warranted following the outstanding results achieved in 2020 by the company’s exploration team.

“We await assay results from our recent rock chip and soil sampling programs at Toolebuc where the mapping of 'Far East Style' quartz veins and the detection of gold grains and nuggets are early promising signs that we may have materially expanded the broader target zone from 1,600 metres to 2,500 metres.

“Our successful application for significant NT Government co-funding to assist with our first diamond drilling at Far East, and the establishment of a dedicated team to explore the numerous gold targets at Bynoe, further confirms our commitment to Core shareholders to pursue additional value opportunities on our tenements over and above that delivered through our prime lithium assets.”

NT Government co-funding secured

CXO has also secured its application for co-funding through Round 14 of the Northern Territory’s Government’s Geophysics and Drilling Collaborations program, a core element of its Resourcing the Territory initiative.

The application was made in regard to completing the first diamond drill tests at the Far East Gold target.

Core has been awarded a grant of $134,810 which will cover 50% of allowable costs associated with drilling two 350-metre-deep diamond core holes.

Gold team established

To assist Core in its focus on the gold opportunity, the company has established a dedicated exploration team on top of having engaged geological consultant Chris Drown to lead the Bynoe Gold Project.

Drown has worked in the Australian resources industry for more than 35 years, including roles with Western Mining Corp, Aberfoyle Resources Limited and Andromeda Metals (ASX:ADN) (formerly Adelaide Resources Limited) where for 11 years he was managing director.

He has explored a range of commodities and has worked extensively in the Northern Territory and across Australia.

Looking ahead

In addition to progressing exploration and drill testing of the immediate opportunities presented at Far East-Toolebuc, the gold goal in 2021 is to establish a pipeline of additional targets and drill test those that show potential to represent deposits that can materially add to the market’s valuation of Core.

The 2020 gold program has already presented numerous gold anomalies for follow-up, while the continuation of the successful geochemical sample gold re-assay program, together with planned on-ground prospecting and additional geochemistry, is expected to delineate new areas of focus.

Shares have been almost 5.6% higher intra-day to A$0.2375 while CXO's market cap pre-open was approximately $264.2 million.

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