Core Exploration Ltd (ASX:CXO) has commenced the company’s first lithium focused drilling program at the Finniss Lithium Project in the Northern Territory.
The program will consist of 2,000 metres of reverse circulation drilling and will test 5 high priority drill targets.
The Finniss Lithium Project covers a large portion of the Bynoe Tin-Tantalum-Lithium Pegmatite field.
Bynoe is a highly prospective area for lithium in the Northern Territory and has many similarities to Greenbushes in Western Australia, one of the world’s largest and highest grade spodumene deposits.
As with Greenbushes, before economic lithium was recognised, the Finniss Lithium Project had a 100 year history of tin and tantalum mining.
The Mt Finniss Mine was listed by the Northern Territory Geological Survey as the largest overall single producer of tin and tantalum in the Northern Territory.
Core’s evaluation and exploration work represent the first systematic assessment of this area for lithium, given all of the historical work was primarily focused on tin‐tantalum.
The project has substantial infrastructure advantages, being close to grid power, gas and rail infrastructure.
Importantly, the project is about 100 kilometres by sealed road to the multi-user port facility at Darwin Port, Australia’s nearest port to Asia.
The drilling is scheduled to be completed around mid-September with assay results expected in October.
Core is well funded with a cash balance of $2.4 million as at 30 June 2016.
The company’s share price has surged by about 150% since the beginning of 2016.
Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.