The company’s shares were last trading at $0.093, up 34.78% intraday.
All holes drilled at the Grants lithium pegmatite have hit thick intersections of high quality coarse grained spodumene.
This spodumene could potentially be amenable to processing to produce commercial grade spodumene concentrate.
Initial observations of the Grants core show that high grade lithium (as spodumene) is consistently present as a major rock forming mineral throughout 40-50 metres thick drill intersections.
Core Exploration anticipates strong lithium results from the assays expected in early December.
Further diamond drilling may take place in 2017 to follow-up any further targets identified by Core’s phase 2 exploration drilling which is currently underway at the Finniss Project.
The Finniss Lithium Project covers a large portion of the Bynoe Tin-Tantalum-Lithium Pegmatite field.
Bynoe is a highly prospective area for lithium 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.
Core Exploration had a cash balance of circa $1.3 million as at 30 September 2016.