Core Exploration (ASX:CXO) has commenced lithium exploration programs for the 2017 field season at its Finniss Lithium Project near Darwin in the Northern Territory.
It is worth noting that Core’s 2016 program at Finniss was successful in discovering multiple pegmatites mineralised with high grade lithium (spodumene).
This resulted in the definition of a maiden resource at the Grants deposit.
The Grants deposit is one of the highest grade undeveloped lithium deposits in Australia with a maiden resource of 1.8 million tonnes at 1.5% lithium.
Importantly, there is a significant potential to grow the Finniss Project as Grants is only one of many lithium rich pegmatites identified within Core’s large 400 square kilometre tenure at the project.
The drill programs in 2017 are aimed at building a resource base to support a long-life lithium production operation.
Core has already defined numerous new lithium pegmatite drill targets as a result of 2016 soil surveys and detailed magnetics surveys flown earlier in 2017.
The company will commence shallow drilling later this month, followed by deeper reverse circulation and diamond drilling.
Core is well funded with circa $7.1 million in cash as at 31 March 2017 and is expected to aggressively advance its high-grade lithium discoveries.