Core Exploration Ltd (ASX:CXO) has received drilling assays confirming the presence of wide, high grade spodumene at the BP33 pegmatite at its Bynoe lithium project near Darwin.
The company’s shares were trading 10% higher intra-day, at $0.088.
Core’s new assays reflect the widest pegmatite intervals that have ever been drilled at BP33, and amongst the widest spodumene bearing intersections ever drilled in the Northern Territory.
Intersections from the reverse circulation (RC) drilling include:
- 54 metres at 1.4% lithium oxide from 101 metres; and
- 46 metres at 1.51% lithium oxide from 66 metres.
An additional 25 metres of assays are awaited from the remainder of the second drill hole.
Importantly, results from the drilling confirms that the BP33 spodumene pegmatite is open along strike both to the north and to the south and is thicker at depth than expected.
Follow-up diamond core drilling is now underway at BP33.
This is aimed at defining the continuity of grade and scale of the spodumene mineralisation and to delineate an initial resource at BP33.
The remaining drill assays from the RC drilling are expected over the coming weeks and assays from the diamond drilling is expected in early 2018.
Core recently completed the acquisition of the Bynoe lithium project from Liontown Resources Ltd (ASX:LTR) for $1.5 million in cash and an 8.2% stake in Core’s share capital.
READ: Core Exploration combines two major lithium projects in the Northern Territory
The Bynoe project is located adjacent to Core’s Finniss lithium project near Darwin in the Northern Territory, with the combined area now covering over 500 square kilometres of granted tenements.