Core Exploration Ltd’s (ASX:CXO) promising exploration results bode well for the group’s Finniss Lithium Project near Darwin in the Northern Territory.
The high-grade lithium results are from drilling at Grants deposit within the broader Finniss project.
Wide spodumene mineralisation was observed in drill cores, underlining high lithium grades, as well as robust thickness and consistency of spodumene.
Results included 37.2 metres at 1.71% lithium from 103.7 metres, including 10 metres at 2.05% lithium.
READ: Core Exploration makes history by drilling widest spodumene intersection
This exploration success comes less than a month after the company drilled an 86-metre continuous intersection of spodumene pegmatite at its BP33 prospect, part of the Finniss project.
Builds on success at BP33
Follow-up drilling is planned to better define the southern extension of the wide spodumene pegmatite body at BP33.
Additional resources, in particular, a maiden resource at BP33, is expected to underpin the strong growth profile for the broader Finniss region.
Results to feed into upcoming prefeasibility study
The objective of the current program has been to convert the existing resource at Grants to a mostly indicated and measured level of resource confidence.
Core anticipates that these new drill results will substantially add to the proportion of the mineral resource in the indicated and measured categories.
All assay results should be to hand by the end of March and at this stage the company will commence its resource evaluation as it moves towards releasing the PFS.
Consequently, the Grants results should have a positive impact on the upcoming PFS.