Core Exploration Ltd (ASX:CXO) has hit high-grade spodumene pegmatite intersections in reverse circulation (RC) drilling at its Finniss Lithium Project near Darwin.
Drilling focused on the Carlton and Hang Gong prospects, both within 1.5 kilometres of the Grants lithium deposit, and results demonstrate the potential to define additional lithium resources.
Both prospects, as well as the Booths, Lees and Sandras prospects, are scheduled to undergo further RC drilling in coming weeks.
Highlighted intersections from five holes at Carlton include: 16 metres at 1.79% lithium from 84 metres, including 8 metres at 2.16% from 85 metres; and 21 metres at 0.89% from 113 metres.
Assays from Hang Gong’s seven holes include: 11 metres at 1.34% lithium from 97 metres, including 6 metres at 1.9% from 98 metres; and 17 metres at 0.97% from 90 metres, including 1 metre at 2.67% from 92 metres.
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Core managing director Stephen Biggins said the results demonstrated the huge potential of the project that had yet to be realised.
He said: “The remainder of 2018 is shaping up to be a very busy one for Core as we continue to progress Grants towards development.
“[We are] continuing drilling to grow the existing resource base at Grants and BP33 as well as maintaining an aggressive exploration program to continue to identify prospects such as Carlton and Hang Gong.”
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The Finniss project comprises over 500 square kilometres of tenements across the Bynoe Pegmatite Field, with exploration results confirming that ore grade lithium mineralisation is widespread.
Core’s 2018 drilling is aimed at growing the mineral resource to underpin a potential long-life lithium mining and production operation.
The company is focused on completing a definitive feasibility study (DFS) later this year for the development of mining and producing lithium concentrate.
It aims to complete regulatory approvals, financing and internal approvals before commencing production at Grants by the end of 2019.
Potential for additional bulk-style deposit
A further seven RC holes were drilled at the Far West Central and Far West North prospects, testing down-dip and along-strike from some of the better intersection drilled in 2016.
These results are similar to earlier holes and confirm there remains potential for a bulk-style deposit in the Far West belt, which stretches over 1-kilometre immediately southwest of the proposed Grants pit.
Results from Far West include: 12 metres at 1.17% lithium from 78 metres; 7 metres at 1.41% lithium from 77 metres; and cumulative 28 metre intersection averaging 1.25% from 77 metres.
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Core will continue regional exploration, follow-up and resource definition and expansion drilling at Finniss through 2018.
Resource expansion drilling continues at Grants and updated results from recent drilling at the BP33 prospect are expected shortly.