Core Exploration Ltd (ASX:CXO) has received assay results from the BP33 prospect within its Finniss Lithium Project near Darwin in the Northern Territory.
Several new high-grade intersections have been produced from the reverse circulation (RC) drilling program including 63 metres at 1.50% lithium oxide from 76 metres.
Additional assays remain pending from BP33 and follow-up diamond drilling is to recommence shortly ahead of a new JORC resource estimation.
READ: Core Exploration intersects high-grade pegmatites at Finniss Lithium Project
Core’s managing director Stephen Biggins said: “The high lithium grades and thicknesses in these new drill holes are positive for expanding and increasing the confidence level of the Resource at BP33 over coming months.
“The higher grades and improved continuity from our recent drilling should potentially have a material impact on the economics of the Finniss Lithium Project.
“The addition of BP33, as well as the potential for further mineralisation across the project, highlights the significant value that we are building for shareholders.
“We are busy with the Finniss BFS and look forward to increasing the mine life and value of the project.”
Southern extension of BP33
Core’s most recent phase of drilling has focused on the potential southern extension of the current resource and infill at BP33.
Highlights include 63 metres at 1.50% lithium oxide from 76 metres, 43 metres at 1.78% lithium oxide from 157 metres and 59 metres at 1.59% lithium oxide from 198 metres.
The wide spodumene intersections indicate an increased thickness and grade down-plunge.
New JORC resource estimate in coming months
The current extensional drilling at BP33 will be incorporated into a new JORC resource estimate in the coming months and is expected to have a positive impact on estimates.
Similarly, new drilling positioned within the currently defined resource at BP33 is expected to enable an upgrade in the classification of the BP33 JORC resource to higher confidence categories.
Drilling also underway at Grants deposit
The follow-up resource extension drill program at Grants is currently progressing well with results expected through September.
Exploration drilling is also underway at the spodumene pegmatite at Sandra’s before testing the Booths, Lees, Carlton and Hang Gong targets over the coming weeks.