Core Exploration Ltd (ASX:CXO) has received pre-assay results from 10 step-out holes drilled at the Lees and Booth lithium prospects within the Finniss Project in the Northern Territory.
Drilling was testing whether the two prospects were linked and early indications support that theory.
Pegmatite intersections were encountered in all 10 step-out holes across 1,000 metres of strike length.
While the assays are yet to be received, visual estimates suggest mineralised spodumene within the pegmatites.
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Core’s managing director Stephen Biggins said: “These exploration results demonstrate the potential to uncover large blind spodumene-rich pegmatite swarms at the Finniss Lithium Project.
“The historic pits and workings at Lees and Booths are likely to be just a small surface footprint of more extensive pegmatites buried under thin cover in the area.
“The remainder of 2018 is shaping up to be a very busy one for Core as we continue to progress Grants towards development whilst examining the drilling data at a number of other prospects to bring these into the Project’s resource inventory.”
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All 10 holes contain at least one pegmatite intersection in the range 6-23 metres thick.
Most holes contain multiple intersections of pegmatite that can be tied with reasonable confidence to pegmatite intersections in holes along strike and down-dip.
Given the relatively shallow dip and apparent lateral consistency over 1-kilometre of strike, the Lees-Booths link has the potential to significantly expand the lithium resource inventory at Finniss.
Project may host other hidden pegmatites
Significantly, the discovery and delineation of a buried pegmatite swarm at Lees-Booths provides confidence that the Bynoe Pegmatite Field has other concealed spodumene pegmatite deposits.
Core is focussed on completing a definitive feasibility study (DFS) later this year for the development of mining and producing high-quality lithium concentrate from the Finniss Project.