Core Lithium Ltd (ASX:CXO) has received new assay results from drilling at the Lees-Booths Link and Hang Gong prospects within its Finniss Lithium Project in the Northern Territory.
Results which feature 13 metres at 1.46% lithium oxide from 193 metres depth demonstrate the potential for both prospects to host large lithium deposits.
Additional assay results are still pending and the results will be used to estimate maiden resources for both prospects to build on the growing global inventory within the Finniss Project.
READ: Core Lithium boosts lithium inventory with maiden Carlton resource
Core’s managing director Stephen Biggins said: “These exploration results continue to justify a change in the exploration methodology in the northern part of the Finniss Project, focussing more effort on discovery and follow-up of shallower dipping stacked pegmatites, similar to our Western Australian counterparts.
“While the steeper bodies make up the entirety of Core’s current global resource base, it appears inevitable that the stacked sheets will contribute significantly to the Mineral Resource in the near future.
“With this in mind, Core has already recommenced resource expansion drilling at Hang Gong and Lees-Booths Link.
“It is probable that the bulk of next year’s budget will be targeting shallow dipping mineralisation in the greater Grants-BP33 corridor.”
Assays for 10 of 14 holes at Lees-Booths
Assays have now been returned for 10 of the 14 reverse circulation (RC) holes completed to target depth.
Of these, 9 holes contain mineralised pegmatite and 5 contain at least two mineralised pegmatites, including:
• 13 metres at 1.46% lithium oxide from 193 metres;
• 9 metres at 1.04% lithium oxide from 160 metres;
• 4 metres at 1.72% lithium oxide from 227 metres; and
• 5 metres at 1.38% lithium oxide from 136 metres.
Multiple mineralised pegmatites have been intersected over a 1-kilometre strike length and in stacked horizons which supports the potential for favourable mining economics.
Assays for final 4 holes at Hang Gong received
The assay results for the last 4 RC drill holes of the November program have also been returned
The most northwestern hole intersected two mineralised pegmatites with 6 metres at 0.89% lithium oxide from 130 metres and 3 metres at 1.25% lithium oxide from 157 metres.
This hole extends the known mineralised corridor at Hang Gong to 900x500 metres, which is open to the northeast and southwest.
This interpreted mineralised trend measures 1x1 kilometres and has been shown to contain multiple stacked mineralised pegmatite sheets.