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Core Lithium discovers new spodumene pegmatite body adjacent to Carlton lithium resource

Core is currently completing a resource update for the Carlton ore body (expected next week) ahead of finalising the definitive feasibility study.

New spodumene pegmatite intersected west of the Carlton ore body
New spodumene pegmatite intersected west of the Carlton ore body

Core Lithium Ltd (ASX:CXO) has discovered a new spodumene pegmatite body adjacent to the current Carlton lithium resource within Core’s Finniss Lithium Project in the Northern Territory.

The company’s recently completed diamond drilling intersected a 26-metre intersection of spodumene pegmatite just 15 metres to the west of the existing resource.

The new spodumene intersection is visually quite similar to the high-quality spodumene mineralisation observed nearby at the Grants and BP33 lithium resources.

Location of the new spodumene pegmatite

Core is currently completing a resource update for the Carlton ore body ahead of finalising the definitive feasibility study (DFS) toward the end of March 2019.

Core anticipates further increases to the resource at Carlton as a result of the new intersection in the future.

However, due to the time required to process and cut the new core and receive assays, this additional newly identified spodumene pegmatite body is not planned to be included in the initial DFS findings.

Finniss Lithium Project

Core managing director Stephen Biggins said: “Core’s new discovery of high-quality spodumene pegmatite at Carlton illustrates the huge potential to substantially add to our lithium resources within our dominant 500 square kilometres tenement position over the Bynoe Pegmatite Field.

“Greenbushes did a great job in finding hundreds of pegmatites in the area in the 1980’s and 1990’s whilst they mined the field for tin and tantalum, but they did not test this area at all for its lithium potential.

READ: Core Lithium boosts Finniss resource to 8.6 million tonnes with initial Hang Gong estimate

“Core is confident, based on past success, that the high-quality lithium resource base of the project will continue to grow over time adjacent to the best logistics pathway to Asia – these fundamental project advantages will be increasingly valued as the global lithium market continues to grow and mature.

“With a DFS focussed on producing spodumene concentrate to be completed shortly, along with the key recommendation to proceed with development, I’m sure one of the outcomes will be for Core to consider future downstream processing to lithium hydroxide at Middle Arm in the context of a growing mineral resource.”

Quick facts: Core Lithium Ltd

Price: 0.038 AUD

Market: ASX
Market Cap: $30.03 m

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