Core Lithium Ltd (ASX:CXO) (OTCMKTS:CXOXF) has been granted a trading halt with a material acquisition announcement pending.
The trading halt will remain in place until the beginning of trade on Friday, March 5, or when an announcement is made to market, whichever occurs earliest.
Initial drilling confirms gold
Core’s recent rotary air blast (RAB) drilling has found gold mineralisation beneath the newly-discovered Far East belt at its wholly-owned Bynoe Gold Project in the Northern Territory.
Initial drilling by Core has confirmed gold mineralisation beneath the 100-150 metres-wide and 1.6 kilometre-long series of sulphide-rich, gold-bearing quartz veins, with about one-third of the holes intersecting gold mineralisation of more than 0.5 g/t.
Gold prospectivity can be rapidly substantiated through cost-effective exploration, given the logistical and technical synergies with Core’s lithium exploration team.
The company is also well-funded to recommence an expanded lithium and gold exploration program in the second quarter of 2021, to expand the flagship Finniss Lithium Project resources and life of mine and unlock the value of the gold potential of the Bynoe Gold Project.