Core Lithium Ltd (ASX:CXO) has made strong exploration progress from its Finniss Lithium Project near Darwin in the Northern Territory, laying the foundation for resource growth and potential expansion of future production.
Promisingly, the lithium developer’s recent exploration and mineral resource drilling has intersected lithium-rich spodumene pegmatite at a number of prospects.
During the current drilling season, Core’s exploration team has focused on mineral resource growth and conversion as well as regional exploration in a bid to extend mine life and lay the foundation for resource growth and production expansion within the broader Finniss Lithium Project.
Drilling results
To date, 11 reverse (RC) drill holes have been completed at Ah Hoy prospect with most holes intersecting consistent thicknesses of spodumene mineralisation within the Western Pegmatite.
Assay results have been received for all holes at Ah Hoy with best intersections of:
- 11 metres at 1.42% lithium oxide (Li2O) in SRC053;
- 19 metres at 1.21% Li2O in SRC054;
- 14 metres at 1.37% Li2O in SRC055; and
- 11 metres at 1.28% Li2O in SRC056.
These results are very encouraging and likely to support a maiden mineral resource estimate at Ah Hoy in coming months.
Ah Hoy drilling summary, showing recent drilling intersections.
In addition, 14 RC drill holes were completed across the Far West Central and Far West North prospects.
New drill results from the Far West include:
- 13 metres at 1.01% Li2O in NRC161;
- 6 metres at 1.79% Li2O in NRC163;
- 11 metres at 1.23% Li2O in FRC232; and
- 7 metres at 1.24% Li2O in FRC233;
These intersections continue to highlight the variability in the distribution, thickness and grade of the numerous pegmatites within the Far West area.
Regional exploration prospects
Main prospects in the Finniss project area, showing recent drilling activities.
A range of other new regional prospects and targets at Finniss identified via simple surface sampling and geophysical techniques were also tested during 2021.
This initial exploration drilling has been successful in locating pegmatites of a range of sizes with variable degree of lithium fertility.
Subsequently, assays have now been returned from 34 of 47 of these RC drilling holes.
Further Finniss lithium exploration and resource drilling updates over coming weeks and into 2022 as results are received from more than 4,000 laboratory assays.
Shares have been as much as 6% higher to A$0.53 while CXO's market cap is approximately A$834.42 million.