Core Lithium Ltd (ASX:CXO) has received further positive results from the final round of 2021 assays generated in exploration drilling at the Finniss Lithium Project, near Darwin in the Northern Territory.
The results – produced from 22,454 metres of reverse circulation (RC) drilling and 6,619.8 metres of diamond drilling – have confirmed mineralised extensions to the south of the main BP33 mineralised system.
The company also completed resource extension drilling to the north of the Hang Gong prospect and to the north of the Lees prospect as well as several regional targets.
Highlight results included:
BP33 South
- 35 metres at 0.84% lithium, including 10 metres at 1.44% lithium.
Hang Gong
- 8 metres at 1.50% lithium;
- 6 metres at 1.43% lithium;
- 9 metres at 1.06% lithium including 5 metres at 1.51% lithium; and
- 1.6 metres at 2.55% lithium.
Lees
- 11 metres at 1.07% lithium including 2 metres at 1.88% lithium and 2 metres at 1.77% lithium;
- 6 metres at 1.04% lithium;
- 2 metres at 1.39% lithium; and
- 3.1 metres at 1.53% lithium.
Regional targets
- 11 metres at 1.55% lithium, including 7 metres at 2.06% lithium.
Aiming for first production this year
“The highly prospective nature of these new lithium drilling results reflects the confidence Core has in delivering further significant resource growth from the Finniss Project that will add to our life of mine and our capacity to materially increase lithium production from northern Australia in the future to keep up with rapidly growing global demand,” managing director Stephen Biggins said.
“Our prime directive is to deliver first production of high-quality lithium concentrate from the Finniss Project this year in the midst of a very high lithium price and high operating margin environment.
“With the commencement of diamond drilling at the BP33 prospect, we are also excited to be recommencing fieldwork and look forward to further unlocking the longer-term potential of the Finniss Project.”
Core Lithium has begun diamond drilling at BP33 prospect, with the first hole to target down-dip extensions of the main mineralised pegmatite body.
The company is reviewing data collected during 2021, with planning for the 2022 drill season well advanced.
Core expects to begin exploration RC drilling across the Finniss Lithium Project during the second quarter of the financial year, once the wet season in the Northern Territory has abated and drill sites can be established.