Core Lithium Limited (ASX: CXO) has announced about its new exploration drill results from Lees-Booths Link and Hang Gong to underpin additional lithium resources at the Finniss Lithium Project which is located near Darwin in the Northern Territory. The location is adjacent to Core’s lithium deposits at Grants, Carlton and BP33 and all within a 3 km radius of each other. The project is expected to deliver substantial value because of its infrastructure advantages as it is close to grid power, gas and rail and within easy trucking distance by sealed road to Darwin Port – Australia’s nearest port to Asia, supporting the project’s development.
New high-grade spodumene pegmatite intersections at two prospects are expected to result in continued expansion of the Mineral Resource base at the Finniss Lithium Project. The Finniss Project comprises over 500 km sq. of granted tenements over the Bynoe Pegmatite Field, near Darwin. Exploration and Resource drilling to-date have confirmed that potential ore-grade lithium mineralization is widespread within the Finniss Project, and Core’s drilling in 2018 and into early 2019 has the potential to substantially grow the Mineral Resource base to underpin a possible long-life lithium mining and production operation.
Intersections at Lees-Booths link prospect supports the model that there are multiple stacked, sheet-like pegmatite bodies stretching between the two prospects over a distance of 1km. Thickness and grade appear to be greatest in a trend immediately NNE of the Lees Pit, and this has been the focus of February’s drilling. It includes 7m @ 1.09% Li2O from 95m (NRC081), and 4m @ 1.50% Li2O from 137m (NRC093).
Drilling at Hang Gong has been designed to extend the current Mineral Resource in two ways; by extending the upper flat-lying pegmatite body to the SW, and by resolving the extent of the lower zone in all directions. Drill results at Hang Gong Prospect continue to highlight the potential for shallow-dipping, multiple stacked pegmatites and include 12m @ 0.94% Li2O from 88m (NRC085), and 8m @ 1.90% Li2O from 91m (NRC090).
Core Lithium is planning to be the next lithium producer in Australia through mining and production of high-quality lithium concentrate from the Finniss Project and is aiming to complete a Definitive Feasibility Study (DFS), regulatory approvals, financing, and internal approvals before commencing construction later this year. It also seeks to expand the initial Mineral Resource estimate for Carlton, Lees Booth link, and Hang Gong.
It recently ceased reverse circulation (RC) and diamond core drilling in January and February due to the late onset of the wet season.
Core Lithium is an Australian listed lithium producer, developer, and explorer. Majority of its projects are in the Northern Territory of Australia. On stock information, Core Lithium last traded at $0.054 down 6.897% on February 28, 2019 with the market capitalization of ~$40.28 Mn.. Its 52 weeks high has been noted at $0.074 and 52 weeks low at $0.037. Its absolute return for 3 months, 1 year, and 5 years are -6.45%, -17.14%, and 9.43% respectively.
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