Core Lithium (ASX:CXO) shares are trading in red today, here's why

More on:

Image Source: © Scanrail | Megapixl.com

Highlights

  • Core Lithium updated exploration activities and results from the Finniss Lithium Project yesterday.
  • Drilling was carried out to look for a southern extension of the pegmatite hosting mineralisation at BP33.

Shares of Core Lithium Limited (ASX:CXO) were trading at AU$1.12 each, down 1.7% on ASX today (11 May 2022) at 11.33 AM AEST. This is in line with the materials sector today, which was one of the worst-performing sectors at the same time.

In an ASX filing on Tuesday (10 May 2022), the company updated exploration activities and results from the Finniss Lithium Project (near Darwin) in the Northern Territory.

This report summarises the final data and assays from lithium exploratory drilling at the Finniss Project during the 2021 field season, which included 22,454 metres of RC drilling and 6,619.8 metres of diamond drilling.

Drilling was carried out to look for a southern extension of the pegmatite hosting mineralisation at BP33, resource extensions to the north of Hang Gong and Lees, and several regional targets.

Here are the drilling results:

BP33 South

During the 2021 field season, seven RC holes and two diamond holes were drilled to look for southern extensions of the BP33 mineralised system.

Drilling has revealed that a spodumene-bearing pegmatite extends to the south and beyond the existing Mineral Resource estimate's limitations, and that it is still accessible at depth and to the south.

Image Source: © 2022 Kalkine Media ®

Data Source- Company announcement dated 10 May 2022

 

Image Source: © 2022 Kalkine Media ®

Data Source- Company announcement dated 10 May 2022

Hang Gong

At Hang Gong, 19 RC drill holes and one diamond hole have been completed.

The RC holes targeted the down dip northerly expansion of many stacked pegmatite bodies. Drilling identified and delineated multiple shallow pegmatite masses with a width of up to 9 metres that gently dropped to the north.

Many of the connections are beyond current resource boundaries. Some of the larger intersections showed visible spodumene mineralisation. The best-mineralised intersections, which approximate real widths, are listed below.

Image Source: © 2022 Kalkine Media ®

Data Source- Company announcement dated 10 May 2022

Lees and Yan Yam

Four RC drill holes and a diamond hole have been completed at Lees, while three RC holes have been completed at Yan Yam.

The RC holes at Lees were drilled to see if the main Lees mineralisation might be extended to the northwest. The targeted mineralised pegmatite was encountered in good thickness in most holes. The best outcomes are displayed here.

Image Source: © 2022 Kalkine Media ®

Data Source- Company announcement dated 10 May 2022

Bottomline

Drilling is scheduled for the upcoming field season to better understand the distribution and grade continuity of the southern and primary pegmatites at BP33. Given the proximity to the main high-quality BP33 mineralisation, even a pegmatite with a low grade and tonnes might impact the Mineral Resource estimate. Exploration After the wet season passes, RC drilling over the Finniss Lithium Project will likely begin in Q2.

Also Read: PLS, CXO, AVZ: Why are these ASX-listed lithium stocks trading in red?


 


Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and