Core Lithium Limited (ASX: CXO) is an emerging Lithium explorer based in Australia. On 1st March 2019, the company announced its discovery of spodumene pegmatite body which is almost 15m west of the current Carlton Lithium Mineral Resource near Darwin in the Northern Territory.
Just 15m to the west of the currently defined Mineral Resource, a recent diamond drilling was completed at the deposit which unexpectedly intersected another 26m intersection of spodumene pegmatite, in addition to the expected 27m pegmatite intersection of the Carlton orebody.
To date, a large portion of the drilling at Carlton has been from the east, and as this pegmatite body had not been recently perceived, the past up-drill holes of the new intersection finished before they could possibly cross and intercept shallow extensions of this new spodumene pegmatite body.
The new western pegmatite has not been intersected along strike yet in other drill openings at Carlton, so additional drilling is planned at Carlton to test extensions of this newfound pegmatite as well as asset further resource drilling from the early 2019 field (dry) season mid-Q2 2019.
The spodumene pegmatite in the Carlton "western pegmatite" is visually very similar to the high-quality spodumene mineralisation observed at the Grants and BP33 lithium Mineral Resources
The Carlton deposit is found around 1km southeast of the Grants ore body which is conveniently on the equivalent as of recently allowed Mineral Lease. Various potential operational synergies and efficiencies might be gained up from the advancement of the adjacent orebodies.
As a result of this new intersection, Core Lithium is anticipating further increases to the Mineral Resource at Carlton in the future. It is currently completing a Mineral Resource update for Carlton in order to finalize the Definitive Feasibility Study (DFS) towards the end of March 2019. But the time required to process and cut the new core and receive assays is quite high, and therefore this newly identified spodumene pegmatite body is not planned to be included in the initial DFS findings.
The widespread potential of ore-grade lithium mineralisation has already been confirmed through exploration and Resource drilling to date in Company’s wholly-owned Finniss Lithium Project. The Finnis project is comprised of over 500km2 of granted tenements over the Bynoe Pegmatite Field, near Darwin and has substantial infrastructure advantages like being close to grid power, gas and rail, located within easy trucking distance by sealed road to Darwin Port etc. to support and help the development of the project.
Through mining and production of high-quality lithium concentrate from the Finniss Project, the company is planning to be the next lithium producer in Australia. It is also aiming at completion of DFS, financing, regulatory and internal approvals before commencing construction later this year.
Core Lithium last traded at A$0.057, up by 5.56% as on 1st March 2019 as compared to the previous closing of A$0.054. The return given by the stock on a YTD basis is 1.89%.
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