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

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

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 Core Lithium (ASX:CXO) shares are trading in green today, here’s why
Image source: © Max5128 | Megapixl.com

Highlights

  • Core Lithium shares were spotted trading at AU$1.65 each, up 2.17% on ASX today at 11.59 AM AEST.
  • The company shared an update on its Finnis Lithium Project yesterday.
  • Core Lithium has started a +40,000m RC drill program that will be divided between target locations in greenfields and brownfields.

Shares of Core Lithium Ltd (ASX:CXO) were  trading in the green today (16 August 2022) at 11.59 AM AEST. The shares of Lithium exploring firm were spotted trading at AU$1.65 each, up 2.17% on ASX. This outperforms ASX 200 Materials Index, which was 1.58% up at 16,364.50 points at the same time.

It is interesting to note that no new announcement was made by Core Lithium today and it seems that the company’s shares are gaining after it shared an update on its exploration activities in the Northern Territory yesterday (15 August 2022).

Core Lithium's shares closed trading at AU$1.62 per share on Monday, up more than 10% from its previous close.

Things to know about Finnis Lithium Project

Diamond drilling: Extensional exploration and resource definition projects at Carlton, Hang Gong, Lees, and Sandras will be conducted after diamond drilling at BP33. These initiatives are intended to enhance the Mineral Resource Estimates.

RC drilling: Core Lithium has already started a +40,000m RC drill program that will be divided between target locations in greenfields and brownfields. To test some of the deeper targets, a sizable RC rig has been deployed.

The program will be concentrated on pursuing opportunities, such as Bilatos, Penfolds, Centurion, and Talmina West, where promising exploration findings from drilling in 2021 have been reported, as well as numerous new conceptual targets.

Image Source: © 2022 Kalkine Media ®

Data Source- Company announcement dated 15 August 2022

Anningie-Barrow Creek (ABC) Project update

Since 2018, Core Lithium has built up a solid lease position in the NT's Barrow Creek Pegmatite Field, totaling over 2,805 km. With a lengthy history of tin and tantalum production in the area of Barrow Creek and Anningie, the ABC Project is seen as an early-stage analogue to the company's high-grade findings at the Finniss Lithium Project. The ABC Project is well-located next to the railroad that connects to the Darwin Port.

Company geologists analysed 13 rock samples during a brief familiarisation visit to the Bismark Prospect in the Anningie Tin Field. With a maximum of 4.78% Li2O, six of them returned results greater than 1% Li2O.

Spodumene is found at the surface, unlike the Finniss Lithium Project. These findings support earlier researchers' findings and provide insight into the project's untapped potential.

Later this year, the company intends to resume work on the ABC Project.

Update on Finniss Gold Project

According to the results interpretation, the type of gold mineralisation at Finniss is quite similar to that of the gold deposits in the Pine Creek Orogen ("PCO"), a gold area with historical production and current reserves of more than 18 million ounces. The gold is contained in quartz lode structures and has associated arsenopyrite, pyrite, and bismuth-bearing minerals in the deposits in the PCO and at Finniss, which are turbidite-hosted epigenetic deposits controlled by folds.

On the Project tenements, the exploration activities carried out by Core Lithium has succeeded in identifying over 40 surficial gold geochemical anomalies. There are still significant areas of the tenements that need to be geochemically tested, and it's possible that more abnormalities than those previously identified will be found.

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