First Lithium Drilling to Commence on Finniss Lithium Project
Sydney, Aug 9, 2016 AEST (ABN Newswire) - HIGHLIGHTS:
- Core has received all statutory approvals and has appointed a drilling contractor in preparation for first drilling by Core to commence at the Finniss Lithium Project
- Drill program will consist of 2,000m of RC drilling to test 5 high priority, large-scale lithium pegmatite drill targets
- Drilling is scheduled to commence by the end of the month
- Drilling is the only effective test of lithium pegmatites in weathered environments like the Finniss Lithium Project (and also Greenbushes)
Core expects to commence the drilling program by the end of the month.
The drilling program will consist of 2,000m of RC drilling and will test 5 high priority drill targets on granted EL 29698, being the BP 33 (refer to 5 August 2016 ASX announcement), Hills, Grants, Far West Central and Ah Hoy targets. Each of these prospects are considered to be high quality, large-scale lithium pegmatite drill targets within the Company's dominant tenement position in the NT (Fig 1, see link below).
Core considers that drilling is likely to be the only effective test of the grade of lithium pegmatites in weathered environments like the Finniss Lithium Project, as is the case at the Greenbushes deposit in WA.
Discovery of high grade lithium with the drill program would be significant for Core given the scale of some pegmatites identified by the Company being directly comparable to the
scale of pegmatites hosting large lithium resources in the Pilgangoora region in Western Australia.
Core's Finniss Lithium Project covers a large portion of the Bynoe Tin-Tantalum-Lithium Pegmatite field. Bynoe is one of the most prospective areas for lithium in the NT and has many similarities to Greenbushes in WA, one of the world's largest and highest grade spodumene deposits.
As with Greenbushes, before economic lithium was recognised, Core's Finniss Lithium Project also has a 100 year history of tin and tantalum mining.
The Bynoe Pegmatite Field is a 15-20 kilometre wide belt of more than 90 tin and tantalum prospects and mines which stretches over a distance of 75 kilometres from Mount Tolmer to Kings Table (near Port Darwin) in the north with Core's tenements covering the northern end of the Bynoe Pegmatite Field (Figs 1 & 2 - see link below).
Core's Finniss Lithium Project has substantial infrastructure advantages being close to grid power, gas and rail infrastructure and within easy trucking distance by sealed road to the multi-user port facility at Darwin Port - Australia's nearest port to Asia (Figure 2, see link below).
Core expects the drilling to be completed around mid-September with assay results expected mid to late October 2016.
To view tables and figures, please visit:
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About Core Lithium Ltd
Core Lithium Ltd (ASX:CXO) is an emerging lithium producer focused on development of its Finniss Project near Darwin in the Northern Territory. Core owns 100% of Finniss, a major developing project that lies close to existing infrastructure such as the Darwin Port, grid power, gas and rail infrastructure.
The Finniss Project covers a 500km2 tenement holding and 25 historic pegmatite mines. The project area is about 80km from Darwin Port. Exploration work has generated a near term development timeline, with feasibility studies to be completed over the course of 2018 ahead of receipt of approvals in early 2019 and planned first production during 2019.
An aggressive exploration program is under way, which has confirmed the high quality prospectivity across much of the Finniss Project area. Core's stated ambition is to upgrade Finniss' resource base to fast-track commercialisation options.
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