Widest Spodumene Pegmatite Intersections at BP33
- RC drilling commenced this week on the high-grade lithium BP33 Pegmatite
- Widest spodumene zones intersected to date returned by the initial drilling, including:
o 65m aggregate interval of spodumene pegmatite from 59m-63m (4m) to 66m-118m (52m) and 128m-137m (9m)
o 55m intersection of spodumene pegmatite from 102-157m in FRC103
- Core's previous best drilling at BP33 intersected high-grade lithium pegmatite including 38m @ 1.5% Li2O
- Recent acquisition of adjacent tenements from Liontown is completed and now Core owns 100% of BP33
- BP33 is highly complementary to Core's Finniss Project, being close (5 km) to Core's Lithium Resource at Grants
- Core's ongoing drilling aimed at defining continuity of grade and scale of BP33
- Assays expected within 4 weeks
- Drilling on Finniss and new Bynoe tenements to continue into 2018
The new drilling has intersected a 65m aggregate intersection comprising three spodumene pegmatites from 59m-63m (4m) to 66m-118m (52m) and 128m-137m (9m) in FRC104.
In addition, drill hole FRC103 at BP33 has intersected a continuous pegmatite intersection of spodumene pegmatite to date of 55m from 102m-157m downhole.
Visual assessment of the mineralogy of the RC drill chips has confirmed that much of the pegmatite drilled contains significant levels of spodumene, and needs to be confirmed by assays, but looks very similar in mineralogy to the mineralogy from previous drilling undertaken by Core at BP33 which intersected high-grade lithium pegmatite including 38m @ 1.5% Li2O (FRC003) (see Figure 1 in link below).
Core now owns 100% of the BP33 pegmatite, through the recent acquisition of the Bynoe tenements from Liontown Resources Ltd.
Previous drilling by Core at BP33 was hindered by the location of the historic tenement boundary with Liontown, approximately mid-way through the deposit. With Core acquiring the adjoining tenements, it now can continue to explore the BP33 deposit without the complications of the previous disjointed ownership (see Figure 2 in link below).
Liontown's drilling previously intersected weathered pegmatite further to the north of Core's previous drilling. However, based on Core's exciting new drill results, a revised cross section can be drawn (see Figure 3 in link below) that suggests a down-dip doubling of true thickness of the pegmatite in the north (20m at surface vs 40m at depth). On this basis, the Company believes that an alternate geometrical/structural scenario may exist more broadly to the north and will address this via further RC and shallow RAB drilling.
Core's second phase of drilling being undertaken by the Company at BP33 is aiming to define the continuity of grade and scale of the spodumene mineralisation. Drilling is also aimed at increasing the depth of the deposit and to test the south extent of the deposit, where Core believes the pegmatite might plunge.
Drill assays from this current Phase 2 RC drilling at BP33 are expected within 4 weeks.
Commenting on drilling at BP33, Core's Managing Director, Stephen Biggins said:
"The results from the first two holes drilled on the old Liontown section of BP33 have exceeded expectations. The intersection of + 50 metres of spodumene bearing pegmatites in two the first holes is a great result and we are anxiously awaiting the assay results.
We are very excited to have commenced drilling on our newly acquired Bynoe tenements. The wide pegmatite intersections at BP33 is both a vindication of our decision to consolidate ownership of this prospect and a further demonstration of the prospectivity of our Finniss and newly acquired Bynoe Lithium Projects.
It is hard to believe that Core first hit high grade spodumene mineralisation in the NT at BP33 and Grants just over a year ago. With further drilling, Core has gone on to define Grants as one of Australia's highest-grade lithium Resources.
It has taken time to resume work at BP33, but now having rationalised the tenure, Core is committed to defining further resources to augment the potential development of the nearby Grants Deposit while at the same time testing a number of high prospectivity pegmatite targets."
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About Core Exploration Ltd
Core Exploration 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.
Core Exploration Ltd