New Assays Extend BP33 Intersection to 62m @ 1.24% Li2O
- New High-Grade Lithium drill assays received from the remainder of drilling at BP33 include:
o 62m @ 1.24% Li2O from 66m in FRC104
- This adds to recent reported intersections in November that include:
o 54m @ 1.42% Li2O from 101m in FRC103
- These recent high-grade lithium intersections at BP33 represent some of the widest spodumene intersections ever drilled in the Northern Territory
- Results confirm that BP33 pegmatite is open along strike both to the north and to the south, and is thicker at depth than anticipated
- Diamond Drilling is underway at BP33 to undertake follow-up drilling and will continue to allow for an initial Resource estimate for BP33
- Assays of diamond drill core from BP33 expected to be received in January
- BP33 located only 5km from Core's Grants Lithium Resource for which a Pre-Feasibility Study is underway and scheduled for completion next quarter
- Core expects BP33 to be added to the Company's Lithium Resources at the Finniss Lithium Project
BP33 is located on the Company's newly acquired Bynoe lithium project near Darwin. Core's new assays reflect the widest pegmatite intervals that have ever been drilled at BP33, and amongst the widest spodumene bearing intersections ever drilled in the Northern Territory.
At the northern end of BP33, new assays were received for the remainder of FRC104 from 112m to 137m (see Figure 1 in link below). These new results have extended the high grade spodumene intersection in FRC 104 to 62m @ 1.24% Li2O from 66m-128m downhole.
Results from the recent RC drilling also confirm that BP33 pegmatite is open along strike both to the north and to the south and is thicker at depth than expected (see Figure 2 in link below).
Core's new assay drill results have confirmed the revised cross section (see Figure 1 in link below) that suggests a down-dip doubling of true thickness of the spodumene pegmatite in the north of BP33 (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 drilling.
RC Drillhole FRC105 targeted the southern extension of BP33 and intersected pegmatite to end of hole (EOH), where 8m of pegmatite was intersected from 116m to the EOH at 124m before drilling problems caused the hole to terminate (see Figure 2 in link below). No significant lithium assays were returned from this interval of pegmatite.
Next Steps at BP33
Follow-up diamond core drilling is now underway at BP33 and will continue until late December and possibly into 2018 (weather permitting).
The diamond drilling is aimed at defining the continuity of grade and scale of the spodumene mineralisation at BP33 and the drill core will also provide valuable information that may be used for metallurgical testwork and resource evaluation at BP33.
Previous drilling by Core at BP33 was hindered by the location of the historic tenement boundary approximately mid-way through the deposit. With Core recently acquiring 100% of the adjoining tenements, it now can fully explore the BP33 deposit without the complications of the previous disjointed ownership.
The first drill assays from the diamond drill core at BP33 are expected in January 2018.
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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