86m Spodumene Pegmatite Intersected at BP33 Prospect
86m Spodumene Pegmatite Intersected at BP33 Prospect
Adelaide, Feb 19, 2018 AEST (ABN Newswire) - Core Exploration Ltd (ASX:CXO) ("Core" or the "Company") is pleased to announce that an 86m continuous intersection comprising spodumene pegmatite has been drilled at the BP33 Prospect within Core's 100%-owned Finniss Lithium Project near Darwin in the NT.

HIGHLIGHTS

- New diamond core drilling at BP33 intersects 86m of spodumene pegmatite with the drillhole still in spodumene pegmatite at end of hole

- This 86m intersection is the widest interval of spodumene pegmatite ever drilled in the NT

- Drill core visually estimated to average 15%-20% spodumene in pegmatite (see Note below)

- This wide spodumene intersection is southeast of the BP33 historic pit and toward potential extensions at both BP32 and BP32W Prospects

- Recent drilling highlights significant potential for extensions to the high-grade lithium pegmatites at BP33 Prospect

- Assays from new 2018 diamond drill core drilling at BP33 expected during February and March 2018

- Drilling at BP33 aimed at establishing a maiden Resource estimate in March and to add to the Company's Lithium resource inventory at Finniss

- Drilling to re-commence testing of BP33 and adjacent BP32 and BP32W upon commencement of the dry season in Q2 2018

This 86m intersection is the widest interval of spodumene pegmatite ever drilled in the NT and the drillhole was still in spodumene at the end of the hole (and the intersection).

Pegmatite was intersected from 199m downhole in drillhole FRCD007 and contains high average concentrations of spodumene to the end of hole at 285m. Visual estimates are that the mineralised pegmatite interval contains between 15%-20% spodumene.

The majority of the spodumene is the typical dark greenish grey type and contains some of the pinkish spodumene in which has been identified in previous drilling (see Photos 1-3 in link below).

Some intervals contain significantly higher levels of spodumene comprising a very high proportion (30%-40%) of the whole rock composition of the pegmatite (see Photo 3 in link below). Investors should be aware of the inherent risk in visual estimates of mineralisation and that although spodumene has been observed in the drill hole the Company is unable to determine at this stage whether or not the spodumene is mineralised and whether it potentially contains economic concentrations of lithium.

Drilling of FRCD007 was terminated due to the slow rate of penetration in the hard pegmatite and deteriorating vehicle access conditions as the wet season peaks. There are no visual signs in the lower part of the drill core to suggest the hole is close to the pegmatite-wallrock contact, such as quartz-muscovite border zone or quartz-lined cavities.

Photo 2 (see link below) from the last core tray shows typical spodumene pegmatite expected in the interior of the body. The pegmatite body is therefore open to the east by an unknown distance. The minimum true width is at least 40m, based on the assumption that the pegmatite dips at 80o to the east as shown in the cross-section (see Figure 1 in link below), which is considered reasonable given the vertical continuity demonstrated by other drilling at BP33.

Given the pegmatite is not as wide in the surface pit, it is probable that the pegmatite body becomes broader with depth at the southern end of BP33 and therefore plunges to the south under cover (see Figure 2 in link below). This explains the lack of pegmatite intercepted in shallow RAB drilling immediately to the south of the pit.

As the drillhole ended within the spodumene pegmatite body, further drilling collared to the east at BP33 will be required to define the geometry of this pegmatite body.

Follow-up drilling is also planned to better define the southward extension of the wide spodumene pegmatite body at BP33 as soon as the site becomes accessible again in the dry season in Q2 2018 (see Figure 2 in link below).

RC and Diamond drill assays to date have characterised BP33 as a wide and continuous spodumene rich pegmatite, including intersections of 62m @ 1.24% Li2O from 66m in FRC104 and 54m @ 1.42% Li2O from 101m in FRC103.

Results from the recent diamond and RC drilling also confirm that the BP33 pegmatite is open at depth along strike to the south (see Figure 2 in link below).

Adjacent pegmatites at BP32 and BP32W prospects have been identified in historic trenching and verified more recently in shallow RAB drilling by Core. However, no RC or Diamond drilling has been conducted yet at nearby BP32 and BP32W Prospects.

Next Steps at BP33

The first phase of resource focused diamond drilling at BP33 has been completed, with assays expected during February and March 2018.

The recently completed drill program at BP33 is an initial assessment of continuity of grade and scale of the spodumene mineralisation. The drill core will also provide valuable information that may be used for metallurgical testwork and resource evaluation at BP33.

Core is planning further drilling at both BP32 and BP32W Prospects as soon as the 2018 dry season commences (expected Q2 2018) to test the continuity and grade of these pegmatites adjacent and along strike from the high grade BP33.

Note: Investors should be aware of the inherent risk in visual estimates of mineralisation and that although spodumene has been observed in the drill hole the Company is unable to determine at this stage whether or not the spodumene is mineralised and whether it potentially contains economic concentrations of lithium.

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About Core Exploration Ltd

Core Exploration ASX:CXOCore 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.

    


Contact

Stephen Biggins
Managing Director
Core Exploration Ltd
T: +61-8-7324-2987
E: info@coreexploration.com.au



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