Multiple High-grade Lithium Intersections at Grants
Multiple High-grade Lithium Intersections at Grants
Adelaide, Mar 8, 2018 AEST (ABN Newswire) - Core Exploration Ltd (ASX:CXO) ("Core" or the "Company") is pleased to announce multiple intersections of high-grade lithium from drilling at the Grants Lithium Deposit within Core's 100% owned Finniss Lithium Project near Darwin in the NT.

HIGHLIGHTS

- Multiple new high-grade lithium intersections from Grants include:

o 37.2m @ 1.71% Li2O from 103.7 m in FRCD011

-- Including 10m @ 2.05% Li2O

o 53.2m @ 1.69 % Li2O from 65.8m in FRCD012

-- Including 9m @ 2.21% Li2O

o 40.0m @ 1.36% Li2O from 67m in FRC110

-- Including 7m @ 2.03% Li2O

o 41.0m @ 1.42 % Li2O from 130m in FRC111

-- Including 4m @ 2.12% Li2O

o 43.0m @ 1.44 Li2O from 68m in FRC112

-- Including 5m @ 2.19% Li2O

- This drilling reaffirms the excellent high-grade continuity and thickness of the spodumene mineralisation at Grants Lithium Deposit near Darwin in the NT

- Additional assay results from current drilling at Grants are expected over the coming weeks

- All assay results from the current drilling programme at Grants are expected to culminate in a significant boost to the Indicated resource category at Grants

- Grants Lithium Project Pre-Feasibility Study (PFS) to be completed shortly after Grants resource upgrade

The quality of the drilling results and broad spodumene mineralisation observed in drill core highlights the continuity of high lithium grades, thickness and consistency of spodumene mineralisation with the Grants pegmatite ore-body.

The objective of the current drill program has been to convert the existing resource at Grants to mostly Indicated and Measured level of resource confidence. Core anticipates that these new drill results will substantially add to the proportion of the Mineral Resource in the Indicated and Measured categories at Grants, which will enable calculation of the Mining Inventory in the PFS.

Additional resources, in particular a maiden resource at the BP33 prospect, located only 5kms away, is expected to underpin the strong resources growth profile for the broader Finniss region.

Core is targeting to commence resource evaluation at Grants as soon as all the assay results are received later this month.

The Pre-Feasibility Study (PFS) supporting the development of the Grants deposit is currently underway. Core is planning to complete the PFS shortly after the resource studies are completed as soon as due consideration is given in the PFS evaluation and modelling.

Drill Results from Grants

Multiple new high-grade lithium intersections from Grants include:

o 37.2m @ 1.71% Li2O from 103.7 m in FRCD011

-- Including 10m @ 2.05% Li2O

o 53.2m @ 1.69 % Li2O from 65.8m in FRCD012

-- Including 9m @ 2.21% Li2O

o 40.0m @ 1.36% Li2O from 67m in FRC110

-- Including 7m @ 2.03% Li2O

o 41.0m @ 1.42 % Li2O from 130m in FRC111

-- Including 4m @ 2.12% Li2O

o 43.0m @ 1.44 Li2O from 68m in FRC112

-- Including 5m @ 2.19% Li2O

Photos 1 and 2 (see link below) compare high grade spodumene drill core from Grants from drill holes located approximately 100m apart (see Photos 1 & 2 and Figure 1 in link below). The lithium mineralisation at Grants presents itself consistently as coarse grained green spodumene, with the pegmatite comprised of roughly equal proportions of spodumene, feldspar and quartz.

Three multipurpose RC and diamond core rigs have been drilling at Grants since the start of February 2018 to upgrade the confidence level of the initial high-grade lithium resource announced in 2017.

The remarkable consistency of grade and thickness of the pegmatite is positive for mining and processing of ore, which is reflected in the outstanding metallurgical results received to date from Grants (ASX 30/03/2017).

The southern strike and plunge potential of the pegmatite remains untested at Grants (see Figure 1 in link below). The one hole that was drilled in that area (FRC109) failed to reach the target depth due to poor ground conditions and was abandoned at 103m, consequently Core is considering extending FRC044 to the test this area. Core is also planning a number of exploration holes to test the down-dip potential at the southern end of Grants later in 2018.

The Company has undertaken a five-hole, HQ diameter core drilling program for metallurgical studies that will feed into feasibility study in 2018.

Geotechnical drilling and assessment during the current drill program at Grants is planned to feed into detailed mine engineering and design to be included in the 2018 Feasibility Study.

Finniss Lithium Project Background

Core has established one of Australia's highest grade lithium resources at the Grants Deposit within the Finniss Lithium Project near Darwin Port, Australia's closest port to China.

Core has recently entered into a binding lithium Offtake Agreement and, a conditional US$20 million Prepayment Agreement with one of China's largest lithium producers and has also established an agreement (HOA) to export spodumene products from Darwin Port.

Core is progressing the regulatory and feasibility steps to drive the Grants Lithium Deposit through development and into production with the aim to establish long-life spodumene production from its large tenement holding located near grid power, gas and rail infrastructure and the skills and services of Darwin. The capital city of Darwin also provides an ideal technology, infrastructure and transport hub for potential downstream processing of lithium products as the EV and lithium battery industry continues to expand into the future.

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About Core Lithium Ltd

Core Exploration ASX:CXOCore 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.

    


Contact

For further information please contact:

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

For Media and Broker queries:

Andrew Rowell
Director - Investor Relations
Cannings Purple
M: +61-400-466-226
E: arowell@canningspurple.com.au



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