Core Exploration banks $6M to drill for NT Lithium
THE DRILL SERGEANT: Core Exploration (ASX: CXO) announced it has received firm commitments to place approximately 67 million new shares at an issue price of nine cents per share to raise approximately $6 million.
Core Exploration said the placement was heavily oversubscribed, with strong support received from professional and Australian and international institutional investors, which the company considers to reflect the new interest it is generating since its recent high-grade lithium discoveries at the Finniss project near the port of Darwin in the Northern Territory.
Proceeds from the placement will be used to accelerate activities at the Finniss lithium project, with a program to include immediate follow-up diamond and RC drilling, as well as immediate phase 2 RC exploration drilling at other high priority pegmatites at Finniss.
Not wasting any time, Core has commenced follow-up of recently announced high-grade spodumene discoveries at Grants and BP33 prospects on the Finniss project.
A second phase of RC drilling is also planned to commence shortly at Finniss to both follow up and also to further explore the scale of lithium mineralisation discovered so far by Core’s first drilling program.
“We are pleased to have received such overwhelming support for Core Exploration and I would like to welcome our new shareholders and thank our existing shareholders that participated in the placement,” Core Exploration managing director Stephen Biggins said in the company’s announcement to the Australian Securities Exchange.
“The recent drilling results from the Finniss lithium project demonstrate that we have made a very significant high-grade lithium discovery.
“The funds raised from the placement will allow us to pursue an aggressive work program at Finniss to unlock the huge potential upside we believe exists, and capitalise on the project’s high-grade, significant potential scale and close proximity to major infrastructure at Darwin.”
Email: info@coreexploration.com.au
Website: www.coreexploration.com.au