Core drills high silver-lead grades at Albarta

THE DRILL SERGEANT: Core Exploration (ASX: CXO) has intersected high grade silver whilst completing a maiden drilling program at the company’s Albarta project in the Northern Territory.

Highlights from drilling at the Blueys prospect include:

1 metre at 1,070 grams per tonne silver and 8 per cent lead; and

2m at 843g/t silver and 5.9 per cent lead in a broader halo of 17m at 116g/t silver and 0.83 per cent lead.

Core also claimed discovery of high grade silver-lead mineralisation at the nearby Inkheart project with results returning:

4m at 195g/t silver, 5.24 per cent lead and 2.49 per cent zinc from 111m, including 1m at 354g/t silver, 11.13 per cent lead and 6.51 per cent zinc.

 

Cross-section of all RC drillholes showing significant intersections, Inkheart Prospect, NT. Source: Company announcement

 

The company said the results from the reverse circulation (RC) drilling program at Blueys and Inkheart have validated its belief in the prospectivity of the Albarta project as a potential new silver and base metal province.

16 out of Core’s 17 drillholes hit anomalous silver levels greater than 10g/t silver.

Core said high grade silver and lead mineralisation has been intersected in structurally controlled veins surrounded by broad lower grade mineralisation and alteration in the shales and dolomites of the Bitter Springs Formation.

It explained the drilling assays and downhole geology have also confirmed that mineralisation at Blueys and Inkheart prospects are part of the same mineralising system depositing metals in the Bitter Springs Formation, which it considers opens up tenement wide potential of the Bitter Springs Formation for the discovery of economic base-metal deposits.

Core is currently planning a second drilling program designed to test the full strike extent of the two kilometre long Inkheart prospect and its connection to high grade mineralisation at Blueys as well as to conduct regional exploration over the surrounding Bitter Springs Formation target geology.

Then next drilling program is planned to commence Q3 2014.

“The value of Core’s strong tenement position in the NT has been enhanced by the discovery of a new high grade system at Inkheart especially considering that this is the company’s first drill program at the Albarta project,” Core Exploration managing director Stephen Biggins said in the company’s announcement to the Australian Securities Exchange.

“Exceptional initial drill hits at both Blueys and Inkheart are shaping up the project as a new, potentially big system which warrants a key focus for the future.”

Email: info@coreexploration.com.au

Website: www.coreexploration.com.au