Core Exploration Encounters New Lithium at Lees and Booth Prospects

THE DRILL SERGEANT: Core Exploration (ASX: CXO) announced exploration results from drilling carried out between the Lees and Booths prospects at the company’s Finnis lithium project in Northern Territory.

Core Exploration claimed the results support its exploration model that the two prospects are geologically linked.

The results come after Core compiled evidence of a link between the lithium rich pegmatites at Lees and Booths and immediately commenced a RC drill campaign to test the model.

A program consisting an additional 10-15 holes has been completed and the company has received results from the first 10, all of which encountered at least one pegmatite intersection of around six to 23 metres thick.

Most holes contain multiple intersections of pegmatite the company said can be tied with reasonable confidence to pegmatite intersections in holes along strike and down-dip.

Although it is yet to receive any assay results for the current round of drilling to date, based on visual estimates from drill chip samples and results from previous drilling, Core suggested it expects the pegmatites to be variably mineralised with spodumene.

The company said the discovery and delineation of a buried pegmatite swarm at Lees-Booths provides confidence that the Bynoe Pegmatite Field has other concealed spodumene pegmatite deposits, which it signalled it will work methodically to discover and define to provide a production pipeline for the Finniss project.

“These exploration results demonstrate the potential to uncover large blind spodumene-rich pegmatite swarms at the Finniss lithium project,” Core Exploration managing director Stephen Biggins said in the company’s announcement to the Australian Securities Exchange.

“The historic pits and workings at Lees and Booths are likely to be just a small surface footprint of more extensive pegmatites buried under thin cover in the area.

“The remainder of 2018 is shaping up to be a very busy one for Core as we continue to progress Grants towards development whilst examining the drilling data at a number of other prospects to bring these into the project’s resource inventory.”