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Core Lithium (ASX:CXO) - Managing Director, Stephen Biggins
Managing Director, Stephen Biggins
Source: Daily Mercury
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  • Core Lithium (CXO) locates quartz veins at the Toolebuc prospect within its Bynoe Gold Project in the Northern Territory
  • Importantly, this discovery extends the Far East gold trend from 1600 metres to 2500 metres
  • In addition, Core Lithium is awarded a $134,810 grant from the Northern Territory Government to co-fund diamond drilling at the Far East gold target
  • Company shares are up 2.22 per cent and are trading at 23 cents

Core Lithium (CXO) has located quartz veins at the Toolebuc prospect within its Bynoe Gold Project in the Northern Territory.

The company has been exploring for extensions along strike to the Far East gold mineralised system where previous soil and rock chip sampling defined an open-ended 1600-metre zone of gold anomalism.

Rock chips of the quartz veins returned multiple assays of more than one gram per tonne (g/t) gold and a peak of 30g/t gold.

Significantly, recent metal detecting discovered coarse gold grains and gold nuggets which confirms the veins at Toolebuc are mineralised.

Furthermore, Core has increased the existing 1600-metre strike length to 2500 metres.

“We await assay results from our recent rock chip and soil sampling programs at
Toolebuc where the mapping of ‘Far East Style’ quartz veins and the detection of gold grains and nuggets are early promising signs that we may have materially expanded the broader target zone from 1600 metres to 2500 metres,” Managing Director Stephen Biggins said.

In addition, Core Lithium has been awarded a $134,810 co-funding grant from the Northern Territory Government. The company applied for the funding to assist with costs associated with diamond drilling at the Far East gold target.

Drilling will include two 350-metre deep core holes to test the broad target zone defined last year.

Company shares were up 2.22 per cent and were trading at 23 cents at 10:47 am AEST.

CXO by the numbers
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