Core Lithium (ASX:CXO) - Managing Director, Stephen Biggins
Managing Director, Stephen Biggins
Source: Core Lithium/Twitter
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  • Core Lithium (CXO) gets final results from its 2021 drilling program at the Finniss lithium project in the Northern Territory
  • The company completed over 29,000 metres of RC and diamond drilling across four prospects which returned intersections outside the MRE boundaries
  • MD Stephen Biggins says the new lithium results “reflect the confidence Core has in delivering further significant resource growth from Finniss”
  • Diamond drilling has recommenced at the BP33 prospect with the first hole targeting down dip extensions to the main mineralised pegmatite body
  • CXO shares are down 4.37 per cent and trading at $1.10 per share

Core Lithium (CXO) has received the final 2021 drilling assays from its Finniss lithium project near Darwin in the Northern Territory.

Throughout 2021, the company completed 22,454 metres of reverse circulation (RC) drilling and 6619 metres of diamond drilling.

Latest results are from the BP33 South, Hang Gong, Lees and Yan Yam prospects.

BP33 South

A total of seven RC and two diamond holes were drilled during the 2021 field season, testing for southern extensions to the mineralised system.

Drilling confirmed that a spodumene bearing pegmatite extends to the south and beyond the limits of the current mineral resource estimate (MRE) and remains open at depth and to the south.

Best intersections from the drilling at BP33 South include 35 metres at 0.84 per cent lithium, including 10 metres at 1.22 per cent lithium and eight metres at 1.01 per cent lithium.

Further drilling is planned for the coming field season to further evaluate the distribution and grade continuity of the southern and main pegmatite.

“Given the proximity to the main high grade BP33 mineralisation, even a pegmatite with
modest grade and tonnes could have a significant positive impact on the MRE,” the company said.

Hang Gong

At Hang Gong, 19 RC holes and one diamond hole was completed which targeted the down dip northerly extension of multiple stacked pegmatite bodies.

Drilling successfully delineated several shallow pegmatite bodies up to nine metres in width as they gently dip to the north.

Results include eight metres at 1.5 per cent lithium and six metres at 1.43 per cent lithium.

Lees and Yan Yam

A total of four RC drill holes and one diamond hole was completed at Lees and a further three RC holes at Yan Yam.

Drilling at Lees tested an extension of the main mineralisation to the northwest. Most holes intersected good thicknesses of the targeted mineralised pegmatite, according to the company.

The best results include 11 metres at 1.07 per cent lithium, including two metres at 1.88 per cent, and six metres at 1.04 per cent lithium.

The three RC holes at Yan Yam intersected partially weathered to fresh pegmatite that dips moderately to the east and with a true thickness of about eight metres.

Although significant intersections were not encountered, single metre assay above one per cent lithium were recorded in both of the deeper holes.

“The highly prospective nature of these new lithium drilling results reflect the confidence Core has in delivering further significant resource growth from the Finniss Project that will add to our life of mine and our capacity to materially increase lithium production from northern Australia in the future to keep up with rapidly growing global demand,” Managing Director Stephen Biggins said.

The company is recommencing field work at the BP33 South prospect and looks forward to further unlocking the longer-term potential of the Finniss project.

Review of the 2021 data is ongoing and planning for the 2022 drill season is well advanced, the company explained.

On the market this morning, Core was down 4.37 per cent and trading at $1.10 per share at 11:22 am AEST.

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