Core Exploration returns high-grade lithium from all four prospects at Bynoe

Core Exploration (ASX: CXO) has returned high-grade lithium assay results from its first drilling campaign at the company’s newly acquired Bynoe lithium project near Darwin in the Northern Territory.

A reverse circulation (RC) drilling program undertaken at the Hang Gong, Booths, Carlton and Lees prospects in December was designed to investigate preliminary low-grade results obtained by the previous owner earlier in 2017 and the year before.

According to Core, the new assay results indicated an improved grade, with all drilled prospects returning grades greater than 1% lithium oxide, within spodumene pegmatites with a true width of up to 20m.

Highlights included 10m grading at 1.6% lithium oxide from a depth of 83m at the Carlton prospect, and 5m at 2.2% lithium oxide from 70m at the Hang Gong prospect (with the first metre grading at 3% lithium oxide).

The best result from the Booths prospect was 3m at 1.6% lithium oxide from 87m, and the Lees prospect returned 4m at 1.4% lithium oxide from a depth of 72m.

Core acquired the Bynoe lithium project from Liontown Resources in September last year. The project lies directly adjacent to Core’s flagship Finniss project, containing the Grants high-grade lithium deposit where a mine is currently being proposed.

Core managing director Stephen Biggins said the acquisition was continuing to deliver immediate positive results for the company.

“These high-grade lithium intersections are very significant, and our first drilling demonstrates the potential of Hang Gong and other historic prospects,” he said.

“The success of these results has given us the encouragement to drill further down-dip with the aim of defining larger footprint pegmatites with robust mining attributes,” Biggins added.

A rotary air blast drilling campaign was also carried out at the four prospects with results still being assessed, though Core said the geological data has already “proven invaluable” in fine-tuning the RC drill plan.

Core said it planned to kick off its follow-up drilling program as soon as the dry season starts.