While pressing on with its flagship Finniss lithium project, Core Lithium (ASX: CXO) is expanding its gold story, with the company now reporting high gold grades — and some visible gold — at its Bynoe project in the Northern Territory.
During the June quarter, Core announced that, following a review of lithium-focused exploration and historic tin-tantalum datasets, it had identified a number of attractive gold targets and prospects within the Bynoe pegmatite field in the NT.
The company now says it has received assays from rock chip samples returning up to 106.5 grams per tonne gold at the newly defined Covidicus West prospect within Bynoe.
Numerous other rock chip samples returned gold grades above 10g/t.
“The presence of gold has also been confirmed via visible gold grains in arsenopyrite at the prospect,” the company stated.
Surface mapping at the project suggests gold occurs in a sulphide-rich zone which is 10m wide and “at least” 180m long, within a broader quartz vein system 45m wide.
The vein system is open to the north and south.
Results impressive — but lithium remains priority
Core described the assays from the first phase of gold exploration at Bynoe as “impressive”.
“Regional mapping and reconnaissance rock chip sampling have led to the discovery of a number of exciting gold prospects, including Covidicus West, where ubiquitous gold-bearing sulphide occurs along the flank of a large quartz vein system.”
Core managing director Stephen Biggins said finding visible gold at surface within a virgin prospect is remarkable given that the company’s first phase of gold-focused field investigations started on the Bynoe project only two months ago.
But Mr Biggins stressed that Core Lithium remains “absolutely focused” on delivering Australia’s next lithium operation by developing its Finniss project near Darwin.
In fact, Core is now considering a restructure next year of its gold and silver assets while it advances the Finniss lithium project.
Only the start at Bynoe
Core believes that the potential of the Bynoe area, tentatively named the BBF Gold Field, has barely been assessed.
The company is considering its next steps in light of what it calls “these surprisingly good results”.
An exploration team is now doing further mapping, rock-chip and soil sampling at Covidicus West.
The team is also considering the implications of these early results for the entire 500 square kilometre project area.