Why is Core Lithium Focusing on the Finniss Region?
Core Lithium Ltd
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Why is Core Lithium Focusing on the Finniss Region?

Core Lithium Ltd Completes Ambitious 2023 Exploration Program

Advancing Lithium Prospects in Finniss and Beyond

Core Lithium Ltd (ASX: CXO), an emerging leader in lithium exploration, has announced the completion of its extensive 2023 exploration program. The program, conducted in three phases, marks significant progress in understanding and expanding the company's lithium resources in the Northern Territory, Australia.

Phase 1: Enhancing the BP33 and Carlton Resources: Key Drill Results at BP33

The first phase of the program focused on resource definition drilling at the BP33 and Carlton studies. Notably, drilling at BP33 yielded impressive results, with one hole (NMRD085) returning 90. 17 meters at 1. 80% Li2O from 568. 83 meters, surpassing expectations.

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This result is yet to be incorporated into the BP33 resource model, which currently stands at 10. 5Mt at 1. 53% Li2O.

Phase 2: Infill and Extensional Drilling at Strategic Sites: Lees-Booths and Penfolds Prospects

The second phase involved infill and extensional drilling at the Lees-Booths and Penfolds prospects, yielding encouraging results. At Lees-Booths, detailed interpretation of drilling data is ongoing, with early analysis indicating strike and dip extensions to known mineralized pegmatite bodies. Penfolds showed deeper intersections, suggesting a steep westerly dip in the pegmatite system.

Phase 3: Exploring New Priority Targets: Geophysical and Geochemical Surveying

The final phase saw the testing of new priority targets identified in 2023 from geophysical and geochemical surveying. Drilling results from this phase are pending.

Expanding Understanding and Identifying New Targets: Application of Ambient Noise Tomography (ANT)

ANT, a passive seismic geophysical technique, was utilized across a large portion of the Finniss Project. This technique, successfully trialled at BP33 in 2022, informed some of the phase three drill targets.

Geochemical Soil Sampling and RAB Drilling

In addition to drilling, geochemical soil sampling and RAB drilling were conducted, accessing previously untested areas of the Finniss district to generate new drilling targets for 2024.

Other Significant Drilling Activities: Ah Hoy/Seadog and Grants Prospects

Drilling at the Ah Hoy and Seadog prospects intersected pegmatite, with assays pending. At Grants, deep drilling under the southern end of the pit identified deeper mineralization that requires further investigation.

Hang Gong Prospect

A small number of resource definition drill holes were undertaken at Hang Gong, with the best result being 13 meters at 1. 29% Li2O from 164 meters.

Core Lithium's CEO Comments on the Program

Gareth Manderson, CEO of Core Lithium, expressed satisfaction with the exploration program's success in increasing confidence in the BP33 and Carlton ore bodies and identifying new targets in the Finniss region.

Forward-Looking Strategies: Review of Exploration Program

Core Lithium will review its exploration program in the March 2024 quarter to develop mining options and test prospectivity across its lithium tenement packages in the Northern Territory, including Finniss, Shoobridge, Anningie, and Barrow Creek.

A Promising Future for Core Lithium

The completion of Core Lithium’s 2023 exploration program underscores the company’s commitment to advancing its lithium projects and strengthening its position in the industry. The impressive results from various prospects, combined with innovative exploration techniques, position Core Lithium for continued success in the burgeoning lithium market.

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