Join our daily newsletter At The Bell to receive exclusive market insights
- Lithium explorer Core Lithium (CXO) has kicked off its largest-ever drilling program at its flagship Finniss project in the Northern Territory
- The company has started diamond drilling this week and plans to follow this up with reverse circulation (RC) and rotary air blast (RAB) drilling later this month
- Meanwhile, Core told shareholders this afternoon it has started gold exploration workout the Bynoe Gold Project, also in the Northern Territory.
- Shares in Core Lithium are trading grey this afternoon at 24 cents each
Lithium explorer Core Lithium (CXO) has kicked off its largest-ever drilling program at its flagship Finniss project in the Northern Territory.
The company has begun diamond drilling this week and plans to follow this up with reverse circulation (RC) and rotary air blast (RAB) drilling later this month.
Core Lithium said the program is “relatively simple” with regular spaced RC holes to be complemented by a portion of diamond drilling to add further resource information. The activity is all part of the company’s plan to bring lithium-rich pegmatites into spodumene resources, from which lithium can be extracted, in coming months.
CXO Managing Director Stephen Biggins said the company was excited to begin the “most extensive exploration and drilling campaign” it had ever taken on at the Finniss project.
“We are confident that, through this program, we will be able to significantly upscale the lithium resources and mine life at Finniss, making Australia’s next lithium mine an even more attractive investment opportunity,” Mr Biggins said.
Core touts its Finniss project as having arguably the best supporting infrastructure and logistics chain to Asia of any Australian lithium project.
The company said it had already locked in some offtake deals for the project and was in the process of negotiating other agreements within the lithium battery supply chain and electric vehicle industry.
Meanwhile, Core told shareholders this afternoon it had started gold exploration workout the Bynoe Gold Project, also in the Northern Territory.
The company said early-stage geological mapping and geochemical surveys are underway at the project ahead of some gold discovery programs for later in the year.
Shares in Core Lithium are trading in the grey this afternoon at 24 cents each as of 2:51 pm AEST. The company has a $276 million market cap.
