- Core Lithium (CXO) has identified several advanced gold prospects at the Adelaide River Gold Project through a review of historical data
- The project is located near Darwin in the Northern Territory, approximately 25 kilometres from Core Lithium’s flagship Finniss Lithium Project
- Previous exploration over the area observed gold mineralisation hosted in quartz veining, similar to that at Kirkland Gold’s nearby Cosmo Gold Mine
- At the Possum prospect, 22 rock chip samples graded more than five grammes per tonne of gold, including one sample of 170 grammes per tonne of gold
- At the Arum prospect, rock chip samples graded up to 8.4 grammes per tonne of gold
- Core Lithium’s share price closed 10.6 per cent higher at 5.2 cents per share
Core Lithium (CXO) has identified several advanced gold prospects at the Adelaide River Gold Project through a review of historical data.
Adelaide River hosts gold mineralisation hosted in quartz veining, similar to that at Kirkland Gold’s nearby Cosmo Gold Mine. Exploration in the area was carried out in the 1980s and 2010s.
At the Possum prospect, rock chip samples averaged 24.7 grammes per tonne (g/t) of gold. 22 samples graded more than five g/t of gold, including one sample of 170 g/t.
Gold mineralisation at the prospect has been identified within a laminated quartz vein over more than 300 metres in length.
At the Arum prospect, rock chip samples graded up to 8.4 g/t of gold.
The project is located approximately 25 kilometres from Core Lithium’s flagship Finniss Lithium Project in the Northern Territory which Managing Director Stephen Biggins explained explains offers strategic advantages.
“Core is still firmly focussed on the development of our flagship Finniss Lithium Project, however, we see this new project is an obvious opportunity to leverage the expertise and capabilities of our exploration team and NT experience to add value for Core’s shareholders,” Stephen said.
“The exciting gold prospectivity of Adelaide River as demonstrated by these very high gold grades as well as new gold results from Finniss earlier this year, strengthens our view that the district has a strong gold endowment. We look forward to extending our NT gold exploration program to cover Adelaide River over the course of 2020,” he continued.
Core Lithium’s share price closed the session 10.6 per cent higher at 5.2 cents per share.