- Core Lithium (CXO) has identified additional gold prospects at the Adelaide River Gold Project in the Northern Territory
- The Happy Valley, Croc Pate, and Adelaide River Mine prospects were recently identified after a recent review of the project
- Despite maintaining the Finniss Lithium Project is its main priority, Core will undertake rock chip sampling at these prospects
- Core is up 6.67 per cent on the market and shares are trading for 4.8 cents each just before market close
Core Lithium (CXO) has identified additional gold prospects at the Adelaide River Gold Project in the Northern Territory.
The Adelaide River Project lies 25 kilometres southeast of the company’s flagship Finniss Lithium Project in Darwin.
Happy Valley Prospect
The Happy Valley Prospect is located along a zone of conglomerate which hosts gold-bearing quartz-sulphide veins.
During the late 1980s and early 2010s, samples grading up to 16.4g/t gold were identified.
Arsenic and silver anomalies were also evident in the rock chips, while the bulk leach extractable gold soil sampling defined an anomalous zone of up to 167 parts per billion (ppb) gold.
Despite these results, Core doesn’t consider this drilling a definitive indication of the mineralisation.
Croc Pate and Croc Pate North prospects
Both of the Croc Pate and Croc Pate North prospects were identified in 2013 by Royal Resources.
Grades have peaked at 11.3g/t gold from the Croc Pate Prospect and 8.3g/t gold from the Croc Pate North Prospect.
Since their discovery, no additional work has been completed at either.
Adelaide River Mine Prospect
Even though the Adelaide River Mine Prospect is known for uranium, it also contains significant gold assays.
Best results include 56.2g/t gold, 3.1g/t gold, and 2.7g/t gold.
“These new prospects at Adelaide River, in addition to the recently discovered Possum and Arum prospects, are highly encouraging for the potential of this project,” Managing Director Stephen Biggins said.
“The Adelaide River Project is underexplored, and Core sees a significant opportunity to take a more consolidated and systematic approach to the exploration over this gold-prospective area,” he added.
Despite maintaining the Finniss Lithium Project is its main priority, Core will undertake rock chip sampling at these newly identified prospects.
Core is up 6.67 per cent on the market and shares are trading for 4.8 cents each at 4:08 pm AEST.