- Core Lithium’s (CXO) geophysical survey has successfully defined lithium pegmatite distribution at the company’s Finnis Lithium Project
- The survey identified a 20-kilometre-long potential lithium pegmatite corridor, extending throughout various project target areas
- Core Lithium is currently finalising drill contracts, in preparation for an exploration and resource drilling campaign starting in May
- The company will also conduct detailed follow-up gravity surveys, alongside its 2021 drilling campaigns
- Core Lithium is up 5.88 per cent and trading at 27 cents per share
Core Lithium’s (CXO) geophysical survey has successfully defined lithium pegmatite distribution at the company’s Finnis Lithium Project.
The company’s wholly owned Finnis Project is located near Darwin, in Australia’s Northern Territory (NT). The geophysical gravity survey was co-funded by Core Lithium and the NT Government and collected data from the majority of the Finnis tenements.
Most notably, the survey identified a new, 20-kilometre-long corridor of potentially lithium-rich pegmatites. The belt trends north-northeast, extending from the Kings Table target area in the north to the recently acquired Leviathan target area in the south.
The corridor also extends throughout various other project target areas, including the lithium-rich Observation Hill Group. This particular group contains the Grants, BP33, Carlton, Hang Gong and other major prospects.
Core Lithium’s Managing Director, Stephen Biggins, said that the new gravity survey has been a real gamechanger for lithium exploration in the NT.
“The Finniss Gravity Survey has identified new key target areas and we are planning follow-up gravity surveys alongside our huge lithium exploration and resource drilling push starting in May,” he said.
“In parallel with anticipated resource growth from the project, Core is finalising key commercial and financial project milestone to enable the company to reach FID next quarter,” he added.
Core Lithium is now finalising drill contracts, as part of its preparations for a massive exploration and resource drilling campaign. The campaign for 2021 and 2022 is expected to begin in May 2021.
Alongside the 2021 drilling campaigns at Finnis, the company also intends to conduct detailed follow-up gravity surveys at the project.
Core Lithium is up 5.88 per cent, trading at 27 cents per share at 10:08 am AEST.