Core Lithium makes exploration breakthrough as gravity geophysical survey correlates with Finniss lithium pegmatite distribution

Core Lithium Ltd (ASX:CXO) (OTCMKTS:CXOXF) has made a key exploration breakthrough with new gravity geophysical surveys demonstrating a strong correlation with lithium pegmatite distribution within the Finniss Lithium Project near Darwin in the Northern Territory of Australia.

The Finniss gravity survey was co-funded by the Northern Territory Government with survey data collected over a 500×500 metre and 500×1000 metre grid of gravity stations through the majority of Core’s Finniss tenements.

It identified a major north northeast-trending gravity high and potential lithium-pegmatite corridor that extends from the King Table Group in the north to the Leviathan Group in the south and includes the lithium-rich Observation Hill Group.

“A real game-changer”

Managing director Stephen Biggins said: “This new gravity survey, cooperatively co-funded with the NT Government, has shown to be a real game-changer 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.

“In parallel with anticipated resource growth from the project, Core is finalising key commercial and financial project milestones to enable the company to reach FID next quarter.”

Core is well-funded with a new acquisition in place and drill rigs lined up to begin its resource push.

Shares have been as much as 8% higher intra-day to 27.5 cents and Core’s market cap is approximately $299.4 million.

Most important lithium-bearing pegmatites highlighted

Core has said that there was no reason to believe that the known lithium pegmatite groups were unique clusters, rather it was more likely that the currently defined distribution of pegmatites identified to date in this belt was due to large tracts of prospective ground between Grants and Leviathan, covered by laterite or soil cover and that had not been effectively explored yet.

The survey shows the most important lithium-bearing pegmatites are largely constrained to the gravity highs, at the fertility ‘sweet spot’ above its granite source, where it is believed the thermal gradient favours precipitation and preservation of lithium minerals.

Looking ahead

Core will begin follow-up detailed gravity surveys this quarter at Finniss over key target areas, which have the potential to directly identify pegmatite drill targets alongside the company’s major resource expansion drilling programs.

The company is in the process of finalising drilling contracts and is planning to mobilise field crews in coming weeks ahead of commencing a huge exploration and resource push this year.

It is well-funded with a new acquisition in place and drill rigs lined up to commence the resource push.

Story by ProactiveInvestors

Source: http://www.proactiveinvestors.com/companies/news/947456/core-lithium-makes-exploration-breakthrough-as-gravity-geophysical-survey-correlates-with-finniss-lithium-pegmatite-distribution-947456.html