Core Lithium (ASX:CXO) has commenced a diamond drilling program spanning up to 12,150m at its Blackbeard prospect, located within its Finniss Lithium Operation in the Northern Territory.
Carried out to support a maiden mineral resource estimate (MRE) at Finniss, the program has an established exploration target of 7.0 million to 10.0 million tonnes at a grade of 1.5% to 1.7% lithium peroxide.
Based on drilling to date, Blackbeard features a continuous pegmatite body with a strike length of approximately 320m and a subvertical dip.
Previous reverse circulation drilling at the prospect yielded a top intersection of 63m at 1.67% lithium carbonate.
Core also notes that the program is designed to assess Blackbeard’s potential as a future source of ‘high grade’ ore feed for Finniss, with current plant throughput at 1.2 million tonnes per annum.
The company expects the program to be completed in Q3 of calendar year 2026, with assay results to be released progressively.
Managing Director Paul Brown says Blackbeard represents a “growth opportunity” for Finniss.
“This drilling program represents the next step in our strategy to grow resources, extend mine life, and unlock future expansion opportunities at Finniss,” Brown says.
In a strategic expansion, Core has also signed a binding agreement to acquire the surrounding 63km² Bynoe lithium tenement from Charger Metals (ASX:CHR).
Under the terms of the deal, Core will pay $3.75 million in cash, alongside a deferred $1.0 million payment on an MRE and a 1% gross revenue royalty capped at $10 million.
Completion of the acquisition remains conditional on statutory and regulatory approvals.
“The acquisition of the Bynoe Lithium Project further strengthens our position within the Bynoe pegmatite field and consolidates the landholding surrounding Blackbeard, providing additional exploration upside and greater flexibility for future development studies,” Brown says.
Core Lithium (ASX:CXO) is a hard-rock lithium company that owns the Finness Lithium Operation on the Cox Peninsula in the Northern Territory.
Write to Paula Fabe at Mining.com.au
Images: Core Lithium
