Core Lithium Ltd (ASX: CXO) announced that the NT Government and Core co-funded geophysical survey has successfully defined lithium pegmatite distribution at Finniss Lithium Project, located near Darwin in the Northern Territory.
CXO said that gravity geophysics is now considered an effective exploration technique and potential gamechanger for targeting spodumene pegmatites at regional scale in the NT.
The company said that the survey identified a new 20km long “Grants Belt” of lithium rich pegmatites – that includes Grants, BP33, Carlton Lees, and Booths – and stretches south to include Core’s new acquisition at Leviathan and north to the new Kings Table target area.
CXO said that detailed follow-up gravity surveys would commence alongside 2021 drilling campaigns. Core reported that it is finalising drill contracts and preparing for a massive 2021/22 exploration and resource drilling campaign that is expected to commence in May.
Geophysical survey at Finniss project
CXO had recently commenced new geophysical surveys at the Finniss project. The Finniss Gravity Survey was co-funded by the Northern Territory Government with survey data collected over a 500x500m and 500x1000m grid of gravity stations through the majority of Core’s Finniss tenements.
Core Lithium announced that the geophysical survey has successfully defined lithium pegmatite distribution at Finniss.
New corridor of lithium-rich pegmatites
CXO announced that the survey has identified a major NNE-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 (main prospect: Grants, BP33, Carlton, Hang Gong, and others).
The company noted that it is likely that the currently defined distribution of pegmatites identified to date in this belt is due to large tracts of prospective ground between Grants and Leviathan, which are covered by laterite or soil cover that have not been effectively explored yet. CXO said that there is no reason to believe that these known lithium pegmatite groups are unique clusters.
Gravity methodology an ideal tool
The company said that gravity geophysics is now considered an important tool for mapping lithium rich pegmatites within the Finnis pegmatite field. Core said that its new gravity survey has demonstrated that the gravity methodology is a valuable tool for pegmatite exploration in the NT.
The company said that the survey shows that 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.
CXO said that the interpretation of the company’s detailed gravity survey Grants has shown gravity as a direct targeting tool for spodumene pegmatites at Finniss as well.
Updates and next steps
Core announced that it will commence follow-up detailed gravity surveys this quarter at Finniss over key target areas, which have the potential to directly identify pegmatite drill targets and focus Core’s upcoming exploration and drilling campaigns and alongside the Company’s major resource expansion drilling programs.
The company said that it 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. The exploration and resource drilling campaign for 2021 and 2022 is expected to begin in May 2021.
Core said that it is well-funded with a new acquisition in place and drill rigs lined up to commence resource push.
Management comments
Core Lithium Managing Director Stephen Biggins said: “This new gravity survey, cooperatively co-funded with the NT Government, has shown to be a real gamechanger for lithium exploration in the NT.
The Finniss Gravity Survey has identified new key target areas and we 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.”
Image Source: Core Lithium Ltd