NT Government And Core Geophysical Survey Defines Lithium Pegmatite Distribution
Australian lithium developer Core Lithium Ltd (ASX: CXO) reports that new geophysical surveys have successfully shown a strong correlation with lithium pegmatite distribution within company’s wholly owned Finniss Lithium Project, located near Darwin in the Northern Territory of Australia.
Managing Director, Stephen Biggins, says gravity geophysics is now considered an important tool for mapping lithium rich pegmatites within the Finnis pegmatite field.
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.
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.
Mr Biggins said that pleasingly, there is no reason to believe that these known lithium pegmatite groups are unique clusters. Rather, it is more likely that the currently defined distribution of pegmatites identified to date in this belt are 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.
Mr Biggins said Core’s new gravity survey has demonstrated that the gravity methodology is a valuable tool for pegmatite exploration in the NT.
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.
Interpretation of Core’s detailed gravity survey Grants has shown gravity as a direct targeting tool for spodumene pegmatites at Finniss as well
Core 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 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.
“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,” Mr Biggins said.
“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.”
Mr Biggins said the Finniss Lithium Project is Australia’s most advanced new lithium projects on the ASX and places Core Lithium at the front of the line of new global lithium production.
The Project has Federal Government Major Project Status Finniss and is also one of the most capital efficient lithium projects in Australia and has arguably the best logistics chain to markets of any Australian lithium project.
Finniss lies within 25km of port, power station, gas, rail and one hour by sealed road to workforce accommodated in Darwin and importantly to Darwin Port – Australia’s nearest port to Asia.
Lithium is the core element in batteries used to power electric vehicles, and the Finniss Project boasts world-class, high-grade and high-quality lithium suitable for this use and other renewable energy sources.
