PERTH (miningweekly.com) – The share price of junior Core Exploration increased by 60% after the company announced the highest-grade spodumene intersections ever drilled in the Northern Territory.
The 1.78% lithium oxide over 49 m results come from the Grants prospect, within the Finniss lithium project, and are only the second pegmatite drilled in Core’s maiden drilling programme.
Core told shareholders on Monday that all six holes drilled during the campaign hit pegmatite intersections over broad intervals of between 30 m and 50 m widths, containing high grades of lithium as spodumene mineralisation.
The company said that the discovery of high-grade zones of lithium in the current drill programme was significant for Core, given the scale of some of the new pegmatites identified by the current field programme were directly comparable to the scale of pegmatites hosting large lithium resources in Western Australia.
Core’s Finniss project comprises a large tenement position of 480 km2, and is close to grid power, gas, and water infrastructure.
Core shares traded at a high of 7.2c a share on Monday, up from an opening price of 5.7c each.