Strong Back-Up To Flagship Finniss Lithium Project
Core Lithium Ltd (ASX: CXO) has identified exciting gold potential during a detailed review of historic data for the company’s Adelaide River Project located in the Pine Creek Orogen of the Northern Territory.
The Adelaide River Gold Project, comprising exploration licence application EL31886, is located 25km south east of Core’s flag-ship Finniss Lithium Project near Darwin and leverages Core’s local exploration capabilities.
Core’s studies found that rock-chip gold grades of up to 170 g/t Au (including 128 g/t Au) at the Possum Prospect have only been scantly followed up by previous explorers.
During short periods of gold- focussed exploration in the late 1980’s and early 2010’s. The exploration programmes encountered numerous gold vein systems similar to those at the nearby Cosmo gold mine, operated by Kirkland Lake Resources.
Managing Director, Stephen Biggins, this highly prospective gold region in the NT has potential for long-term, profitable mining operations in a historic mining district with over 4.5 million ounces of gold produced over the past four decades.
Core’s new tenement area hosts extensive laminated quartz veins that locally contain fine visible gold and sulphide-hosted gold, not unlike many of the other gold deposits of the Pine Creek and Cosmo Howley Mineral Fields.
The Adelaide River prospects have received limited exploration to date. Previous geochemical and geophysical surveys of the broader tenement area were limited to small programs over localised areas and individual prospects. Core sees a significant opportunity to take a more consolidated and systematic approach to exploration over this highly prospective area.
Mr Biggins said Core plans to undertake further research, assessment and interpretation of the historic datasets and exploration information for the Project over coming months, and expects to update the market as the Company refines its understanding of the Project and progresses plans to commence initial fieldwork on this exciting new gold Project later this year.
“The exciting gold prospectivity of Adelaide River, as demonstrated by these very high gold grades as well as new gold results from Finniss earlier this year, strengthens our view that the district has a strong gold endowment,” Mr Biggins said.
“Core is still firmly focussed on the development of our flagship Finniss Lithium Project; however, we see this new project is an obvious opportunity to leverage the expertise and capabilities of our exploration team and NT experience to add value for Core’s shareholders. “We look forward to extending our NT gold exploration programme to cover Adelaide River over the course of 2020.”