Core Exploration is pleased to report that its tenements in South Australia (SA) cover rocks that are unusually high in lithium in a region thought to be potential source rocks for lithium brines targeted by a number of peer ASX listed companies.

Highlights:

Elevated lithium levels identified in Core’s SA’s Mt Painter tenements

Core’s tenements cover Mt Painter Province (MMP) geology that have unusually high levels of lithium and uranium

A number of ASX companies have identified lithium brine targets in the surrounding lakes

MMP geology containing elevated lithium represents the potential source of lithium upstream from these large lithium brine targets

Core notes with interest that a number of ASX listed companies are pursuing lithium brine targets within an arc of lakes surrounding Core’s tenure in the Mount Painter Province (MPP) in South Australia. The catchment to these lakes contains rocks with unusually high levels of hard-rock uranium and lithium.

The MPP is comprised predominantly metamorphics intruded by various suites of Proterozoic granites, and pegmatites.

Core has held a significant area of tenure in this region of South Australia since 2011, which was primarily driven by the unusually high levels of uranium in the rocks of the MPP. Core’s previous focus on uranium exploration is in an area well known for hosting large uranium deposits, including the nearby currently operating Beverley, Beverly North and Four Mile uranium mines.

More recently there have been a number of peer companies and independent technical reviews, which have noted the presence of elevated lithium and rare earth elements in the MPP.

Lithium brine targets that have been highlighted include Lake Blanche (ARE), Lake Gregory (GBX), Lake Florence (ADN), and Lake Frome. Lithium brine bodies in lakes are formed in basins where water has leached lithium from surrounding source rocks.

Core’s earlier uranium focussed exploration on these tenements initially followed up elevated uranium in surface rock chips that led to Core’s significant discovery of high grade and thick intersections of uranium in 2012/13 at the Fitton Project. Best intersections of high grade shallow uranium mineralisation drilled by Core included 11m @ 1309 ppm U3O8 and 60m @ 480 ppm U3O8.

The Company halted its uranium exploration programme given the depressed uranium price; however the results at the Fitton Project are suggestive of potential for a new and significant uranium project to be delineated with further drilling, and in a better uranium price environment, the Company would plan to follow up this drilling.

Core’s MD Stephen Biggins said:

"We’ll be following the results of the companies exploring in the lakes around our South Australian tenure with a close interest.

For the time being however, our focus very much remains on increasing our understanding of the potential of our Northern Territory lithium projects where we have built a dominant land position with well-known established pegmatite fields. We are underway with our own rock chip sampling programme in both the Bynoe and Anningie pegmatite fields, with initial rock chips yielding positive results.

We expect to update progressively in the weeks ahead, and these results will be used to direct the next round of more targeted sampling, and to identify priority areas for first drilling for lithium planned to occur in the September quarter".