Core Exploration (Core) has announced that, following its announcement last week of wide pegmatite intersections at Core’s 100% owned high grade BP33 pegmatite, it has now received the assay results which confirm the presence of wide, high grade spodumene at BP33.

BP33 is located on the Company’s newly acquired Bynoe lithium project near Darwin. Core’s new assays reflect the widest pegmatite intervals that have ever been drilled at BP33, and amongst the widest spodumene bearing intersections ever drilled in the Northern Territory.

New assay results from BP33 include an outstanding intersection of 54m @ 1.4% Li2O in spodumene pegmatite from 101m in RC Drillhole FRC103.

At the northern end of BP33, a high grade spodumene intersection of 46m @ 1.51% Li2O was returned from 66m-112m downhole in FRC 104. An additional 25m of assays are awaited from the remainder of FRC104 from 112m to 137m.

A 36m intersection grading 0.74% Li2O from 73m was received for hole FRC102 (0.1% cut-off), including a high-grade intersection 16m @ 1.40% Li2O from 146m. However, poor sample return and contamination was noted during drilling of FRC102m, which is interpreted to have smeared and diluted the lithium assays. Core is planning to re-drill nearby to this hole with diamond core to confirm geology with the assay grade.

The new assays confirm Core’s visual assessment of the mineralogy of the RC drill chips that much of the BP33 pegmatite contains high grades of spodumene pegmatite.

Results from the recent RC drilling also confirm that BP33 spodumene pegmatite is open along strike both to the north and to the south and is thicker at depth than expected.

Based on Core’s new drill results, a revised cross section can be drawn that suggests a down-dip doubling of true thickness of the pegmatite in the north (20m at surface vs 40m at depth). On this basis, the Company believes that an alternate geometrical/structural scenario may exist more broadly to the north and will address this via further drilling.

Most recent RC Drillhole FRC105 targeted the southern extension of BP33 and intersected pegmatite to end of hole (EOH), where 8m of pegmatite was intersected from 116m to the EOH at 124m before drilling problems caused the hole to terminate.

Next Steps at BP33

Follow-up diamond core drilling is now underway at BP33. The diamond drilling is aimed at defining the continuity of grade and scale of the spodumene mineralisation at BP33 and the drill core will also provide valuable information that may be used for metallurgical testwork and resource evaluation at BP33.

Previous drilling by Core at BP33 was hindered by the location of the historic tenement boundary approximately mid-way through the deposit. With Core recently acquiring 100% of the adjoining tenements, it now can fully explore the BP33 deposit without the complications of the previous disjointed ownership.

Remaining drill assays from the recent RC drilling at BP33 are expected over coming weeks and assays from the diamond drilling is expected in early 2018.

Commenting on drilling at BP33, Core’s Managing Director, Stephen Biggins said:

“The acquisition of the Bynoe Lithium Project is delivering immediate results for Core. These high-grade lithium intersections are very significant and demonstrate the potential of BP33 in a similar manner to Grants.

Given the success of this recent drilling, we now intend to undertake additional drilling at BP33 with the aim of determining the full extent of BP33 and adding to Core’s lithium resources in the NT. We will also be testing an alternate geometrical/structural scenario may exist more broadly to the northern end of BP33 which has the potential to significantly increase the potential scale of BP33.”