CXO

6.67%

9.8¢ core lithium ltd

Ann: Core Acquires Large Tenement Prospective for Lithium, page-109

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ArthurDent

339 Posts.

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16/12/16

08:30

Post #: 21379913
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Originally posted by ArthurDent ↑

Some back of envelope musings on the expected newsflow for CXO.

26/08/2016 - First drilling commenced at Finniss

23/09/2016 - Drill Results, 4 holes FRC001-FRC004, 466m total distance

3/10/2016 - Drill Results, 4 holes FRC005-FRC008, 391m total distance

20/10/2016 - Drill Results, 5 good holes + 5 mentioned holes FRC009-FRC018, 994m total distance, expecting wet season late November

18 holes from Phase 1 RC drill program, 1851m total distance

3/11//2016 - Phase 2 RC drill program commenced last week with one drill (earliest this could mean is Monday 24/10/2016). Second drill to arrive next week (earliest this could mean is Monday 7/11), stated they are aiming at minimum 5000m presumably taking into account their earlier expectation of wet season occurring late November (latest this could mean is 30/11)

13/12/2016 Phase 2 RC results to date - 12 holes FRC019-FRC030, 3 notable, 1302m total distance (av 108.5m per hole)

Therefore another 3-4 announcements (if released 12 holes at a time as per most recent announcement) of RC drill results could be expected based on the minimum stated 5000m which would be about 34 holes using the average of 108.5m

Bonus round calculations (being the late start to the wet)

1st drill running from 24/10/2016 to 30/11/2016 - 36 days (inclusive weekends)

2nd drill running from 7/11/2016 to 30/11/2016 - 23 days (inclusive weekends)

Therefore 59 days of drilling is what they were expecting when they estimated minimum of 5000m of RC drilling

So far we have another 30 days (end of November to date multiplied by two drills). This extrapolates out to another 2500m and another 23 holes @ 108.5m a hole so say 2 more announcements + any further drilling until wet seasons starts proper

+ Metallurgical results + Diamond Drilling results + Potential confirmation of drilling approval for Zola and Ringwood tenements

Expand

In this musing I overlooked the information provided in figure 1 of the announcement dated 13/12/2016.

CXO Price at posting: 6.7¢ Sentiment: Buy Disclosure: Held
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