CXO (ASX) Ann: Core Acquires Bynoe Lithium Project from Liontown Resources

Originally posted by Brumbie ↑

Whilst they have not explicitly stated which targets they will be drilling yet. It is notable that BP33, Sandras and Litchfield are mentioned.

Now that BP33 is under one owner and high grades have been found in spodumene on both sides it is a no brainer to go after this ASAP.

Also with spodumene hit at Sandras. Ditto.

Also with Litchfield having the distinct possibility of extending Grants as it lies on the same trend. If they hit spodumene there I think Grants JORC can easily double or more in size. This is probably our first priority in my view.

I wouldn't be surprised if Hang Gong West, Carlton and Rubiks get some love as well as they lie 800m to the east of Grants and have the ML and EML associated with Hang Gong. They have found >1% Li2O there in spodumene as well.

Lets see what Zola 2, Ringwood 2 and Grants West bring as well. If there is nothing more at Zola I say walk away for now. Ringwood is different in that there are so many targets so as stated it will take 3-4 passes to get an idea of what is going on. Any find of spod at Grants West will be a major benefit to DSO as well.

My view is lets finish up with Zola and Ringwood, Sandras for now no matter what they find. We need to firm up the Grants area to get DSO going and cash in the door. Plenty to do over there (I would consider BP33 as well due to it's close proximity).

Let's focus on this before the wet. Prove up the JORC increase (hopefully!) and then start on getting the mining plans finalised for early-mid next year shipments. As well let's have a go at Barrow Creek during the wet.

Once this is achieved the rest can wait until the next dry as it will not take long for the bank balance to build and we can sink the NT by drilling anything that looks and smells like a spod bearing peg next dry season. We really need to find that elusive large deposit that will enable a processing plant so we can extract the most out of our Lithium play. If Grants can provide a couple of hundred million then we are in a prime position to build the plant with very little help. This is the long term target for me for CXO.

Anyway, if I was driving that's what I would do for what it's worth.

From the announcement:

-The Bynoe Lithium Project includes the northern extension of Core’s high grade BP33 lithium pegmatite. Core’s first drilling at BP33 in 2016 intersected 38m @ 1.50% Li2O from 70m, including 8m @ 2.0% Li2O. With the whole of BP33 now consolidated under one owner, Core intends to conduct a second phase of drilling at BP33 to confirm continuity of mineralisation and scale.

Drilling at the Sandras Prospect has intersected a 300m long, large pegmatite body with a true width up to 35m which remains open along strike and largely untested at depth included intercepts of up to 42m at 1.0% Li20 from 93m. A similar, larger (~700m long) magnetic feature is located 200m south of Sandras beneath transported cover.

Amongst many other undrilled pegmatite prospects within the new Bynoe tenements, the >1km Litchfield Prospect is located ~2km SSW on the same mineralised trend as Core Exploration’s high-grade Grants Resource. Soil sampling has recorded strongly elevated lithium values and field traversing has observed numerous historical workings and extensive sub-cropping pegmatites at Litchfield.

Core’s exploration team and office in Darwin is well placed to immediately commence exploration on the new Bynoe Lithium Project tenure. The Company is well funded and in a position to prioritise exploration on a series of high quality lithium pegmatite targets within a large tenement position close to infrastructure supporting development

Expand

Great post Brumbie. I concur.

Yahua is keen for DSO, so increasing the JORC and showing them and giving them more incentive and more reason to commit is the priority. Drilling at grants and BP is what will do this.

And agree on Barrow Creek. It would be great to still be active on the ground exploring another area whilst waiting out the wet season before we can go back to our main play.

Hopefully we can get an update soon regarding the co's plan of attack.

A busy little explorer this one that's for sure.

GLTAH

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Last updated 14.48pm 29/04/2024 ?

Great post Brumbie. I concur. Yahua is keen for DSO, so...

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