Core Exploration Ltd.: High Grade Lithium Assays from Maiden Diamond Drilling

Adelaide - Core Exploration Ltd. (ASX:CXO) ("Core" or the "Company") is pleased to announce that high grade lithium assays have now been received from its maiden diamond drilling program at the BP33 and Grants Prospects within the Finniss Lithium Project near Darwin in the NT ("Finniss").

HIGHLIGHTS

- High grade lithium assays of drill core confirm that diamond drilling at the BP33 and Grants prospects within the Finniss Project have consistently hit thick intersections of high grade spodumene mineralisation

- Thick intersections of high grade spodumene mineralisation were made in all four diamond holes drilled, including:

-- 42m @ 1.53% Li2O from 58m (FRCD001) at Grants Prospect

-- 39m @ 1.55% Li2O from 69m (FRCD002) at Grants Prospect

-- 48m @ 1.53% Li2O from 70m (FRCD003) at Grants Prospect

--- Including 5m @ 2.53% Li2O

-- 34m @ 1.47% Li2O from 85m (FRCD004) at BP33 Prospect

- 2 RC drill rigs are currently drilling multiple targets at Finniss, with assay results expected through December and into early 2017

As previously announced, all diamond holes drilled hit thick intersections of excellent quality coarse grained spodumene that is potentially amenable to processing to produce commercial grade spodumene concentrate.

Assays have now been received for each of the diamond holes at the BP33 and Grants Prospects and are summarised in Table 1 (see the link below).

Spodumene Pegmatite Mineralisation

Core's high grade assays from diamond core confirm observations in drill core that high grade lithium (as spodumene) is consistently present as a major rock forming mineral throughout the fully-cored pegmatite drill intersections at Finniss (see Figures 1-4 and Table 1 in the link below).

Spodumene mineralisation is consistent throughout the Grants pegmatite, and has been intersected consistently over 40m-50m in all three fully cored diamond drillholes (see Figures 1-4 in the link below).

In all cored holes at Grants, the pegmatite has a simple zonation from wallrock inward: 1-2m thick quartz-mica rich margins and a 30-35m (true thickness) spodumene rich medial/central zone.

The spodumene is green at the Grants Prospect, in contrast to the spodumene at the BP33 Prospect in which it had both green and pink spodumene. The spodumene crystals are usually large with some greater than 10cm (see Figures 1 & 2 in the link below).

On preliminary inspection it appears that the pegmatite at BP33 and Grants comprises only a few simple minerals, in overall order of abundance: feldspar, spodumene, quartz and muscovite (less than 5%).

Next Steps

A bulk sample from Grants of 400kg of large diameter HQ core is now at Nagrom metallurgical facilities in Perth, W.A for metallurgical test work to determine potential to produce commercial grade spodumene concentrate. The first test results from this work are expected in early 2017.

Core currently has 2 RC rigs undertaking exploration drilling of a number of prospects on the Finniss Lithium Project.

The field season remains open at Finniss, so the current Phase 2 RC drilling program is expected to continue well into December and may open the opportunity to drill additional targets.

Assay results from this Phase 2 RC drilling are expected during December and in early 2017.

Finniss Lithium Project Background

Core's Finniss Lithium Project covers a large portion of the Bynoe Lithium-Tantalum-Tin Pegmatite field (see Figure 5 in the link below).

Core's drilling at Finniss has intersected high lithium grades and spodumene mineralisation within a number of pegmatites at Finniss.

The Bynoe Field is a 15-20 kilometre wide belt of more than 90 tin and tantalum prospects and mines and lithium rich pegmatites which stretches over a distance of 75 kilometres south from Port Darwin and is one of the most prospective areas for lithium in the NT.

Core's Finniss Lithium Project has substantial infrastructure advantages being close to grid power, gas, and rail and services infrastructure and within easy trucking distance by sealed road to the multi-user port facility at Darwin Port - Australia's nearest port to Asia.

To view tables and figures, please visit:
http://abnnewswire.net/lnk/2H5CM4V4


About Core Exploration Ltd:

Core Exploration Ltd. (ASX:CXO) aims to grow shareholder value through the exploration for and discovery of commercially robust base metal and uranium deposits in South Australia and the Northern Territory. Core Exploration's projects have been carefully acquired in geology which hosts world-class mines and within some of the most prospective geological terrains for base metals and uranium in Australia.



Contact:

Stephen Biggins Managing Director
Core Exploration Ltd.
T: +61-8-7324-2987
E: info@coreexploration.com.au