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CORE LITHIUM LTD — Capital/Financing Update 2011
Nov 29, 2011
64737_rns_2011-11-29_c19660ec-6796-40d4-90e6-048837605665.pdf
Capital/Financing Update
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ASX ANNOUNCEMENT
ASX : CXO
30 November 2011
Copper and uranium target extended at Fitton Project, S.A.
Core Exploration Ltd’s (ASX:CXO) recent soil surveys and geological mapping on its 100% owned Fitton Project (EL 4569) in northern South Australia has extended the area of copper and uranium anomalism to over 1,500m.
New areas of anomalism have been identified in addition to the previous high levels of copper and uranium found in surface rock chips, from a shear zone, collected as part of Core’s first exploration program at the Fitton project.
Results from the rock chip and mapping survey which was also conducted in November in the same area are expected within the next two weeks.
Infill soil and rock chip surveys are planned to commence in January ahead of drilling of priority targets Q2 2012.
Results
Core’s recent survey has found a strong correlation between elevated copper and uranium soil assays within a broad shear zone at Fitton. The area of elevated copper and uranium in soils is approximately 1,500m long and up to 1,000m wide (Figures 1 and 2).
Geological mapping in November has more than doubled the length of the related shear zone to over 2km.
The width of the shear zone envelope has been mapped at over 130m wide. Within this envelope numerous smaller shear zones occur varying individually in width from a metre to over 25 m wide. Scintillometer measurements along this structure indicate that the entire length is anomalously radioactive.
Geology
The Fitton Project covers 106km² adjacent to the Mt Painter Inlier. The region is well known for its multi-metallic breccia complexes (Mt Gee) and large-scale secondary uranium occurrences (Beverley and Beverly 4-mile).
A Level 2, 143 Hutt St, Adelaide SA 5000 | T (08) 7324 2987 | F (08) 8312 2002 | E [email protected] www.coreexploration.com.au
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Figure 1. Elevated copper in soils and 2km shear zone, Fitton Project, S.A.
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Figure 2.Elevated uranium in soils and 2km shear zone, Fitton Project, S.A.
A Level 2, 143 Hutt St, Adelaide SA 5000 | T (08) 7324 2987 | F (08) 8312 2002 | E [email protected] www.coreexploration.com.au
The northern part of the Fitton Project area covers areas of Radium Creek Metamorphics and other prospective host rocks within the Mt Painter Inlier.
In May this year, Core undertook a geological mapping and rock chip survey over its Mt Fitton tenement in South Australia. Rock chip samples returned assays to 10.5% copper and 624ppm uranium within a zone of shearing.
It appears that a structurally early mafic intrusive dyke within chlorite – quartz - tourmaline altered Mt Painter complex granitoid may have been the focus of the shear zone, however, the intensity of shearing and subsequent alteration have virtually destroyed all original textures.
Alteration along the length of the shear zone consists of early chlorite alteration followed by later quartz-tourmaline veins and pods.
Next Steps
The results of Core’s November rock-chip sampling program at Fitton are expected within two weeks.
Core is planning additional detailed mapping and rock chip sampling over the areas of anomalous copper and uranium and mapped shear zones during Q1 2012 to identify best targets for RC drilling Q2 2012.
For further information please contact:
Stephen Biggins Managing Director Core Exploration Ltd [email protected]
John Field Field Public Relations 08 8234 9555 [email protected]
The information in this report has been compiled by Stephen Biggins (BSc(Hons)Geol, MBA) as Managing Director of Core Exploration Ltd and who is a member of the Australasian Institute of Mining and Metallurgy and is bound by and follows the Institute’s codes and recommended practices. As a Competent Person, he has a minimum of 5 years relevant experience in the style of mineralisation and types of activities being reported and has given written consent to the above report in the form and context in which it appears.
A Level 2, 143 Hutt St, Adelaide SA 5000 | T (08) 7324 2987 | F (08) 8312 2002 | E [email protected] www.coreexploration.com.au
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Figure 3.Soil sampling survey area, Fitton Project, S.A.
A Level 2, 143 Hutt St, Adelaide SA 5000 | T (08) 7324 2987 | F (08) 8312 2002 | E [email protected] www.coreexploration.com.au