CORE LITHIUM LTD — Capital/Financing Update 2013

Mar 6, 2013

ASX ANNOUNCEMENT

ASX : CXO

7[th] March 2013

High grade silver and copper in rock-chips at Blueys Prospect, NT

HIGHLIGHTS

• Rock-chip sampling from Blueys Prospect assays over 1,500 g/t silver and 9% copper.

• Silver samples exceeded limits of standard assay (1,500 g/t), further specialist tests to measure very high grade silver grades in progress.

• Planning immediately underway for further rock-chip sampling, mapping and soil survey at Blueys to prioritise targets for drilling mid 2013

Core Exploration Ltd’s (ASX:CXO) first reconnaissance mapping and surface rock-chip sampling has confirmed very high-grade silver and high-grade copper at surface at the Blueys Prospect within Core’s Albarta Project in the NT.

Core’s Albarta Project covers over 2,000km[2] of the newly recognised, highly prospective IOCG Aileron Province, 100km NE of Alice Springs in the NT. Core’s tenements include a number of significant copper, gold, silver, uranium and rare earth element (REE) mineral occurrences (Figure 3).

The Company believes that the existing evidence of mineralisation and recently confirmed IOCG prospectivity by Geoscience Australia verifies the strategy that the Company has pursued to take an early position in an area it believes will be Australia’s new copper IOCG exploration hot-spot.

The samples taken by Core from Blueys are described as intensely altered, granitic textured host rock with secondary copper mineral veins containing malachite and azurite. The assays are tabled below (Table 1):

SAMPLE	Easting	Northing	Prospect	**Ag g/t **	Cu%	**Aug/t **	Pb%
BT2	474646	7400487	Blueys	>1500	4.43	0.121	0.70
EAR13006A	474644	7400489	Blueys	>1500	9.11	0.153	2.96
EAR13006B
(repeat)	474644	7400489	Blueys	>1500	5.74	0.108	1.39
EAR13006C
(repeat)	474644	7400489	Blueys	673	1.00	0.073	0.20

Table 1. Rock-chip samples from Blueys Prospect, EL 28136, Albarta Project JV, NT.

A Level 2, 143 Hutt St, Adelaide SA 5000 | T (08) 7324 2987 | F (08) 8312 2002 | E info@coreexploration.com.au www.coreexploration.com.au

Silver (Ag) assays of these samples are above the maximum level (1,500g/t silver) measurable by this standard assay technique. Core is sending these extremely high-grade silver samples from Blueys to undergo a specialised analytical technique to measure very high grade silver grades accurately. The Company will report these results when received back from the laboratory.

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Figure 1. Sample site BT2, Malachite and azurite vein in carbonate unit at Bluey’s Prospect.

Some exploration has been conducted previously at Blueys focussing on very shallow mineralisation; this includes surface and soil geochemistry, ground and airborne geophysics and shallow drilling. Previous shallow RC drilling in 2001 (max depth 52m) confirmed the presence of a surficial high grade copper, silver and lead supergene mineralisation.

Mineralisation sampled by Core appears to occur in the basement in brecciated and carbonate-silica altered granite. Core therefore believes that Bluey’s prospect is related to Meso-Proterozoic basement as opposed to the previously interpreted target in the overlying Neo-Proterozoic (younger) Bitter Springs Formation. This greatly increases the prospectivity for a much larger scale mineralising system at Blueys.

Other evidence for an extensive mineralising system at play in the region includes a number of occurrences of copper mineralisation and gossans in the surrounding area, indications of primary mineralisation in basement and a sizeable radiometric and magnetic anomalies coincident with Blueys.

A Level 2, 143 Hutt St, Adelaide SA 5000 | T (08) 7324 2987 | F (08) 8312 2002 | E info@coreexploration.com.au www.coreexploration.com.au

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Figure 2 Sample EAR 13006, Blueys Prospect showing malachite (copper) minerals, Albarta Project NT

IOCG Prospectivity of Core’s Albarta Project - Background

An independent report released by Geoscience Australia in 2012 highlights the area covered by the Albarta Project as being highly prospective for IOCG deposits (Figure 2). Geoscience Australia (GA) is Australia’s peak geoscientific agency and a world leader in providing first class geoscientific information.

The report highlights that the Aileron Province shares many geological features, similarlyaged stratigraphy and event histories with the well-endowed Gawler Craton and Mt Isa Province, which host some of the largest known IOCG deposits.

The report undertook regional geological framework studies and mineral potential modelling for uranium-rich IOCG mineral systems.

Core’s Albarta Project tenements are focused within the most significant, high- IOCG prospectivity area (A1)) identified by the report along the southern margin of the Aileron Province (Figure 3).

A Level 2, 143 Hutt St, Adelaide SA 5000 | T (08) 7324 2987 | F (08) 8312 2002 | E info@coreexploration.com.au www.coreexploration.com.au

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Figure 3. Core’s Albarta Project tenements overlain on detail of Geoscience Australia IOCG prospectivity Map, NT

For further information please contact:
Stephen Biggins	John Field
Managing Director	Field Public Relations
Core Exploration Ltd
08 7324 2987	08 8234 9555
info@coreexploration.com.au	john@fieldpr.com.au

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 info@coreexploration.com.au www.coreexploration.com.au