CORE LITHIUM LTD — Regulatory Filings 2012

Jun 7, 2012

ASX ANNOUNCEMENT

ASX : CXO

8[th] June 2012

High grade uranium and copper in outcrop at the Scott Lee Prospect Fitton Project, South Australia

HIGHLIGHTS

• 3,370 ppm U3O8 (0.34% U3O8) assayed from outcrop sample at Fitton Project in S.A.

• High uranium sample located 200m from new copper sample grading +5%

• Uranium levels sampled above 100ppm for over 800m

• 0.37 g/t gold was also identified on the western end of the same prospect.

• Drilling is planned for August/September 2012

Core Exploration Ltd (ASX:CXO) has identified very high levels of uranium and copper in outcrop on its 100% owned Fitton Project (EL 4569) located 25km north of the Beverley uranium mine in northern South Australia. The zone of shearing related to mineralisation has been mapped for over 2,000m at surface on the newly named Scott Lee prospect.

A sample of chloritised schist within a shear zone contained 2,858 ppm uranium (3,370ppm U3O8 or 0.34% U3O8), which is a four-fold increase in the previous highest uranium value identified.

In addition, a number of new samples contained highly anomalous uranium above 100ppm for a strike length of over 800m (Table 1, Figures 1 & 2).

A number of samples from the same shear zone graded above 1% copper over a strike length of 150m (Table 1, Figures 1 & 2).

High levels of uranium and copper in the new and previous rock chip samples correlate well with results from previous soil surveys. This relationship between anomalism in the soil data and rock chip samples provides scope for further increases in the footprint of mineralisation through future sampling (Figure 2).

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

Previously unidentified gold anomalism (0.91 g/t gold) in a rock chip sample of quartz rich gossan 2.2km southwest of the high uranium and copper samples is also of interest and worthy of further exploration. Samples with elevated gold of (up to 0.37 g/t) are associated with high uranium and copper at the Scott Lee prospect (Table 1).

Core is encouraged by the continuing success in improving the prospectivity of the Fitton Project through cost effective exploration techniques such as mapping, rock chip sampling, soil sampling and ground magnetics in preparation for targeted first pass drill programs.

Background

The Fitton Project covers 106km² adjacent to the Mt Painter Inlier. The region is well known for its multi-metallic breccia complexes and large-scale secondary uranium occurrences at Beverley and Beverly Four-Mile (Figure 2).

It is interpreted that a series of multi-directional zones of fracturing in the host granite have been intruded by a later mafic dyke which have been the focus of shearing and uranium mineralization.

The northern part of the Fitton project area covers areas of Radium Creek Metamorphics and other prospective host rocks within the Mt Painter Inlier. The central part of the tenement contains uraniferous megacrystic granites with chloritised shear zones that are interpreted to represent original mafic dykes. These shear zones have been intensely altered that appear to have focused a mineralizing fluid rich in copper and uranium with minor gold also identified in the latest sampling.

Numerous smaller shears occur within a larger shear zone and vary individually in width from a metre to over 25 metres. The levels of uranium and copper, based on sampling to date from these shear zones, vary substantially. The presence of this mapped surface mineralisation and alteration may or may not extend at depth and this can only be confirmed by drilling which is planned in the coming months.

Further work

Magnetite was identified in the mapping to be associated with parts of the Scott Lee prospect. A ground magnetic survey was conducted, the data is currently being processed and interpreted to target further mineralisation under cover.

Follow-up mapping, sampling and detailed rock chip sampling of the entire length of the mineralized shear zone is planned in late June.

Drilling of priority targets defined by these surveys is planned for August/September.

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

	Name	Zone	Easting	Northing	Sample	**Cuppm **	**Uppm **	U3O8ppm	**Aug/t **
	MP0009	54J	365712	6686800	Rock chip	155	51.29	60.48	X
	MP0010	54J	365699	6686831	Rock chip	103	624.43	736.33	X
	MP0011	54J	365552	6686859	Rock chip	16	83.59	98.57	X
	MP0011	54J	365455	6686935	Rock chip	105184	121.37	143.12	0.12
	MP00451	54J	366351	6688378	Rock chip	107	2.39	2.82	0.01
	MP00459	54J	365842	6687056	Rock chip	16	120.99	142.67	X
	MP00467	54J	365306	6686951	Rock chip	200	157.41	185.62	X
	MP00473	54J	365336	6686984	Rock chip	33	132.25	155.95	X
	MP00474	54J	365442	6686928	Rock chip	963	35.31	41.64	X
	MP00476	54J	365458	6686931	Rock chip	>50000	77.44	91.32	0.06
	MP00477	54J	365455	6686938	Rock chip	143	5.87	6.92	X
	MP00479	54J	365497	6686933	Rock chip	148	3.3	3.89	X
	MP00480	54J	365566	6686926	Rock chip	21718	426.96	503.47	0.08
	MP00481	54J	365556	6686927	Rock chip	185	15.01	17.70	X
	MP00482	54J	365657	6686878	Rock chip	X	2857.83	3369.95	X
	MP00486	54J	366737	6686592	Rock chip	234	2.2	2.59	X
	MP00492	54J	365857	6686686	Rock chip	571	239.7	282.65	X
	MP00493	54J	363551	6685728	Rock chip	680	10.55	12.44	0.91
	MP00496	54J	365105	6686983	Rock chip	219	499.34	588.82	0.37
	MP00497	54J	365214	6686964	Rock chip	64	62.43	73.62	X
	MP00498	54J	365312	6686960	Rock chip	111	268.33	316.41	X
	MP00499	54J	365406	6686937	Rock chip	160	37.06	43.70	X
	MP00500	54J	365450	6686924	Rock chip	19862	86.5	102.00	0.06
	MP00502	54J	365555	6686934	Rock chip	19257	217.06	255.96	0.02
	MP00503	54J	365500	6686931	Rock chip	7933	13.71	16.17	X
	MP00512	54J	365619	6686903	Rock chip	103	9.93	11.71	X

Table 1: Table of all rock chips samples collected by Core Exploration within EL 4569 with anomalous copper, uranium and/or gold values.

When samples contain either Copper > 100ppm or Uranium > 50ppm or 100ppb/gold (From a total sample set of 69 samples). Au: FA25//AA Lead Collection Fire Assay: U: 4A/MS 4 Acid Digest Mass Spectrometry: Cu: 4A/OE 4 Acid Digest Inductively Coupled Plasma Opitical Emission Spectrometry. Of the 69 rock samples collected to date the range of values for copper vary from below detection (1ppm) to 10.5%, uranium varies from 0.4 ppm to 2858 ppm and gold varies from below detection (0.01 ppm to 0.91ppm)

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 1: Map of mineralised samples from the Scott Lee prospect overlain on uranium anomalism in soils image, EL 4569, Fitton.

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Figure 2: Inset map of mineralised samples from the Scott Lee prospect on EL 4569, Fitton Project.

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 4. In situ sample from shear zone at the Scott Lee prospect. Sample assayed 3,370 ppm U3O8 (0.34% U3O8). The s pectrometer value in photo ( counts per second) is used as an indicator of uranium value.

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Figure 5. Photo of malachite rich (green copper carbonate secondary mineral) sample that returned a >50000 ppm copper value (>5% Cu) from Scott Lee prospect.

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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Scott Lee Prospect
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Figure 5. Location of Scott Lee Prospect and Fitton Project (EL 4569) and uranium occurrences in the region, northern South Australia.

For further information please contact:
Stephen Biggins	John Field
Managing Director	Field Public Relations
Core Exploration Ltd	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