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CORE LITHIUM LTD — Regulatory Filings 2012
Mar 18, 2012
64737_rns_2012-03-18_51c67f2b-8eee-47fd-8514-26ac766e9b45.pdf
Regulatory Filings
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ASX ANNOUNCEMENT
ASX : CXO
19[th] March 2012
Copper mineralisation hit on Yorke Peninsula Project
First assay results expected in April
HIGHLIGHTS
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Copper mineralisation revealed in drill core from the first diamond drilling program on Core’s Yorke Peninsula project
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Copper sulphides found with zones of IOCG (Iron Oxide Copper Gold) style alteration
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Drilling over 350m of the 1500m long Wauraltee Prospect strikes alteration and associated copper sulphides
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Assay results expected in April
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Next drill program expanded
Core Exploration Ltd (ASX:CXO) is pleased to report that the recently completed 2,000m maiden diamond drill program on the company’s Yorke Peninsula tenement has identified low levels of copper mineralisation and intersected alteration typical of other IOCG style deposits in South Australia.
Visible copper sulphides have been identified in all 3 holes drilled over 350m of the 1,500m long and 300m wide coincident gravity and magnetic anomaly at the Wauraltee Prospect (Figures 1,2 & 3).
All of the mineralisation intersected is within zones of IOCG alteration with the widths of alteration intersected in drill core varying from narrow veins a few centimetres wide up to 15 metres.
Importantly, the zones of alteration and mineralisation are steeply dipping and at the same orientation to the dominant NE/SW structural direction of the 12km-long Palace Structural Zone. This opens the potential for this 12km zone to host copper deposits and control IOCGstyle mineralisation, which has parallels with Hillside’s structural setting along the Pine Pt Structure.
A Level 2, 143 Hutt St, Adelaide SA 5000 | T (08) 7324 2987 | F (08) 8312 2002 | E [email protected] www.coreexploration.com.au
Core’s Yorke Peninsula project is located on the southern portion of the Olympic IOCG Province which hosts Rex Minerals Hillside Project, BHP Billiton’s Olympic Dam mine and OZ Mineral’s Prominent Hill mine and recently acquired Carrapateena Project.
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Figure 1. Albite dominant (”Red-rock”) alteration and sulphide veining comprising pyrite (iron sulphide) and minor chalcopyrite (copper sulphide) in drill hole WTDD008 at 199m.
Results from visual inspection of core from the Wauraltee Prospect include:
| Hole | From | To | Comments |
|---|---|---|---|
| WTDD001 | 161m | 217.5m | Presence of deformed and altered dolerite withepidote, amphibole, carbonate and albite alterationand veining,variablepyrite and minor chalcopyrite. |
| WTDD002 | 151 | 247.5 | Presence of deformed and altered coarsegrained |
A Level 2, 143 Hutt St, Adelaide SA 5000 | T (08) 7324 2987 | F (08) 8312 2002 | E [email protected]
| gabbro with 10cm to 1m thick zones of alterationand veining of carbonate, amphibole, biotite, albiteand epidote +/- minor chalcopyrite and pyrite(Figure 2) | ||||
| WTDD008 | 188.05 | 205 | Drill hole intersected a fine granite or felsic volcanicdominated by pervasive red rock alteration ofalbite epidote pyrite +/- magnetite amphibole and | |
| , , ,chalcopyrite. Small veins of pyrite and lesserchalcopyrite occur throughout this interval (Figure1). |
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Figure 2. Zone of intense amphibole rich alteration with associated chalcopyrite and possibly chalcocite in drill hole WTDD002 at 247.5m.
Core Exploration’s Managing Director, Mr Stephen Biggins, said that seeing copper mineralisation and the right type of alteration minerals in the Company’s first effective drill program on the Yorke Peninsula tenement “has exceeded our expectations, given that we are only in the early stages of the exploration process. The potential of the project has been enhanced with evidence of low levels of copper mineralisation tied to IOCG alteration and hosted by a series of geophysical targets with potential for scale in a similar geological setting as Rex’s Hillside deposit,” he said.
A Level 2, 143 Hutt St, Adelaide SA 5000 | T (08) 7324 2987 | F (08) 8312 2002 | E [email protected] www.coreexploration.com.au
Drill core from the 8 hole program is in the process of being sampled and submitted for analyses. Analytical results are expected to be received in April. For further information please contact:
Stephen Biggins John Field Managing Director Field Public Relations Core Exploration Ltd 08 7324 2987 08 8234 9555 [email protected] [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.
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A Level 2, 143 Hutt St, Adelaide SA 5000 | T (08) 7324 2987 | F (08) 8312 2002 | E [email protected] www.coreexploration.com.au
Figure 3. Core Exploration’s Drill Targets, Yorke Peninsula Project, S.A.
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Figure 4. Core Exploration’s Yorke Peninsula 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