Core Lithium hasn’t just built a new lithium mine, it is blazing a trail for a new critical minerals evolution in the Northern Territory.
The Finniss operation just a stone’s throw from Darwin is Australia’s first lithium mine outside of Western Australia, and there are a suite of explorers looking to follow in Core’s footsteps.
This includes Lithium Plus and Charger Metals, both of which own projects of the same name – their Bynoe projects emerging as promising lithium prospects in the Litchfield pegmatite field.
With a tenement holding spanning 297 square kilometres, Lithium Plus has been shoring up its Bynoe asset with countless lithium discoveries in recent months.
In early September, Lithium Plus announced it had intersected 127m of pegmatite from 609m – an assessment made from visual inspections.
A month later, the company then announced it had intersected what it believes to be some of the widest and highest-grade mineralised lithium intervals in the Litchfield pegmatite belt.
Assays from drill hole BYLDD019 included a 41m hit at 1.94 per cent lithium oxide (Li20) from 683m (an approximate true width of 25m) and an 81m intersection at 1.59 Li20 from 653m (an approximate true width of 48m).
“The extremely high 1.94 per cent Li20 grade reported over a wide 41m interval opens the door for consideration of DSO (direct shipping ore) potential development pathways as we continue to explore and advance the project,” Lithium Plus executive chair Bin Guo said.
Lithium Plus aims to release its maiden mineral resource estimate (MRE) for the Bynoe project this quarter. The company was trading at $0.465 per share at last close.
While development of the Lake Johnston lithium project in Western Australia is key to Charger Metals’ strategy, the company continues to advance exploration at its Bynoe project.
At the end of September quarter, Charger said it had intersected lithium and tantalum mineralisation in pegmatites at three of Bynoe’s seven prospects. The company commenced its maiden drill program at Bynoe in May.
Core Lithium has proven the Northern Territory’s capability as a lithium-producing jurisdiction, and this has put the wind in the sails of lithium exploration in the state.
Time will tell if any other Northern Territory-focused small caps can join the lithium production ranks.
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