Partial Relinquishment Report EL 31145 Barrow Creek Lithium Project 7 November 2016 to 6 November 2020

Abstract

This is the Relinquishment Report by the Core Lithium Ltd (CXO) for relinquished blocks of the Barrow Creek Lithium Project exploration licence EL 31145. This retained portion of this EL is held 100% by Lithium Developments Pty Ltd, a wholly owned subsidiary of CXO. The relinquished part was in its 4th year of tenure (granted 7 November 2016). In the Project area, swarms of intrusive pegmatite dykes and sills comprising the Barrow Creek Pegmatite Field are related to the Ooralingie and Bean Tree granites of the Barrow Creek Granite Complex. The Barrow Creek Granite Complex is one of several large Palaeoproterozoic felsic intrusive complexes in the region with ages in the range 1820-1789 Ma. Pegmatite veins vary compositionally and texturally from medium to coarse-grained equigranular quartz-feldspar- muscovite-tourmaline-garnet pegmatite, quartz-rich muscovite-tourmaline pegmatite, compositionally segregated (zoned) quartz-muscovite/quartz-feldspar-tourmaline pegmatite and megacrystic feldspar-bearing pegmatite. Greisenisation associated with pegmatite intrusion is also common. The pegmatite swarms and granite bodies intrude the poorly exposed Palaeoproterozoic Lander Rock Formation and mafic intrusive rocks of the Aileron Province, Northern Arunta. Rocks of the Lander Rock Formation exhibit LP-HT metamorphic grade and generally comprise biotite-muscovite-andalusite-bearing metapelitic, metapsammitic and metapsammo-pelitic schist. The pegmatite occurrences in the Barrow Creek Pegmatite Field have previously provided opportunities for the discovery of commodities such Sn-Ta-W. However, prior to investigation by government geologist Frater (2005), no historical exploration or prospecting investigations had explored the potential for pegmatite-related lithium (Li) mineralisation. Geochemical analysis by Frater (2005) on samples from historical prospects in the general area strongly indicate the potential for Lithium-Caesium-Tantalum (L-C-T) Type pegmatite associations and mineralisation in the Barrow Creek Pegmatite Field. Consequently, the potential for discovery of prospective L-C-T Type pegmatite mineralisation provides a significant opportunity consistent with the current strategic profile of lithium-focussed CXO. No on-ground work was conducted on the relinquished portion EL 31145 during its tenure This is largely due to a substantial commitment of resources and funds by CXO to pursue an aggressive resource definition drilling campaign at the Finniss Lithium Project area, proximal to Darwin. This portion was relinquished because it holds less prospectivity for lithium, owing to the area being largely covered granite. CXO are encouraged to continue work on this project and believes there is an excellent strategic fit between the lithium potential of Barrow Creek Pegmatite Field (also the nearby Anningie Tin (Pegmatite) Field), direct rail link to Darwin Port and the Finniss Lithium Project. This strategic fit in turn expands potential for Darwin to become long-term, central processing and transport hub for NT lithium and spodumene production for CXO. However, the relinquished portion holds much less potential, as it is largely covered granite.