Sandras Deep Drilling Final Report - Round 15 GDC Program

Abstract

The Sandras Deposit is located on the Cox Peninsula and forms part of the company's Finniss Lithium Project. The Finniss Lithium Project is centred on the Bynoe Pegmatite Field. Sandras is one of the main pegmatites identified towards the southern end of the field, approximately 45km south of Darwin and 22km south of the Grants Lithium Deposit (currently under development). Access is via the sealed Cox Peninsula and Litchfield Roads and then via bush tracks. Following a successful Round 15 GDC Program funding application by Core Lithium Ltd ('CXO'), one diamond cored hole targeting pegmatite-bearing lithium mineralisation was drilled at Core's 'Sandras' on EL 30012. All of Core's major discoveries at the Finniss Project to date of subvertical dyke-like bodies, such as Grants and BP33, have demonstrated a distinctive plunge component that is likely to be structurally controlled. The conceptual model to be tested was that the mineralised pegmatite at Sandras also has a significant plunge component to the South. The Mineral Resource at Sandras currently extends to a vertical depth of 250m below surface. It is defined by 30 relatively shallow RC drill holes drilled by Liontown and Core Lithium between 2016-2018. The best intersection of 25m @ 1.56% Li2O in SRC006 is also one of the deeper intersections. The data collectively indicates that the mineralisation is improving with depth and plunges steeply to the south. The objective of this drill hole was to test for a continuation at depth of the existing surface lithium mineralisation at a significant distance down plunge to 450m below the current 'Sandras' mineral resource. Geochemical and structural data collected was collected to augment the existing geological understanding of the area and the relationship between the Sandras pegmatite in the south with other more heavily drilled and studied pegmatites within the project area further to the north. Drilling was carried out in late 2022 and completed to a depth of 457.05m intersecting 30m of pegmatite (apparent thickness) from 381.7-411m. Intersection of the pegmatite is consistent with the interpreted intersection, showing swelling of the body at depth. No significant lithium was intersected, however upon review of the drilling contained in this report, it appears that the mineralised zone is plunging to the North. Samples collected were assayed for Li, Al, B, Ba, Be, Ca, Cs, Fe, K, Mg, Mn, Nb, P, Rb, S, Sn, Sr, Ta and W. Petrology, PXRF, SG determinations and downhole survey with structural measurements were also carried out. Results and interpretations presented here are preliminary and a detailed analysis has yet to take place.