Annual Technical Report GR361 Albarta South Project, 1 February 2018 to 31 January 2019, EL 27709, EL 28136, EL 28940 and EL 30669

Abstract

This is the fourth Group Reporting of Core Lithium Ltd's (CXO) Albarta South Project (GR 361) comprising four exploration licences (EL 27709, EL 28136, EL 28940 and EL 30669), which are held 100% by DBL Blues Pty Ltd, a wholly owned subsidiary of CXO. The project area is dominated by parts of the Aileron and Irindina Provinces as well as the Amadeus Basin. The basement in the area consists of sedimentary and igneous rocks of the Aileron Province of Palaeo-Proterozoic age (1865-1500 Ma). The rocks have been metamorphosed to upper green-schist to lower amphibolite facies during the Strangways Orogeny (1740-1690 Ma). Exploration work in previous years discovered significant silver (and base-metal) anomalism at Blueys / Inkheart on EL 28136 hosted in Bitter Springs Formation and Heavitree Quartzite of the Amadeus Basin where it has been overthrust by basement. Exploration work had included the development of cost-efficient surface sampling which lead to the discovery of a similar silver and base metal anomaly on EL 27709 called Black Gate. CXO also progressed preparation for a diamond drilling program at Inkheart in 2015, but regrettably did not get it completed in 2015 or 2016. Cultural Heritage clearance surveys were undertaken as part of this, however. No on-ground work was conducted on EL 27709, EL 28136, EL 28940 or EL 30669 during the respective reporting period 1 February 2018 to 31 January 2019. 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. CXO also awaits a recovery of the base metals market before committing any significant resources to the project, but a preliminary plan has been put in place to roll out the surface sampling methodology across the broader GR 361 tenure when the market dictates.