Core LithiumASX:CXO Stock Report

Core Lithium Ltd has completed a Follow-on Equity Offering in the amount of AUD 90.875464 million.

Core Lithium Ltd Reports Number of Positive Developments Associated with Its Wholly Owned Bynoe Gold Project

Core Lithium Ltd. reported a number of positive developments associated with its wholly owned Bynoe Gold Project (concurrent with its Finniss Lithium Project), in the Northern Territory. Soil and rock chip sampling completed in 2020 defined an open ended, 1,600m long zone of significant gold anomalism striking towards 010° at the Far East Gold Belt(1), comprising the Far East, Congo, Hurricane and Windswept sub areas. Soil samples returned numerous high magnitude assays with results in excess of 100ppb Au commonly recorded, and with individual results ranging up to an impressive maximum of 32g/t Au. The surface geology at the target is dominated by numerous outcrops of strike extensive quartz veins, many of which contain clots of oxide formed by the weathering of original sulphides. Rock chips of the veins returned multiple assay results in excess of 1g/t Au,peaking at over 30g/t Au. Metal detecting along the 1,600m zone located over 80 gold nuggets, ranging in size from small grains up to larger specimens weighing up to 5gms. Late in the 2020 season, a 74 hole, shallow Rotary Air Blast (RAB) drill program at Far East was completed(2) and recorded widespread anomalous gold in the sub-surface with approximately one third of the holes recording intersections in-excess of 0.5g/t Au. Better intersections included 10m @ 1.5g/t Au; 7m @ 1.0g/t Au; and 24.5m @ 0.5g/t Au. Following the impressive 2020 results at Far East, exploration in 2021 has focussed on searching for along-strike extensions to the Far East gold mineralised system. This work has delineated other significant quartz vein systems to the SSW at the Toolebuc Prospect. As at Far East, metal detecting has discovered coarse gold grains and gold nuggets confirming that the Toolebuc veins are mineralised. Core's recent mapping and prospecting has materially increased the strike length of the broader target zone from the 1,600m of strike defined in 2020 to a total established strike length of 2,500m, as the Company now believes the Far East Gold Belt extends unbroken beneath the Quaternary black soil cover that separates Far East from Toolebuc. Additional quartz veins with oxide clots after sulphide continue to be found at Toolebuc, potentially also expanding the gold-related target zone's overall width. A program of systematic soil sampling, together with rock chip sampling of the Toolebuc veins, has been recently completed, with these samples now undergoing analysis for gold and other metals. Core Lithium announced that it has been successful in its application for co- funding through Round 14 of the Northern Territory Government's Geophysics and Drilling Collaborations program, a core element of its Resourcing the Territory initiative. The Company applied for funding to assist with the cost of completing the first diamond drill tests at the Far East Gold Target and has been awarded a grant of $134,810 (inclusive of GST). The funding will cover 50% of allowable costs associated with drilling two ~350m deep diamond core holes to test the broad target zone defined in 2020 at Far East. The Far East diamond drilling program is scheduled for completion in the 2021 field season with the program timing to ultimately fit in with the Company's main lithium focussed 2021 diamond drill campaigns. To enable the Company's existing exploration team to maintain its focussed efforts on the expansion of the lithium resource inventory at Finniss, Core has established a dedicated gold exploration team to pursue the concurrent gold opportunity. The gold team has a modest but material budget with the funding considered adequate to significantly progress existing, and define additional, gold targets on the Company's wholly owned tenements. Core has also engaged geological consultant Chris Drown to lead the Bynoe Gold Project exploration program. Mr. Drown has worked in the Australian Resources Industry for over 35 years, including roles with Western Mining Corp, Aberfoyle Resources Limited, and Andromeda Metals (formerly Adelaide Resources Limited) where for 11 years he was Managing Director. He has explored for a range of commodities and has worked extensively in the Northern Territory and across Australia. In addition to progressing exploration and drill testing of the immediate opportunities presented at Far East-Toolebuc, the gold team's goal in 2021 is to establish a pipeline of additional gold targets and drill test those that show potential to represent deposits that can materially add to the market's valuation of Core. The 2020 gold program has already presented numerous gold anomalies for follow-up, while the continuation of the successful geochemical sample gold re-assay program, together with planned on-ground prospecting and additional geochemistry, is expected to delineate new areas of focus.

Core Lithium Ltd Announces Expansion and Exploration Drilling Recommences At Finniss Lithium Project

Core Lithium Ltd. announced that drilling has recommenced at the company's 100% owned Finniss Lithium Project ("Finniss") located near Darwin in the NT. Diamond core drilling started this week and will be closely followed by a RC rig and RAB rig within the company's Finniss Lithium Project later this month. A key focus of Core's resource expansion drilling will be on converting a high proportion of the newly acquired prospective ground at Finniss to Resource. A relatively simple program of regular spaced RC drilling complemented by a proportion of diamond drilling to add further resource information is planned to bring these lithium rich pegmatites into spodumene resources in coming months. Gold exploration activity at the Bynoe Gold Project has also recommenced. Early stage geological mapping and geochemical surveys are underway ahead of gold discovery drilling programs in 2021, including follow-up drilling at the exciting Far East gold discovery.

Core Lithium Ltd Announces Update on Finniss Lithium Project

Core Lithium Ltd. announced that it has defined an additional Exploration Target (ET) of 9.8 to 16.2 million tonnes at a grade of between 0.8 to 1.4% Li2O across seven different prospects within its Finniss Lithium Project near Darwin in the Northern Territory. The ET is supported by historical drilling, trenching and exploration results. The potential quantity and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource. Core is aiming to convert a high proportion of the ET at Finniss to Mineral Resources in 2021. Core has defined an Exploration Target of 9.8 to 16.2 million tonnes at a grade of between 0.8 to 1.4% Li2O across seven different prospects. Exploration Targets have been defined at the existing Core prospects of Ah Hoys and Far West Central (both on EL29698) and at several Leviathan and Annie group pegmatites, within MLN1148 and ML31654, that are part of the current option agreement for Core to acquire. The Exploration Target has been determined after a review of existing exploration results, especially on the tenure associated with the Option Agreement. Based on these results the process was to use the interpreted geology and outline the extent of pegmatite along a series of sections at each prospect. These sectional interpretations were joined along strike, when they were considered to be continuous, and extended at depth to create a 150m vertical section of fresh pegmatite. A depth considered to be within the realms of open pit mining methods. Three dimensional wireframed shapes representing a fresh volume of pegmatite was created and considered as part of the Exploration Target. The tonnage range at each prospect was determined by applying a specific gravity of 2.72 g/cm3 to the volume and then assuming a 25% variability above and below this result. The specific gravity used is typical of mineralisation at existing mineral resources within the region such as Grants and BP33. The Centurion prospect has been the subject of extensive previous exploration, including trenching and shallow RC drilling by Julia Corp. in 2001. This drilling was undertaken on 50m spaced sections. A total of 10 RC holes, with a maximum vertical depth of 60m, together with mapping from trenches, define a very continuous zone of weathered pegmatite over a strike length of 220m, dipping steeply to the east. At the time the holes were assayed for tin and tantalum but not for lithium. Subsequent sampling of a limited number of pulps from this drilling (stored at the Northern Territory Geological Survey Core Library), returned assays up to 1.79% Li2O, despite the slightly weathered nature of the material sampled. Therefore, It Is likely that the Centurion pegmatite is prospective for economic grades of spodumene and the grade range for this target reflects that.