Core Exploration (ASX: CXO)
While most of the Aussie lithium exploration focus has been centred on Western Australia, one junior explorer is set to make its own mark in the underexplored Northern Territory.
Greenbushes, in the south of WA, is home to the highest grade and largest producing hard rock lithium mine in the world.
And whilst it is early days, Core Exploration (ASX: CXO), looks like it may have a similar prospect on its hands at its Finniss Lithium Project in the Northern Territory.
With a market capitalisation of just $32 million, there is significant upside for this well placed explorer, on the back of its significant lithium discovery last year.
With large scale pegmatites present, and high grade lithium discoveries, there are a number of parallels to CXO’s emerging story and the Greenbushes lithium mine.
And with $8 million in cash in the bank, CXO is well funded to fast track early stage development to see how it really stacks up against some of the much bigger WA lithium discoveries.
Having completed a successful Phase 1 and 2 RC and Diamond Drilling campaign, confirming several significant lithium discoveries, CXO will continue its aggressive drill programs in Q2 2017.
This campaign will be complemented by recent assays that have confirmed high grade spodumene pegmatite continuous over 300 metres in length and up to 30 metres wide.
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CXO is looking to tap into the exploding lithium market and put itself right in China’s lithium supply chain, having just signed a non-binding agreement with Darwin Ports to export its lithium.
Should CXO prove up a favourable lithium resource, its positioning as the closest Aussie port to Asian lithium markets could well put it on the global lithium map in future.