Core Lithium Ltd. provided an update on recent exceptional drilling results and exploration activities at the BP33 Deposit, part of the Finniss Lithium Project (Finniss Project) near Darwin in the Northern Territory. Diamond drilling at BP33 commenced in May, with assays now starting to be received by the Company. A total of three deep diamond drill holes have intersected the main BP33 mineralisation at depths of up to 470m below surface.

A further five diamond holes have intersected variable thicknesses of mineralised pegmatite associated with the southern BP33 body at depths below any previous drilling and up to 420m below surface. Geological logging of theses holes has confirmed that spodumene bearing pegmatite extends at depth to the south with indications that thickness, and grade may improve with depth. Although the main and southern bodies are currently modelled as separate entities, the location of this drilling also provides support that they are likely continuous.

The true thicknesses of the intersections are approximately two thirds of those shown (i.e. downhole intersection of 67m equals true thickness of approximately 45m). The continuity in grade and thickness displayed, together with the position of the intersections outside or on the boundary of the current Mineral Resource envelope, is expected to result in an increase in the Mineral Resource estimate for BP33. In May, Core commissioned Fleet Space Technologies to undertake a trial Ambient Noise Tomography ("ANT") survey at BP33 to test the effectiveness of the technique at detecting pegmatites at depth.

Finding a successful geophysical technique for identifying the Finniss pegmatites has been elusive, and the ability to target blind pegmatites is seen as a major breakthrough in exploration for the project. The results were an outstanding success, with the BP33 body imaged as a low S- wave velocity anomaly, showing excellent correlation with the pegmatite body interpreted from drilling (Figure 4). Although the trial was only conducted over BP33, a number of previously unknown targets have emerged, and it is now CXO's intention to use the technique in untested areas and prioritise targets for drill testing.

The now proven ability to detect subsurface pegmatites at considerable depths (at least 500m) will be a major boost for future exploration. ANT technology is a cost-effective method of informing drilling targets.