The first four drill holes from the BP33 prospect returned 34m at 1.6% lithium oxide from 71m, including 7m at 2.02%, 4m at 2% and 3m at 2%; 14m at 1.42% lithium oxide from 61m; and 22m at 1.01% lithium oxide from 68m, including 12m at 1.56%.

Further assays are due in the coming weeks.

BP33, which was historically mined for tin and tantalum, is 150m north of the BP32 prospect and 200m north-east of the BP32W prospect, and the company believes the pegmatite bodies are part of a larger interconnected pegmatite swarm.

Core said the scale of the identified pegmatites were comparable to the scale of pegmatites hosting large lithium resources in the Pilbara.

Core managing director Stephen Biggins said the company was encouraged by the initial results, as well as the potential of the project.

“Core’s drilling confirms the Finniss lithium project as a major new lithium pegmatite field in Australia,” he said.

“Very strong lithium grades over wide zones, and a large tenement holding and excellent infrastructure, including the multi-user Port Darwin less than 30km from where we are drilling, provide Core significant scale and cost advantages compared with other highly valued Australian lithium projects.”

Finniss, south of Darwin in the Bynoe pegmatite field, was acquired by Core earlier this year.

The company had $A2.4 million cash at the end of June.

Core shares were up by 57% to 5.5c, but reached as high as 5.7c on high turnover.