Insights

Here’s why the Core Lithium (ASX:CXO) share price is shooting higher today

The Core Lithium Ltd (ASX:CXO) share price is on form on Friday morning. Here’s why its shares are shooting higher today…
The post Here’s why the Core Lithium (ASX:CXO) share price is shooting higher today appeared first on The Motley Fool Australia. –

unstoppable asx share price represented by man in superman cape pointing skyward

In morning trade, the Core Lithium Ltd (ASX: CXO) share price is shooting higher.

At the time of writing, the Northern Territory-based lithium developer’s shares are up 8% to 27.5 cents.

Why is the Core Lithium share price shooting higher?

Investors have been buying Core Lithium’s shares this morning following the release of a very positive announcement.

According to the release, new geophysical surveys have successfully shown a strong correlation with lithium pegmatite distribution within its wholly owned Finniss Lithium Project.

The company notes that gravity geophysics is now considered an important tool for mapping lithium rich pegmatites within the Finnis pegmatite field.

The Finniss Gravity survey, which was co-funded by the Northern Territory Government, has identified a major NNE-trending gravity high and potential lithium-pegmatite corridor.

Management believes there is no reason to believe that these known lithium pegmatite groups are unique clusters. Rather, it believes it is far more likely that the currently defined distribution of pegmatites identified to date in this belt are due to large tracts of prospective ground which are covered by laterite or soil cover that have not been effectively explored yet.

What’s next?

Core Lithium will now commence with follow-up detailed gravity surveys during the current quarter over key target areas. The company notes that these areas have the potential to directly identify pegmatite drill targets and focus its upcoming exploration and drilling campaigns.

Core Lithium’s Managing Director, Stephen Biggins, said: “This new gravity survey, cooperatively co-funded with the NT Government, has shown to be a real gamechanger for lithium exploration in the NT. The Finniss Gravity Survey has identified new key target areas and we planning follow-up gravity surveys alongside our huge lithium exploration and resource drilling push starting in May.”

“In parallel with anticipated resource growth from the Project, Core is finalising key commercial and financial Project milestones to enable the Company to reach FID [final investment decision] next Quarter,” he concluded.

Where to invest $1,000 right now

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

See The 5 Stocks

*Returns as of February 15th 2021

More reading

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post Here’s why the Core Lithium (ASX:CXO) share price is shooting higher today appeared first on The Motley Fool Australia.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;


To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.


An active and funded account with a positive trading balance is required to continue to have access to the tools;


Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;


Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!