Assays up to 1.9% Li2O Confirm Spodumene Discovery at Bynoe

Charger Metals NL (ASX: CHR, “Charger” or the “Company”) is pleased to announce that assay results have confirmed significant lithium mineralisation in spodumene-bearing pegmatites intersected by reverse-circulation (RC) drilling at the Enterprise Prospect of the Bynoe Lithium Project, Northern Territory, Australia. ¹

• Assays have confirmed significant lithium mineralisation in spodumene-bearing pegmatites at the Enterprise Prospect at the Bynoe Lithium Project, with results including:
  • 7m @ 0.96% Li2O from 107m, including
  • 5m @1.13% Li2O from 108m (CBYRC023); and
  • 16m @ 0.65% Li2O from 185m, including
  • 1m @1.91% Li2O from 198m (CBYRC024)
• First hole of 1,500m diamond drill programme has subsequently intersected 19.25m of spodumene-bearing pegmatite at the Enterprise Prospect – assays pending 1
• 5,000m RC drill programme to commence this week with two drill rigs scheduled to complement the diamond rig

• 7m @ 0.96% Li2O from 107m, including
• 5m @1.13% Li2O from 108m (CBYRC023); and
• 16m @ 0.65% Li2O from 185m, including
• 1m @1.91% Li2O from 198m (CBYRC024). ²

“It is great to see the assay results confirm the spodumene discovery at the Enterprise Prospect, approximately 900m along strike from Core Lithium Limited’s (ASX:CXO; “Core”) Blackbeard Prospect, with significant lithium mineralisation correlating with logged intersections of spodumene- bearing pegmatites in the RC drilling.

We look forward to testing the extents of this mineralisation with both RC and diamond drilling, with the first diamond hole at Enterprise (CBYD001) intersecting another 19.25m thick zone of spodumene-bearing pegmatite. 5

In addition to the diamond drilling, two RC drill rigs will arrive on-site this week to commence a planned 5,000m drill programme to test both new and existing lithium targets at Bynoe, including the high-priority 7Up Prospect.”

Technical Discussion

First-pass reconnaissance drilling has been completed at the Enterprise Prospect, with ten RC holes drilled for 1,663m (Table 2), in addition to the fourteen drill-holes for 2,045m that were completed at the Megabucks and Old Bucks Prospects (Figure 1). 3

As part of this programme, two holes (CBYRC023 and CBYRC024) were drilled to test below a weathered pegmatite outcrop located near the centre of a lithium soil anomaly that defines the Enterprise Prospect, approximately 900m along strike from Core’s Blackbeard Prospect.4 Both drill- holes successfully intersected zones of spodumene-bearing pegmatite, with CBYRC024 intersecting 22m from 181m (down-hole), approximately 65m down-dip from hole CBYRC023’s intersections of 7m from 107m and 3m from 127m (Figures 1 & 2; Table 2).5 The pegmatites appear to strike northeast – southwest and dip steeply to the southeast; however more drilling is required to better define the orientation and potential plunge of the pegmatites.

Spodumene was identified in the RC chips by the Company’s geologists and confirmed with a qualitative analysis of the chips with a LIBS (Laser-Induced Breakdown Spectroscopy) scanning machine. Industry-standard chemical analyses were subsequently completed in the laboratory and the results are shown in Table 2.

A 1,500m diamond drill programme commenced last week to test for further lithium mineralisation down-plunge and along strike from the recently completed RC drill-holes at Enterprise. The first drill- hole, CBYD001, successfully intersected a 19.25m thick zone of spodumene-bearing pegmatite from 210.10m down-hole (Table 1; Photograph 1).5 The drill core from this hole will be logged and sampled and sent into the laboratory for chemical analysis.

Next Steps

In addition to the diamond drilling, a further ~5,000m of RC drilling will commence this week with two drill rigs operating concurrently. The RC drilling will test along strike at Enterprise, Megabucks and Old Bucks, as well as first-pass drilling into other priority targets such as the 7Up Prospect.

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