The Conversation (0)
Galan Lithium Investor Kit
- Corporate info
- Insights
- Growth strategies
- Upcoming projects
GET YOUR FREE INVESTOR KIT
Chariot and Mustang Lithium LLC Repossess Horizon and Halo Lithium Projects
HIGHLIGHTS:
- Chariot holds a 24.1% ownership interest in Mustang which is in the process of terminating property option agreements entered into by two of its wholly-owned subsidiaries with Pan American Energy Corp. (CSE Ticker: PNRG) and POWR Lithium Corp. (CSE Ticker: POWR), which will result in the subsidiaries’ repossession of full and unencumbered ownership of the Horizon and Halo lithium projects, respectively
- Each of Pan American Energy Corp. and POWR Lithium Corp. decided not to make the required payment of claims maintenance fees to the BLM and to surrender their respective interests in the mineral claims
- Pan American Energy Corp. and POWR Lithium Corp. have each cited the current market conditions as the principal reason for terminating their respective property option agreements (see Pan American Energy Corp.’s announcement: Pan American Energy's Announcement dated 29 August 2024)
- Mustang completed a capital raise of US$250,000 through the issue of convertible notes and has used the proceeds of the issuance to pay the maintenance fees to maintain its interest in the Horizon and Halo lithium projects
- Pan American Energy Corp. has conducted exploration activities at the Horizon Lithium Project in Nevada, U.S.A. and has announced a maiden Mineral Resource estimate on 20 November 2023 and announced a NI 43-101 compliant technical report on 4 January 2024. An electronic copy of the technical report can be found on SEDAR at: SEDAR FILING
- The Horizon Lithium Project maiden Mineral Resource estimate comprises an Indicated category of 1.3 Mt lithium carbonate equivalent (“LCE”) (373 Mt @ 669 ppm Li) and an Inferred category of 8.8 Mt LCE (2,454 Mt @ 680 ppm Li), with an effective date of 15 November 2023
The Horizon Lithium Project maiden Mineral Resource estimate comprises an Indicated category of 1.3 Mt LCE (373 Mt @ 669 ppm Li) and an Inferred category of 8.8 Mt LCE (2,454 Mt @ 680 ppm Li), with an effective date of 15 November 2023.
Table 1: Horizon Lithium Project –Mineral Resource Estimate with an effective date 15 November 2023The Horizon and Halo projects neighbor American Lithium Corp.’s (TSX-V Ticker: LI) TLC project (Mineral Resource Estimate of 10.69 million tonnes LCE1) and American Battery Technology Company’s (NASDAQ: ABAT) Tonopah Flats project (Mineral Resource Estimate of 18.63 million tonnes LCE2).
Chariot holds a 24.1% equity interest in Mustang and will have an equivalent indirect exposure to the Horizon and Halo lithium projects, upon repossession of the projects by Mustang’s subsidiaries.
Figure 1: Corporate Structure Overview
Click here for the full ASX Release
This article includes content from Chariot Corporation, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Significant High-Grade Lithium Achieved at Drill Hole 2 at Rio Grande Sur
- Drillhole 2 (DDH-2) at the Sal Rio 2 tenement of the Rio Grande Sur Project, has hit significant high grade intercepts of lithium brine at shallow depths of ~161m.
- DDH-2 recently completed with additional lithium bearing brines continuing to be intercepted below 130m to the final depth of 500m, with assays pending and results expected over the coming weeks.
- Initial high-grade assays include the following intervals:
- 498mg/L (“milligrams per liter of Lithium”) from an interval of 63m to 65m
- 504mg/L from an interval of 72m to 74m
- 506mg/L from an interval of 121m to 123m
- 511mg/L from an interval of 159m to 161m
- The hole recently completed reaching a final depth of 500m with assays and packer samples currently being analysed.
- The Stage 1 Drill Program is targeting resource growth to the existing inferred JORC resource of 251.3kt LCE @ 351mg/L1.
In relation to the progress of DDH-2 at the RGS Project, Pursuit Managing Director & CEO, Aaron Revelle, said:
“The initial results from DDH-2 are especially exciting as we progress our initial exploration phase of the Rio Grande Sur Project. With these initial intercepts at DDH-2, we are continuing the significant advancements we have made in our understanding of the RGS Project mineralisation following on from the high-grade results from DDH-1. We now have multiple drill hole intercepts above 500mg/L Li which continue to demonstrate the potential significant scale of the project.
“We continue to progress with permitting for the Mito tenement in the north of the Rio Grande Sur Project, which we intend to include in our Stage 1 program and as the preferred location for DDH-3 as we target a significant mineral resource upgrade. This is in addition to the ongoing production works at our Lithium Carbonate Pilot Plant which remains on track to produce our first Lithium Carbonate before the end of the year, with Pursuit having already received multiple requests for product samples from potential off-take partners.”
High-Grade, Shallow Depth Lithium Brine Assay Results
DDH-2 on the Sal Rio 02 tenement, part of the Stage 1 drilling program, commenced on site at the Rio Grande Sur Project in July 2024; and completed in mid-August with the hole reaching a depth of 500m.
Throughout the first several hundred metres, the on-site geologists and drilling team have been extremely encouraged by the geological units encountered with many comparables to the favourable geological units of DDH-1 at the Maria Magdelena tenement.
Figure 1 – Drilling crew onsite drilling DDH-2
Intercepts from DDH-2 have shown highly favourable geology consistent with the results from DDH-1 with elevated brine grades ~500mg/l Li. Lithium brine samples captured for assays are currently being analysed with the first preliminary results to a depth of 160m completed.
Notable intercepts from the first 160m of DDH-2 include:
- 498mg/L (“milligrams per liter of Lithium”) from an interval of 63m to 65m
- 504mg/L from an interval of 72m to 74m
- 506mg/L from an interval of 121m to 123m
- 511mg/L from an interval of 159m to 161m
Table 1 –DDH-2 Drill hole collar
Figure 2 – Pursuit’s on-site drilling team following completion of DDH-2 to a depth of 500m
Following completion of DDH-2, Pursuit is currently awaiting environmental approvals to commence drilling at DDH-3 which is to be relocated to the Mito tenement in the north section of Rio Grande. Pursuit is targeting a material resource upgrade in 2024, which will build on the recent maiden resource defined at the Rio Grande Sur Project.1 The adjustment of DDH-3 from the southern section to the northern section is focused on maximising this resource upgrade target, with intercepts of ~900mg/l Li obtained from an adjacent project some ~2km to the east of the proposed location of DDH-3.
Click here for the full ASX Release
This article includes content from Pursuit Minerals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Bonanza Grade Silver Identified ±550mtrs from Historic Silver Mines that Produced 34,200,000oz of Refined Silver
- Truly outstanding silver results from Slider mark another high-grade discovery. Approximately 550m along strike to the NW from the two historical producing underground silver mines that produced 34,200,000oz of refined silver
- Slider, a significantly expanded silver region a newly defined area of interest of at least 1.5km x 1.5km:
- includes a newly identified westerly extension of the two historical silver mines which includes a zone of native silver bearing breccias
- Results from Slider include bonanza silver concentrations shown below as percentage of silver, grammes of silver and ounces of silver:
- Additional newly identified E-W structural trend within the Slider region identified over ±450m of strike length returned assays up to 904g/t Ag, 6.5% Cu and 8.1% Zn (F005606)
- a similar mineralised structure, sampled over 450 m N-S also returned 383g/t Ag and 13.6% Cu (F005649)
- Charlie, a skarn horizon covering a strike of approximately 900m, previously identified by state geologists has returned consistently high-grade polymetallic results adding further depth to the metal basket at Great Bear:
“Well, this not something you see every day, let alone to find on surface during a maiden field program - possibly the highest- grade silver results published in recent history. It’s remarkable that the team has now delineated a total of six high grade Copper, Gold and Silver mineralised districts at Great Bear. Results to date have included massive, mineralised contents of 42.6% Cu, 42.2% Cu, 39.5% Cu, 38.2g/t Au, 29.7g/t Au and 716g/t Ag and, now, those results have now potentially been outshone by this silver discovery. To reel off, with consistency these results in a maiden campaign from around 15-20% of the overall Great Bear Project Area is great. If we are able to marry these results and structures up with the recently completed geophysics and prove depth potential we will be well placed for significant discovery.
Coming into this campaign, there was a high expectation given what historically had been identified at Great Bear. Pleasingly, we have not only exceeded those historical high grade assay results, but we have also extended mineralisation in all directions and in some cases into the kilometres as districts are identified.
Amazingly, the 1.5 x 1.5 km Slider District remains underexplored. Given these results - there is a lot of upside for additional high grade silver structures to exist.”
Troy Whittaker - Managing Director
Click here for the full ASX Release
This article includes content from White Cliff Minerals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Galan Lithium Investor Kit
- Corporate info
- Insights
- Growth strategies
- Upcoming projects