Black Mountain Drilling Results: First Significant Lithium Intersections in Wyoming; and Base Metals (Cu, Zn and Pb) Potential Identified

Chariot Corporation Limited (“Chariot”, “CC9” or the “Company”) is pleased to advise that it has intersected significant zones of strong lithium-tantalum mineralisation in the first three (3) holes (“First Three Holes”) of the maiden drill program at the Black Mountain Project (“Black Mountain”), in Wyoming, U.S.A.

HIGHLIGHTS:

• Black Mountain maiden drill program delivers strong initial hard rock lithium results with multiple mineralised lithium intersections from first three (3) holes
• First three (3) holes all intersected high-grade spodumene mineralisation confirming the potential of the Black Mountain LCT pegmatite swarms
• Notable results from first three (3) holes include:
  • BMDDH23_01 15.48m @ 1.12% Li₂O and 79ppm Ta₂O₅ from 2.74m, including 4.27m @ 2.46% Li₂O and 128 ppm Ta₂O₅ from 9.94m
  • BMDDH23_02 14.33m @ 0.84% Li₂O and 61ppm Ta₂O₅ from 1.83m, including 2.29m @ 3.09% Li₂O and 138ppm Ta₂O₅ from 10.67m
  • BMDDH23_03 18.81m @ 0.85% Li₂O and 98ppm Ta₂O₅ from 45.26m, including 5.79m @ 1.08% Li₂O and 105ppm Ta₂O₅ from 47.55m
• High-grade potential with individual grades downhole of up to 3.79% Li₂O and 230ppm Ta₂O₅
• Drilling continues with eight (8) holes having been completed to date, assay results for the subsequent five (5) holes are pending and expected to be announced by April 2024
• BDDDH23_01 intersected a zone of stockwork vein and disseminated pyrite-pyrrhotite mineralisation over an interval of approximately 100m within the biotite schist
• The Company is optimistic it may have intersected the peripheral portion of a potentially larger base metal mineral system, with selected intervals grading up to 0.6% (6,012ppm) Cu, 1.0% (9,931ppm) Zn and 15.4% (154,412ppm) Pb
• The Company plans to extend the soil sampling program and run preliminary IP lines over the base metals anomaly in Q3 2024

This is the first hard rock lithium discovery, through drilling, in Wyoming, U.S.A. Wyoming Lithium Pty Ltd (“WLPL”) and Panther Lithium Corporation (“PLC”) co-founder¹, Dr Edward Max Baker² commented:

“We’ve got stunning initial results in the midst of the North American winter. The targeted hard rock lithium system has been intersected in multiple holes, but we need to come back in the North American summer for a 5,000 – 10,000m drill program to get a better handle of the resource potential. The base-metals sulfide mineralisation is also very promising and indicates the potential for base metals and/or gold mineralisation, separate from the lithium mineralisation.”

First Three Holes: Drill Results

The First Three Holes (being drill holes BMDDH23_01 to BMDDH23_03) have been completed and assayed with the results summarised in Table 1 (see also Figure 1). A total of eight (8) holes have been drilled to date. The assay results for the subsequent five (5) drill holes are pending and expected to be announced by the end of April 2024.

The drill intercepts reported from the First Three Holes confirm the lithium potential of the Black Mountain LCT pegmatites (see Table 1), as indicated by the surface rock chip sampling results which were disclosed in the Company’s initial public offering prospectus and the Company’s announcement dated 9 November 2023.

Table 1: Assay results from the first three drill holes at Black Mountain. Intervals reported are downhole/apparent widths which are greater than true widths. * Denotes estimated true width.

The visual inspection of the drill cores indicates that the high-grade lithium values are from intervals containing spodumene mineralisation, with no other lithium bearing mineral phases being visually identified to date.

Figure 1: Plan View of the Black Mountain Project, showing the pegmatite outcrops (dark red) and interpreted folded geometry (in light red) along with the Northwest and Southeast Cross-Section Lines and Drill Collars. The rock chip and soil geochemistry results are also shown. Refer to the Prospectus for the complete set of rock chip assay results1.

BMDDH23_01 and BMDDH23_02 were drilled from Pad 1 in the central Northwest swarm area (“Northwest Area”). BMDDH-23-01 hole was drilled to a depth of 177m at an azimuth of 260 degrees and a dip of -50 degrees (see Figure 2, Figure 3 and Figure 4 for selected photos of Drill Core). BMDDH23_02 hole was drilled to a total depth of 42m with the same azimuth BMDDH-23-01, but with a dip of -65 degrees (see Figure 1).

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