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Chariot Corporation Limited (“Chariot”, “CC9” or the “Company”) advises that drilling activities at the Black Mountain Project (“Black Mountain”) have been halted for the year-end holiday period. Chariot has completed six (6) diamond drill holes totalling 652 meters of HQ diamonddrill core. Drilling rates have been slower than planned due to harsh early winter conditions.
HIGHLIGHTS
- Phase 1 Drilling Program halted for year-end holiday period
- Six (6) diamond drill holes completed totalling 652m
- Phase 1 Drilling Program will restart in early January 2024
- Initial assay results expected in January 2024
However, weather conditions have moderated significantly since early December and the forecast is for an unseasonably mild winter by Wyoming, U.S.A. standards. The Company will restart drilling in early January 2024, weather permitting, which will continue until 1 March 2024 unless the Company is forced to cease drilling prior to that date due to adverse weather.
Early Winter Conditions in Wyoming
The early winter conditions in Wyoming were harsher than expected in late November to early December 2023, including high wind-speeds at the top of Black Mountain of up to 60 km per hour, temperatures as low as -15°C (with wind-chill factor) (the “Early Winter Conditions”). However, weather conditions moderated significantly over the remainder of December.
The Early Winter Conditions led to a series of challenges, including freezing of the water source for drilling operations, freezing of water and diesel lines, water truck breakdowns and blocked access roads from fresh snowfall and snow drifts.
Figure 1: Drill Rig in operation at Black Mountain
Exploration Activities Discussion
The Black Mountain phase 1 drilling program commenced on 10 November 2023 with a plan to drill 2,000 – 3,000m of oriented triple tube HQ sized core1 (“Phase 1 Drilling Program"). Major Drilling Group International Inc. (“Major Drilling”) has been contracted to drill using a Boart Longyear LF90 Surface Diamond Core Drill Rig (the “Drill Rig”).
To date, six (6) out of a planned 23 diamond drill holes have been completed resulting in the retrieval of 652m of drill core. The rate of progress of the Phase 1 Drilling Program has been impeded by the Early Winter Conditions.
The drilling and sampling programs have been conducted without incident.
Core Retrieval, Handling and Assaying Procedures
Chariot has established a core handling and storage facility in Jeffrey City, Wyoming where drill core is photographed, logged, and measured for density and recovery. The drill core is sawed in half and sampled on pre-determined intervals, typically between 0.5 and 1.5m based on geological criteria.
The first six feet (1.8m) of metamorphics adjacent to the margins of pegmatite dikes is also assayed to understand the geochemistry of the host rocks. A standard, then a blank then a duplicate assay is inserted on every tenth consecutive sample. Four separate standards are used varying between 0.2% and 1.25% lithium (Li).
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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.
CC9:AU
American Salars Lithium
Investor Insight
American Salars Lithium’s strategic focus on scalable, brine-based lithium projects in Tier 1 jurisdictions makes it a compelling investment opportunity, poised to become a leading consolidator of lithium salars globally.
Overview
American Salars Lithium (CSE:USLI,OTC:USLIF,FWB:Z3P) is an exploration-stage company focused on acquiring, developing and monetizing lithium brine projects across the Americas. With a strong emphasis on low-cost entry and resource expansion, the company is executing a disciplined strategy to build a portfolio of scalable assets in highly strategic jurisdictions.
Salar de Pocitos
At the core of American Salars’ strategy is the belief that lithium demand—driven by both electric vehicles and emerging stationary storage applications—will surge in the coming years. The company is positioning itself now to benefit from a long-term price recovery, focusing on assets that are attractive to major producers and investors.
Unlike many junior miners that pivot with market fads, American Salars has remained laser-focused on lithium since inception. The company is not built for short-term trading but for long-term investors seeking exposure to a growing portfolio of lithium salars with eventual exit potential.
American Salars is executing a focused, value-driven strategy designed to maximize returns for shareholders through disciplined asset acquisition, resource growth and positioning for future monetization. The company’s approach to lithium investing involves acquiring undervalued assets during market downturns with the objective of capitalizing on future price recoveries. This opportunistic acquisition model allows the company to secure high-potential projects at low entry costs while minimizing dilution and preserving capital.
The company prioritizes lithium brine projects due to their lower development costs, faster resource delineation, and smaller environmental footprint. Its assets provide a foundation for scalable resource development through targeted drilling, advanced aquifer modeling, and ongoing environmental permitting. By focusing on brines, American Salars can efficiently build a strong, technically de-risked project pipeline with lower exploration overhead. Ultimately, American Salars is building its portfolio with a clear path to strategic exits.
Company Highlights
- American Salars Lithium is taking advantage of depressed lithium prices to acquire undervalued assets with long-term scalability and world-class exit potential. The company targets assets with clear upside potential, particularly in brine-rich jurisdictions like Argentina and Nevada.
- The company’s holdings include four lithium projects: Salar de Pocitos (Argentina), Black Rock South (Nevada, USA), Jaguaribe Pegmatite (Brazil), and the Quebec Lithium Portfolio (Canada).
- Located in the Lithium Triangle of Salta, Argentina, the flagship Pocitos 1 is an 800-hectare brine project shares a 760,000-tonne inferred lithium carbonate equivalent (LCE) resource and excellent expansion potential.
- Brine-based lithium resources offer lower environmental impact, faster resource delineation, and reduced development costs compared to hard rock alternatives.
- Several of the company’s team members have been involved in multi-million-dollar lithium asset sales. Recent deals in the region (e.g., Alpha Lithium, Neo Lithium, Arcadium) provide a roadmap for monetization.
Key Projects
Salar de Pocitos
Salar de Pocitos is American Salars Lithium’s flagship asset, located in Argentina’s lithium-rich Puna region in Salta Province. The Pocitos 1 block covers 800 hectares and has demonstrated significant brine potential through past drilling and testing campaigns. The property shares a 760,000-ton inferred lithium carbonate equivalent (LCE) resource, though it's important to note that this resource estimate was derived from earlier drilling and included Pocitos 2, which American Salars does not own. However, all drill holes contributing to that estimate were located within Pocitos 1, where the company holds 100 percent ownership. Drilling has intersected aquifers at depths ranging between 365 to 407 meters, with lithium concentrations up to 169 parts per million (ppm). Notably, strong brine flow rates were sustained for over five hours, and core sample porosity tests returned excellent values between 6 percent and 14 percent.
Ekosolve pilot plant testing on brines from Pocitos 1 produced lithium carbonate at 99.89 percent purity with recovery rates of 94.9 percent, confirming the extractive potential of the salar. The project’s high lithium concentrations within a compact footprint present compelling scalability potential, and American Salars is actively pursuing an expanded land position to increase its overall brine resource base. Environmental baseline studies are underway in preparation for a future production scenario. An updated NI 43-101 compliant resource estimate is also anticipated as part of the company’s near-term development strategy.
With strong local partnerships and a seasoned team of lithium veterans on the ground, Pocitos stands out as one of the most promising early-stage brine assets in Argentina. The Company signed a letter of intent on March 3rd 2025 to acquire an additional 13,080 hectares on the salar.
Black Rock South
The Black Rock South project is located in the Black Rock Desert basin in Nevada, USA. The Black Rock Desert region is known for geothermal activity and proximity to established lithium operations, such as Albemarle’s Silver Peak Mine—the only currently producing lithium brine operation in North America. American Salars’ property is strategically situated just 72 miles north of Tesla’s Gigafactory and 93 miles southwest of Thacker Pass, placing it in a geopolitically important supply zone for US battery manufacturing.
The project consists of a large sedimentary basin with known geothermal activity, indicating the potential for a brine-hosted lithium aquifer at depth. A 2024 soil sampling program returned 33 of 38 samples with lithium values above 100 ppm, including a peak of 180.5 ppm and an average of 131 ppm. These values trended in a northeast direction, suggesting structural controls that could host lithium-enriched aquifers.
An NI 43-101 report has been completed, and the company is now evaluating geophysical programs and structural modeling to define high-certainty drill targets. Depths to target aquifers are anticipated to be 800 to 1,000 meters, requiring significant capital investment. To address water usage concerns, the company is exploring the use of direct lithium extraction (DLE) technologies, which offer lower environmental impact by returning processed water to the aquifer.
Jaguaribe
Located in the northern coastal state of Ceará, Brazil, the Jaguaribe project spans 18,083 hectares and targets lithium-bearing LCT (lithium-cesium-tantalum) pegmatites. This historically artisanal mining district has previously produced lithium, coltan (niobium-tantalum) and tin. Recent Phase 1 surface exploration by American Salars identified multiple wide pegmatite dykes of up to 30 meters in width and 300 meters in length, indicating a robust and laterally continuous system.
Initial geochemical assays returned lithium oxide grades of up to 3.72 percent, 2.15 percent and 1.58 percent, alongside notable concentrations of cesium (554.5 ppm), tantalum (135 ppm) and niobium (177 ppm). These high-grade surface samples confirm Jaguaribe’s potential as a high-impact, hard-rock lithium project in a jurisdiction with favorable mining laws and growing lithium sector interest. The company plans to conduct detailed mapping, channel sampling and geophysical surveys to define drill-ready targets. The scale, grade and historic mining context make Jaguaribe American Salars’ top-ranked hard rock project.
Quebec Lithium Portfolio
American Salars controls three hard rock lithium exploration properties in Quebec, Canada: Xenia West & East, Lac Simard South, and Leduc East, together totaling over 11,500 hectares. These properties are located in proximity to well-known lithium districts, including Sayona Mining's and Brunswick Exploration’s land holdings. The Xenia projects, comprising 92 claims (5,382 ha), are located 30 km southeast of Val-d’Or and lie within the Pontiac Geological Subprovince, known for its lithium-rich pegmatites.
Lac Simard South, spanning 80 km southwest of Sayona’s Authier project, is accessible via gravel roads and logging routes, and offers excellent infrastructure for exploration and future development. Leduc East, a 6,100-hectare block north of Gatineau, is the most recently acquired and sits in a highly prospective greenstone belt. While these assets are still in early-stage development, they offer extensive historic pegmatite mapping, cost-effective acquisition history, and multiple targets identified from legacy data.
The company plans to execute low-cost sampling and reconnaissance work in the near term to add value and keep the claims in good standing. Given the surge in M&A activity across Quebec’s lithium belt, this portfolio offers substantial optionality.
Management Team
Nick Horsley – President, CEO and Director
Nicke Horsley has more than 19 years of experience in public markets, M&A and resource development. He is the founder of American Salars and is deeply aligned with shareholders.
Christopher Cooper – Director
Christopher Cooper is a former director at Alpha Lithium, which was acquired for over $300 million. He has extensive experience in lithium exits and corporate development.
Rodney Campbell – Director
Rodney Campbell has extensive experience in oil and gas and capital markets, with strong institutional connections.
Daryn Gordon – CFO
Daryn Gordon is an experienced chief financial officer with more than 20 years in audit and financial services, specializing in Canadian junior mining companies.
David Guerrero – Argentina Advisor
David Guerrero is the former country manager for Alpha Lithium. He has deep in-country expertise in Argentina and extensive lithium development experience.
Phillip Thomas – Qualified Person (Argentina)
Phillip Thomas has over 20 years’ experience in lithium brine geology. He was previously involved with Rincon, Pozuelos and other major Argentine salars.
William Feyerabend – Qualified Person (Nevada)
William Feyerabend is an expert in lithium exploration and technical reports across Nevada and Latin America.
Mitchell Lavery – Qualified Person (Quebec)
Mitchell Lavery is a veteran geologist with over 40 years of experience across gold, base metals and lithium in Canada.
