Charger Confirms Large Lithium System at Lake Johnston Project

Charger Metals NL (ASX: CHR, “Charger” or the “Company”) is pleased to provide an update for its Lake Johnston Lithium Project, which includes proposed drilling at the Medcalf Prospect. This program will follow the completion of drilling campaigns at the Company’s Coates and Bynoe Projects where drilling approvals are expected in the near term. The Lake Johnston Lithium Project’s ownership is predominately 70% Charger and 30% Lithium Australia NL (ASX: LIT) (see Schedule 1).

• Project-wide soil geochemistry programs complete at Lake Johnston Lithium Project
• Three lithium-caesium-tantalum (LCT) pegmatite target zones along a 50km long corridor
• The most advanced, the Medcalf Spodumene Prospect, is being prepared for drilling in the March quarter of 2023.
• Spodumene pegmatite cluster at least 500m long within a 300m-wide corridor
• Rock-chip assays from Medcalf pegmatites range between 1.51% and 5.13% Li2O
• Final soil analyses awaited however field work to resume at Mt Day and Pagrus Prospects

Charger’s Managing Director, David Crook commented:

“Charger has commenced the statutory approvals process required before the commencement of drilling of the spodumene-pegmatite target at the Medcalf Spodumene Prospect, which has mineralised outcrops extending over at least 500m of strike and where rock chip samples returned between 1.51% and 5.13% Li2O.

“Charger has successfully delivered new, priority drill targets at each of the Company’s three projects, and despite delays out of our control, we continue to work proactively with Western Australian and Northern Territory regulatory bodies and other stakeholders to commence drilling on each project as soon as permitting is finalised.”

The region hosting the Lake Johnston Project has attracted considerable interest in LCT pegmatite mineralisation due to its proximity to the large Mount Holland Lithium Project under development by Covalent Lithium Pty Ltd (a joint venture between subsidiaries of Sociedad Química y Minera de Chile S.A. and Wesfarmers Limited) located approximately 70km west of the Lake Johnston Project. Mt Holland is understood to be one of the largest undeveloped hard-rock lithium projects in Australia with Ore Reserves for the Earl Grey Deposit estimated at 94.2 Mt at 1.5% Li2O1.

Drilling schedule

The DMIRS2 has flagged delays processing “Program of Work” approvals for ground disturbing activities in Western Australia, which has impacted the start date for drilling at the Company’s Coates Ni Cu Co PGE Project. Similarly, the Company is working through the Northern Territory “Mine Management Plan” process prior to drilling commencing at its Bynoe Lithium Project. The Company is prepared for an immediate start at either of these projects on receipt of the respective statutory approvals.

Drilling planned for the Medcalf Spodumene Prospect

A program of approximately 40 RC holes is proposed to test the Medcalf Spodumene Prospect pegmatites.

The Medcalf Spodumene Prospect was discovered by reconnaissance fieldwork in 2018 and 20193, which included soil geochemistry, mapping and rock chip analysis centred on an area northeast of Lake Medcalf4, WA. Previously, the GSWA5 1:250,000 Lake Johnston map indicated a pegmatite outcrop at this location.

The fieldwork identified a spodumene-pegmatite swarm, comprising about 20 anastomosing pegmatite dykes that outcrop in an area between 500m and 800m long within a corridor 300m wide. The strike direction of the pegmatite dykes is approximately northwest and dip is to the southwest.

Charger’s 2022 soil geochemistry program extended the halo of the lithium-in-soil geochemical anomaly at Medcalf further north into an area where pegmatite-derived sands and minor outcrops suggest a possibly sub-parallel zone just northeast of the main Medcalf pegmatite swarm.

Figure 1: Medcalf Lithium Prospect showing mapped pegmatites, soil sample and rock chip locations. Assays shown are of spodumene-bearing rock chips. The central black rectangle aligns with the geochemical image in Figure 2 below. The large width of the outcropping pegmatite cluster will be drill tes

Figure 2: Shows image processed Li assay values from soil geochemistry (background), overlain by graduated point Li2O assay values. The area of the Medcalf pegmatite cluster is indicated by the central black rectangle with a soil geochemistry anomaly over covering approximately 800m by 600m

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