Charger Metals (ASX:CHR)

Charger Metals September 2023 Quarterly Activities Report

Lithium explorer Charger Metals NL (ASX: CHR, ‘Charger’ or ‘the Company’) is pleased to provide the following Activities Report for the period of July to September 2023, inclusive (the ‘Quarter’).


HIGHLIGHTS

Bynoe Lithium Project, Northern Territory

  • Assay results confirmed lithium (Li) and tantalum (Ta) mineralisation in pegmatites at three of the seven prospects drilled in the maiden drill programme at the Bynoe Lithium Project in NT
  • Ambient Noise Tomography (ANT) and ground gravity surveys were completed over a large area in the northeast of the Bynoe Project
    • Data from geophysical surveys are being processed and modelled with the aim of detecting any potentially large “blind” pegmatite systems that do not outcrop
  • Additional infill surface geochemical sampling and mapping programmes were also completed in the northeast, and assays are pending

Lake Johnston Lithium Project, Western Australia

  • Priority targets identified at Medcalf to test for extensions to the high-grade lithium mineralisation returned from drilling spodumene-bearing pegmatites in the maiden RC drill programme completed in Q2 2023
  • Preparation and permitting commenced for upcoming exploration programmes including RC and diamond drilling at the Medcalf Spodumene Prospect and Mt Day Lithium Prospect

Corporate

  • During the quarter the Company commenced a process to consider partnering with a strategic investor(s) to fund either its Bynoe or Lake Johnston Projects
  • At the end of the September quarter, the Company held cash reserves of $2.06M
  • The Company has 62.1 million fully paid ordinary shares on issue and an undiluted market capitalisation of approximately $9.9 million as at 30 October 2023
  • The top 20 shareholders hold approximately 47.1% of the issued shares

BYNOE LITHIUM PROJECT, NORTHERN TERRITORY (CHARGER - 70% INTEREST)

The Bynoe Lithium Project is located approximately 35 km southwest of Darwin, Northern Territory, with excellent access and nearby infrastructure. Charger’s Project is enclosed by Core Lithium Limited’s (ASX:CXO; “Core”) Finniss Lithium Project (Figure 1), which has a mineral resource of 30.6Mt at 1.31% Li2O.1 Core has commenced mining and beneficiation activities at its Finniss Project and announced the shipping of spodumene concentrate in the June 2023 quarter.


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This article includes content from Charger Metals, 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.

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