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Emerging lithium explorer Charger Metals NL (ASX: CHR, ‘Charger’ or ‘the Company’) is pleased to provide the following Activities Report for the period of January to March 2023, inclusive (the ‘Quarter’).
HIGHLIGHTS
Lake Johnston Lithium Project, Western Australia
- Maiden reverse circulation (RC) drill programme completed at the Medcalf Spodumene Prospect
- The drill programme totalled 41 RC holes, for 7,199 metres
- The programme delineated a swarm of stacked spodumene-bearing pegmatites up to 13m thick (down-hole) within a 100m wide corridor along 700m of strike and 250m down-dip
- All assays have been received with numerous high-grade lithium results returned from spodumene-bearing pegmatites 1
- The results will be modelled to define priority targets for follow-up drilling to test for extensions to the high-grade lithium mineralisation
- An Aboriginal Heritage survey completed at the Medcalf Prospect during April to prepare for the upcoming extensional drill programme
- Binding Agreement signed with Lithium Australia to buy its 30% minority stake and move to 100% ownership of the Lake Johnston Project
- Target generation within the Mt Day Pegmatite Prospect is continuing
Bynoe Lithium Project, Northern Territory
- Planning and permitting for the maiden drill programme at Bynoe are complete as the Company prepares to commence its maiden drill programme
Corporate
- Strategic Board Restructure highlighted by the appointment of Mr Aidan Platel as Managing Director and CEO
- At the end of the March quarter, the Company held cash reserves of $5.27M
- The Company has 62.1 million fully paid ordinary shares on issue and an undiluted market capitalisation of approximately $27 million as at 25 April 2023
- The top 20 shareholders hold approximately 51.0% of the issued shares.
LAKE JOHNSTON LITHIUM PROJECT, WESTERN AUSTRALIA (CHARGER 70% -100% INTEREST)
Figure 1. Location of the Lake Johnston Lithium Project relative to other spodumene deposits of southern Western Australia.
Maiden RC Drilling Programme Completed at the Medcalf Prospect
A programme of 41 RC drill holes which commenced in December 2022 was completed during the quarter. The programme was designed to test the extent of spodumene-bearing lithium- caesium-tantalum enriched (‘LCT’) pegmatites at the Medcalf Prospect, part of the Lake Johnston Project near Norseman, Western Australia (Figure 1).
The programme tested pegmatites over a length of 700 metres at surface and up to 280 metres down dip of mapped spodumene-bearing pegmatite outcrops (Figure 2).
The drill programme increased the known extent of the swarm of spodumene-bearing pegmatites, which occur within a 100m zone, and demonstrated that these extend under transported cover and at depth.
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