The Conversation (0)
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.
Click here for the full ASX Release
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.
CHR:AU
INN Article Notification
