Charger Metals NL (ASX: CHR, “Charger” or the “Company”) is pleased to provide an update for its Lake Johnston Lithium Project where it has had its POW1 approved enabling drilling to commence at the Medcalf Spodumene Prospect. The Company has also increased its land position in an area considered prospective for lithium.
- Final environmental approval received enabling drilling to proceed at the Medcalf Spodumene Prospect. Drilling contractor to mobilise to site to test out- cropping spodumene-pegmatites shortly.
- Acquisition of E63/1883, near the Medcalf Spodumene Prospect, increases
- Charger’s land position by 33km2.Previous Okapi Resources Limited earn-in JV Interest has been terminated by mutual agreement. Charger has located pegmatites on this tenement.
Charger’s Managing Director, David Crook, commented:
“Late last week Charger received its final required environmental approval and is moving people, plant and equipment to site ahead of our maiden drill programme, to test the Medcalf Spodumene Prospect.
Field staff have arrived on the ground to undertake site preparation at this previously undrilled area and finalise logistics - the planned RC drilling programme will start when this is complete”.
Drilling the Medcalf Spodumene Prospect
As previously reported, a programme of up to 40 reverse circulation drill holes will test the Medcalf Spodumene Prospect.
Fieldwork identified a spodumene-pegmatite swarm, comprising about 20 anastomosing pegmatite dykes that outcrop in an area 800m long within a 300m wide corridor. The strike direction of the pegmatite dykes is approximately northwest, and dip is to the southwest. Ongoing mapping continues to identify additional spodumene-pegmatite outcrops in this area.
Charger increases land tenure at Lake Johnston Lithium Project
Agreement was reached with Mr Peter Gianni to acquire 100% of E63/1883. The tenement is located 1.5km west of current Charger tenements and 6.5km southwest of the Medcalf Spodumene Prospect where drilling is due to commence shortly. The tenement increases Charger’s land position by 33km2. Areas of the tenement fall within the interpreted ‘goldilocks zone’ considered by some geologists to have enhanced prospectivity for LCT pegmatites.
Charger acquired 100% of E63/1883 for the following consideration:
- issue 100,000 FPO2 shares in Charger on signing of final transfer documents; and
- issue 100,000 FPO shares within 5 business days of DMIRS granting a POW approving a drill programme within E63.1883.
- 0.5% NSR royalty on all lithium concentrate produced.
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