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![Chariot Corporation (ASX:CC9)](https://investingnews.com/media-library/chariot-corporation-asx-cc9.png?id=50602752&width=1200&height=796)
Chariot Corporation: Largest lithium Exploration Land Holdings in the US
Chariot Corporation (ASX:CC9) targets both hard rock lithium in Wyoming and claystone lithium in Nevada and Oregon. Its Black Mountain Project in Wyoming has shown significant mineralization with grades of up to 6.68 percent Li2O from rock chip samples. The company holds six other hard rock projects in Wyoming with 443 claims covering 3,585 hectares.
Chariot’s Resurgent project holds the second largest land position in the McDermitt Caldera, which hosts the two largest lithium resources discovered to date (Thacker Pass 19.1 million tons (Mt) lithium carbonate equivalent (LCE) and McDermitt 21.5 Mt LCE). The recent $650-million investment in Thacker Pass by General Motors indicates interest from automakers looking to secure a supply of battery raw materials. The McDermitt Caldera’s size and scale potential present an opportunity for Automotive OEMs, battery manufacturers and others to obtain large-scale supply to meet their growth plans.
Chariot has been actively focusing on creating value through the divestment of selected lithium assets. Four assets have been divested through sale and/or option agreements with publicly listed companies. These transactions, assuming the existing options are exercised, may generate up to an estimated US$5.1 million in cash and stock-based consideration, in addition to future royalty payments for Chariot. The company currently has four additional projects that may be potential divestment opportunities, including Lida and Amargosa (Nevada), Mardabilla (Western Australia) and Nyamukono (Zimbabwe).
The company believes its two core projects, Black Mountain and Resurgent, represent early, prospective lithium opportunities in the United States.
Company Highlights
- Chariot Corporation Limited is a mineral exploration company focused on discovering and developing high-grade and near-surface lithium opportunities in the U.S.
- Chariot holds the largest land position for lithium exploration in the U.S. with hard rock lithium and claystone hosted lithium exploration assets.
- The company commenced trading on the ASX in October 2023 after closing a highly sought-after and oversubscribed A$9 million initial public offering (which is in addition to A$14.8 million being raised privately to assemble the portfolio).
- It is currently focused on its two core projects in the US: (1) the Black Mountain Project, a hard rock lithium project located in Wyoming; and (2) the Resurgent Project, a claystone lithium project located in Oregon and Nevada.
- The Black Mountain Project has had two-rounds of rock chip sampling which resulted in 22 rock chip samples collected with 10 of these samples returning assay results greater than 2.00% lithium oxide (Li2O) with the highest value being 6.68% Li2O. The Resurgent Project has had multiple rounds of rock-chip sampling with 289 samples being collected and returning values as high as 3,865 ppm lithium. The initial surface rock-chip sampling programs demonstrate the presence of lithium mineralization at surface.
- In addition to the core projects, Chariot holds an exploration pipeline of six projects in Wyoming including Copper Mountain, South Pass, Tin Cup, Barlow Gap, Pathfinder and JC projects. These projects are prospective for hard rock lithium.
- The company’s portfolio includes several additional projects prospective for hard rock (Western Australia and Zimbabwe) and claystone lithium (Nevada, U.S.A.).
- Chariot also holds interests in several projects that have been either sold or conditionally divested through option agreements to publicly listed companies. These include assets such as Halo, Horizon, Lithic & Mustang, and the Western Australia Lithium portfolio. Each of the divested projects are operated by a publicly listed counterparty and depending upon the particular transaction, the projects generate additional revenue for Chariot in the form of future payments and royalties.
- Chariot offers investors exposure to the nascent and rapidly growing U.S. lithium market.
This Chariot Corporation profile is part of a paid investor education campaign.*
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Chariot Corporation
Overview
Chariot Corporation (ASX:CC9) is the largest land holder for lithium exploration in the US. It has a strategy to target both hard rock lithium in Wyoming and claystone lithium in Nevada and Oregon. The flagship Black Mountain Project, located in Wyoming, has shown significant mineralization with grades of up to 6.68 percent Li2O from rock chip samples. In addition to the Black Mountain Project, Chariot holds six other hard rock projects in Wyoming with 443 claims covering 3,585 hectares.
Chariot’s second flagship project, Resurgent, holds the second largest land position in the McDermitt Caldera, which hosts the two largest lithium resources discovered to date (Thacker Pass 19.1 million tons (Mt) lithium carbonate equivalent (LCE) and McDermitt 21.5 Mt LCE). The recent $650-million investment in Thacker Pass by General Motors indicates interest from automakers looking to secure a supply of battery raw materials. The McDermitt Caldera’s size and scale potential present an opportunity for Automotive OEMs, battery manufacturers and others to obtain large-scale supply to meet their growth plans.
The automaker's EV targets and government policies banning new internal combustion engine (ICE) car sales could propel lithium demand to 3.7 Mt by 2030, according to projections from mining giant Albemarle. This implies a CAGR of more than 20 percent between 2022 and 2030. As the world's demand for lithium continues to grow, Chariot's exploration and development efforts in the US are well-timed and offer investors exposure to the rapidly growing lithium market.
In addition to exploration-led initiatives, Chariot has been actively focusing on creating value through the divestment of selected lithium assets. Four such assets have been divested so far through sale and/or option agreements with publicly listed companies. These transactions, assuming the existing options are exercised, may generate up to an estimated US$5.1 million in cash and stock-based consideration, in addition to future royalty payments for Chariot. The company currently has four additional projects that may be potential divestment opportunities, including Lida and Amargosa (Nevada), Mardabilla (Western Australia) and Nyamukono (Zimbabwe).
The company believes its two core projects, Black Mountain and Resurgent, represent early, prospective lithium opportunities in the United States. Chariot has received and completed the necessary approvals and preparations for drilling and has now commenced the phase 1 diamond drill program at the Black Mountain Project. This program was developed following highly encouraging assay results from the 22 rock chip samples collected to date at Black Mountain, which returned assay results of up to 6.68 percent lithium oxide. Eight holes were drilled and the first three holes intersected high-grade spodumene mineralisation which confirmed potential of the Black Mountain LCT pegmatite swarms. Assay results for the subsequent five holes are pending and expected to be announced by April 2024. Chariot plans to conduct a phase 2 drilling program beginning in Q2 2024.
Following the AU$9-million IPO, Chariot now has nearly AU$11.2 million available cash, which is sufficient to fund its exploration activities for the next 24 months. Of the AU$11.2 million, nearly 43 percent or AU$4.8 million will be spent on the Black Mountain Project.
Concurrently, the company plans to continue early exploration activities at the Copper Mountain Project, South Pass, Wyoming Regional and the Resurgent Project to define targets for future drilling.
Chariot boasts a world-class team with strong track records in mining, exploration and the financial services sectors. The management has significant corporate and investment banking experience. Non-executive chairman Murray Bleach was formerly the CEO of Macquarie in North America, while the CEO, Shanthar Pathmanathan was an oil and has investment banker with Macquarie and Deutsche Bank. On the geological side, Neil Stuart who is a non-executive director is a lithium industry veteran having previously founded Orocobre Ltd (which later merged with Galaxy Resources) to form Allkem Ltd, one of the largest lithium producers in the world. The exploration team is led by Dr. Edward Max Baker, a geologist with over 40 years of experience and several discoveries. He was the chief geologist at Newcrest Mining, MIM Holdings, Rennison Goldfields and Mount Isa Mines. The collective experience of the management team, from investment banking (with fundraising and M&A experience) to resource discoveries, will be useful in advancing the company’s core projects.
Company Highlights
- Chariot Corporation Limited is a mineral exploration company focused on discovering and developing high-grade and near-surface lithium opportunities in the U.S.
- Chariot holds the largest land position for lithium exploration in the U.S. with hard rock lithium and claystone hosted lithium exploration assets.
- The company commenced trading on the ASX in October 2023 after closing a highly sought-after and oversubscribed A$9 million initial public offering (which is in addition to A$14.8 million being raised privately to assemble the portfolio).
- It is currently focused on its two core projects in the US: (1) the Black Mountain Project, a hard rock lithium project located in Wyoming; and (2) the Resurgent Project, a claystone lithium project located in Oregon and Nevada.
- The Black Mountain Project has had two-rounds of rock chip sampling which resulted in 22 rock chip samples collected with 10 of these samples returning assay results greater than 2.00% lithium oxide (Li2O) with the highest value being 6.68 percent Li2O. The Resurgent Project has had multiple rounds of rock-chip sampling with 289 samples being collected and returning values as high as 3,865 ppm lithium. The initial surface rock-chip sampling programs demonstrate the presence of lithium mineralization at surface.
- In addition to the core projects, Chariot holds an exploration pipeline of six projects in Wyoming including Copper Mountain, South Pass, Tin Cup, Barlow Gap, Pathfinder and JC projects. These projects are prospective for hard rock lithium.
- The company’s portfolio includes several additional projects prospective for hard rock (Western Australia and Zimbabwe) and claystone lithium (Nevada, USA).
- Chariot also holds interests in several projects that have been either sold or conditionally divested through option agreements to publicly listed companies. These include assets such as Halo, Horizon, Lithic & Mustang, and the Western Australia Lithium portfolio. Each of the divested projects are operated by a publicly listed counterparty and depending upon the particular transaction, the projects generate additional revenue for Chariot in the form of future payments and royalties.
- Chariot offers investors exposure to the nascent and rapidly growing U.S. lithium market.
Key Projects
Black Mountain Project, Wyoming
The Black Mountain Project is Chariot’s flagship hard rock lithium project located in Natrona County, approximately midway between Casper and Riverton, Wyoming. Chariot initially held a 91.9 percent stake in the project with 134 mining claims covering 878 hectares. In 2024, the company expanded the project with 218 contiguous claims resulting in a 206 percent increase in project tenure area. Black Mountain project now comprises 352 claims covering 2,686 hectares of tenure which subsequently increased Chariot's ownership interests in its Wyoming lithium portfolio to 93.9 percent.
The project is well-serviced by existing roads and infrastructure and comprises . The claim area was acquired via claim staking of public land administered by the US Bureau of Land Management.
The project features large spodumene-bearing pegmatites outcropping at surface. Results from the rock chip sampling program returned a best result of 6.68 percent lithium oxide from a spodumene outcrop. In a recent exploration program, 22 rock chip samples returned assays with an average result of 2.16 percent lithium oxide.
The company is conducting a 3,000-metre phase 1 drilling program at Black Mountain, which commenced in November 2023. The site preparation, necessary approvals and the earthworks required to support the drilling program have been completed.
The phase 1 drill program is designed to test the portion of the Black Mountain pegmatite dyke swarm, a target area that is 1,000 metres long by 100 metres wide. More than 22 rock chip samples were taken from this area and the assay results were highly encouraging. Of the 22 rock chip samples, eight had assay results greater than 4 percent lithium oxide, with the highest value being 6.68 percent lithium oxide from a spodumene outcrop. Chariot announced that the first three holes from the drill program delivered strong initial hard rock lithium results with multiple mineralised lithium intersections.
Black Mountain may represent a significant hard rock lithium opportunity in a tier-1 mining jurisdiction in the US. The asset features an excellent combination of geological factors, and a supportive regulatory regime and is located in a largely unpopulated part of Wyoming.
Resurgent Project, Nevada and Oregon
The Resurgent Project is a claystone-hosted lithium project located in the McDermitt Caldera in Oregon and Nevada. The company owns a 79.4 percent stake in this project. The Resurgent Project comprises 1,450 claims covering 12,128 hectares and is further subdivided into two principal claim areas, identified as ‘Resurgent North’ and ‘Resurgent East.’ Chariot has the second-largest land position in the McDermitt Caldera, which hosts two of the largest lithium mineral resources in North America, with a combined mineral resource estimate of over 40 Mt LCE - Thacker Pass at 19.1 Mt LCE and McDermitt at 21.5 Mt LCE.
The Resurgent North project targets the same sedimentary units that host Jindalee Resources' (ASX:JRL) McDermitt project with a mineral resource estimate of 21.5 Mt LCE. A surface sampling campaign at Resurgent North conducted in 2021 involving 289 samples returned values as high as 3,865 ppm lithium (over three times typical lithium claystone MRE cut-off grade). Of the 289 samples, 70 samples returned values greater than 100 ppm lithium, 20 samples returned values greater than 1,000 ppm lithium and 10 samples returned values greater than 2,000 ppm lithium.
The Resurgent East project targets the same sedimentary units that host Lithium Americas’ (NYSE:LAC) Thacker Pass lithium deposit (MRE at 19.1 Mt LCE). The similarity in geological characteristics with the two largest lithium deposits in the US further validates the potential for a large-scale high-grade lithium discovery at Resurgent.
Exploration Pipeline Projects
Besides the two core projects, the company has a pipeline of six lithium exploration projects comprising 443 claims and covering 3,585 hectares. Each of them is described below:
- Copper Mountain Project: The project is located ~80 kilometres northwest of Black Mountain in Fremont County, Wyoming. It comprises 83 mining claims covering 648 hectares. Copper Mountain has a long history of prospecting and artisanal-scale production having been historically mined for mica, feldspar, beryl, lepidolite and tantalite. The company has already identified multiple pegmatite target areas and has plans for a geochemical and ground magnetics survey in addition to geological mapping.
- South Pass Project: The project is located in Fremont County, Wyoming, and comprises 214 mining claims covering 1,750 hectares. This is a large and highly prospective project with an abundance of outcropping pegmatites that occur in swarms. The company notes the individual pegmatites at the project could range up to several hundred metres wide and several thousand metres long. There has been no prior exploration for hard rock lithium in the South Pass project area.
- Regional Wyoming Exploration Pipeline Projects: It comprises four hard rock lithium mining projects namely Tin Cup, Pathfinder, Barlow Gap and JC, comprising 146 mining claims covering 1,146 hectares.
- Barlow Gap Project: This project is located in Natrona County, Wyoming, and comprises 60 mining claims covering 501 hectares. This is an early-stage hard rock lithium exploration project with outcropping pegmatites on a northeast trend.
- Tin Cup Project: The project is located in Fremont County, Wyoming, and comprises 45 mining claims covering 376 hectares. There is a long history of exploration at The Tin Cup mining district dating back to 1907. The region has been known for small-scale mining for gold, copper and various gemstones including red jasper, ruby and jade. This is an early-stage hard rock lithium exploration project with outcropping pegmatites.
- Pathfinder Project: This is an early-stage hard rock lithium project located in Natrona County, and comprises 32 mining claims covering 234 hectares.
- JC Project: Located in Fremont County, Wyoming, the project comprises nine mining claim blocks spanning 75 hectares. This is an early-stage hard rock lithium exploration project that features several small excavation pits and outcropping pegmatite dykes.
Divestment Projects
In addition to exploration-led initiatives, Chariot has been actively focused on creating value via divestment of selected lithium assets in its portfolio. In total, four such assets – Halo (Chariot’s ownership 21.4 percent), Horizon (Chariot’s ownership 21.4 percent), Lithic & Mustang (ownership 21.4 percent) and WA Lithium portfolio (Chariot was the 100 percent owner of this property prior to the sale to St George Mining Ltd) - have been divested so far through option agreements to publicly listed companies. These transactions, if the options are exercised, may generate up to an estimated US$5.1 million in gross proceeds (cash and stock-based consideration) for Chariot in addition to future royalty payments.
a) Halo asset: Sold to POWR Lithium for a total consideration of ~US$2.5 million and 1 percent NSR.
b) Horizon asset: Sold to Pan American Energy for a total consideration of US$15 million.
c) Lithic and Mustang assets: Sold to Red Mountain Mining for a total consideration of ~US$1.7 million and 2 percent NSR.
d) WA Lithium portfolio: Sold to St George Mining for a total consideration of ~US$1.1 million and 2 percent NSR.
Moreover, the company has identified four more projects for divestment: Lida Project (Nevada), Amargosa Project (Nevada), Nyamukono Project (Zimbabwe), and Mardabilla Project (Western Australia).
Management Team
Shanthar Pathmanathan – Managing Director
Shanthar Pathmanathan has 14 years of investment banking experience in the metals and mining, oil and gas and chemicals sectors. Prior to Chariot, he was the CEO and managing director of Lithium Consolidated, an ASX-listed company, which had one of the largest portfolios of hard rock lithium exploration assets, globally. Before that, he held various investment roles with Deutsche Bank and Macquarie Group. He has a Bachelor of Laws from the University of Western Australia.
Frederick Forni – Executive Director
Frederick Forni is a senior finance professional with over 25 years of investment banking experience. He was a former senior managing director of Macquarie Holdings (USA) and held non-executive director roles with numerous Macquarie Group entities and GLI Finance Ltd. He holds a B.A. in economics from Connecticut College, a J.D., awarded cum laude, from Georgetown University Law Center and an LL.M. in taxation from New York University Law School.
Neil Stuart – Non-executive Director
Neil Stuart is an exploration geologist with over 40 years' of experience and is a member of The Australian Institute of Geoscientists and a Fellow of The Australasian Institute of Mining and Metallurgy. He was a founding director of Orocobre Limited, now Alkem (ASX: AKE). He has considerable experience across several commodities and was heavily involved in project delineation and acquisition in Australia, Mexico and Argentina. Over the last 20 years, he was involved with the exploration and commercial development of lithium projects. Stuart is on the board of numerous ASX-listed companies and is a graduate of the University of Melbourne (BSc.) and James Cook University (MSc.).
Dr. Edward Max Baker – Geological Consultant
Dr. Edward Max Baker is a Ph.D. geologist and a fellow of AusIMM. Baker has over 40 years of experience and has made several discoveries. Baker was chief geologist for Newcrest Mining, MIM Holdings, Rennison Goldfields and Mount Isa Mines. Baker was co-founder and previously a vice-president of exploration at New York Stock Exchange-listed Integra Resources (NYSE:ITRG).
Ramesh Chakrapani – Chief Strategy Officer
Ramesh Chakrapani has over 20 years of experience in the investment banking and alternative asset investing space. Of which, over 15 years were spent at The Blackstone Group where he was a managing director and a member of the Hedge Fund Solutions Special Situations Investing Group. Chakrapani has invested across a diverse set of industries, asset classes, geographies and liquidity profiles, and has represented The Blackstone Group on the boards of selected investments. He has a B.A. from Yale University.
This article was written in collaboration with Couloir Capital.
Maiden Fieldwork Discovers Widespread Chalcocite Dominant Vein Systems at Expanded Nunavut Rae Cu-Ag-Au Project
White Cliff Minerals Limited (“WCN” or the “Company”) is pleased to announce that work has commenced at the Rae copper, silver and gold project in Nunavut (“Rae” or the “Project”). Initial visual observations across all sample sites have confirmed numerous vein systems of chalcocite dominant mineralisation across significant strike lengths.
- Multiple styles of copper mineralisation identified, providing for potential district scale mineralisation:
- Massive chalcocite veining observed at Cu-Tar
- Sedimentary hosted copper and replacement mineralisation seen at HALO
- Native copper within vesicular basalt flow tops discovered at Kilauea
- Previous high grade historical locations have been located and samples taken within an expanded vicinity. At all priority targets the identifiable strike length has significantly increased.
- The HALO vein system now mapped and sampled over more than 440m strike length. Discovery of high grade sediment hosted copper greatly expands prospectivity and tonnage potential of the target
- Chalcocite dominant veining observed over a ±400m strike length at the Cu-TAR zone, alongside 3 other chalcocite veins and cemented copper rich breccia. These veins have been sampled along strike until they disappear under shallow cover
- The DON target has been identified to host 2 semi-massive chalcocite-bornite veins with over 200m strike length
- The PAT target now extended to >400m of outcropping, semi-massive, vein hosted chalcocite-bornite mineralisation
- Field evidence at the CALMAL target area where copper bearing hydrothermal fluids observed mineralising the Rae Group sediments. Potential for bulk tonne “Red Bed” copper
- Widespread native copper traced over 120 m at the Kilauea target
- The MobileMT airborne geophysical survey completed at Great Bear Lake, on time and on budget. Rae survey expected to be completed in the next 5-10 days
- First tranche of Assays from Great Bear expected in August
- Latest land rush to Nunavut amplifies the first mover strategic advantage that the Company has achieved
“The outcropping copper mineralisation throughout the project area is visually stunning and exceeds expectations. The focus of our maiden field programme across both Nunavut and Great Bear Lake has been twofold. Firstly, to confirm decades old historical state survey results from multiple project locations and extend the observable strike of each and in parallel undertaking airborne geophysics to further refine these targets. Second is prioritise and prepare project areas for drilling.
At Halo, multiple mineralised vertical structures have been identified and now constitute priority targets. This deep-seated plumbing acts as conduits for copper rich hydrothermal fluids that have deposited what appears to be significant quantities of copper into the surrounding reactive sandstones. This field observation provides the first direct evidence of extensive high grade sedimentary hosted “red bed” copper on Company ground, something not previously observed by historical exploration. We grow more confident each day of significant results coming from this sampling programme.
The recently completed airborne MOBILEMT survey at Great Bear is expected to work well and will add substantially to the understanding of the local and regional mineralising structures. Integrating this geophysical layer with assay results will eventually allow for a maiden drilling campaign by the Company which is scheduled to kick off in the coming months. The same aerial survey is now underway at Rae and expected to complete this week.”
Troy Whittaker - Managing Director
In relation to the disclosure of visual mineralisation, the Company cautions that visual estimates of sulphide and oxide material abundance should never be considered a proxy or substitute for laboratory analysis. Laboratory assay results are required to determine the widths and grade of visible mineralisation reported in sampling. The Company will update the market when laboratory analytical results become available, which are expected within 4-6 weeks.
Click here for the full ASX Release
This article includes content from White Cliff Minerals Limited, 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.
Red Mountain Lithium Discovery Bolstered with More Outstanding Thick Intersections
Second batch of assays delivers further high-grade intersections
Astute Metals NL (ASX: ASE) (“ASE”, “Astute” or “the Company”) is pleased to advise that assay results from the next four holes, RMRC004-007, of the inaugural Reverse Circulation (RC) drilling campaign at its 100%-owned Red Mountain Lithium Project in Nevada, USA, have returned high-grade mineralisation.
Key Highlights
- Multiple lithium intersections reported in assay results for the next four holes, RMRC004-007, with intersections up to +80m thickness, including:
- RMRC004: 83.8m @ 1,230ppm Li from 16.8m.
- RMRC005: 80.8m @ 1,270ppm Li from 56.4m
- RMRC006: 62.5m @ 1,070ppm Li from 6.1m and 70.1m @ 1,090ppm Li from 89.9m
- RMRC007: 74.7m @ 1,160ppm Li from 18.3m
- Intersections sit mid-project within 4.6km of strike length drilled to date at Red Mountain.
- Assay results for the remaining four drill holes expected in late July.
Assay results from the second batch of samples include the following drill intersections:
- RMRC004 : 13.7m @ 1,070ppm Li / 0.57% Lithium Carbonate Equivalent1 (LCE) from surface
- 83.8m @ 1,230ppm Li / 0.65% LCE from 16.8m
- RMRC005 : 26.0m @ 656ppm Li / 0.35% LCE from 3.0m
- 80.8m @ 1,270ppm Li / 0.68% LCE from 56.4m to End of Hole
- RMRC006 : 62.5m @ 1,070ppm Li / 0.57% LCE from 6.1m
- 15.3m @ 896ppm Li / 0.48% LCE from 71.6m 70.1m @ 1,090ppm Li / 0.58% LCE from 89.9m
- RMRC007 : 74.7m @ 1,160ppm Li / 0.61% LCE from 18.3m
- 25.9m @ 1,580ppm Li / 0.84% LCE from 115.8m
This second batch of assays, from drill holes located centrally within the group drilled so far (Figure 1), demonstrate thicker intersections than those previously announced, with all four holes intersecting +70m zones grading over 1,000ppm lithium. These outstanding results indicate the scale and grade potential at Red Mountain, as it continues to emerge as a project of significance in North America. Assays for the final four holes from the campaign are expected to be received later this month, which, along with other results, will allow the Company to determine the next steps at this highly prospective Project.
Astute Chairman, Tony Leibowitz, said:
“Our confidence in the scale and significance of this discovery continues to increase with each successful drill-hole at Red Mountain. Assays from the latest four holes have exceeded expectations and returned some very thick, high-grade intercepts which have confirmed robust lithium mineralisation in the middle of the project, between intersections from the discovery holes.
“With final assay results expected for the remaining four holes shortly, data from all holes will then be integrated into an updated geological model for Red Mountain with a view to expediting the process to achieving a maiden Mineral Resource Estimate.”
Figure 1. Drill-hole locations and intersections, and gridded soil sample geochemistry over aerial image.
About Lithium Carbonate Equivalent (LCE)
Unlike spodumene concentrate, which is a feedstock for a value-added battery product, Lithium Carbonate is a principal lithium-ion battery product, which may be used directly in battery production or converted to other battery products such as lithium hydroxide. The Benchmark Mineral Intelligence Lithium Carbonate China Index priced lithium carbonate product at US$13,710/t6 as of 12 June 2024.
Click here for the full ASX Release
This article includes content from Astute Metals NL, 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.
Avenira Limited (ASX: AEV) – Trading Halt
Description
The securities of Avenira Limited (‘AEV’) will be placed in trading halt at the request of AEV, pending it releasing an announcement. Unless ASX decides otherwise, the securities will remain in trading halt until the earlier of the commencement of normal trading on Friday, 26 July 2024 or when the announcement is released to the market.
ASX Compliance
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This article includes content from Avenira Limited, 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.
Critical Metals Corp Completes Stage 1 Investment for Tanbreez Acquisition
European Lithium Limited (ASX: EUR, FRA:PF8, OTC: EULIF) (European Lithium or the Company) is pleased to announce that Critical Metals Corp. (Nasdaq: CRML) (Critical Metals Corp), a mining development company focused on critical metals and minerals, and producing strategic products essential to electrification and next generation technologies for Europe and its western world partners, today announced that it has completed the stage 1 investment as part of its recently announced plans to acquire a 92.5% controlling interest in the Tanbreez Greenland Rare Earth Mine (the Tanbreez Project) from Rimbal Pty Ltd., a company controlled by geologist Gregory Barnes (Rimbal) (refer ASX announcement 11 June 2024 and 19 June 2024). Following the issue of 8,398,656 CRML shares to Rimbal as the stage 1 consideration, Critical Metals Corp now holds a 42.00% equity interest in the Tanbreez Project. European Lithium will retain its 7.5% ownership in the Tanbreez Project.
Critical Metals Corp CEO and Chairman, Tony Sage commented: “The successful completion of Stage 1 reflects another pivotal milestone in our strategic acquisition of Tanbreez. Tanbreez is a game-changing rare earth asset for the West, an assessment supported by both our due diligence, including our visit to the project last week, as well as third-party evaluations. By acquiring Tanbreez, we are taking a key step towards positioning Critical Metals Corp as a reliable and long-term strategic supplier of both light and heavy rare earth elements to meet the escalating demand for these materials for technology and defense applications in the western world.”
About European Lithium
European Lithium Limited is an exploration and development stage mining company focused mainly on lithium in Austria, Ukraine, Ireland, and Australia. European Lithium currently holds 67,788,383 (approximately 75%) ordinary shares in Critical Metals Corp. Based on the closing share price of Critical Metals Corp being US$10.19 per share as of 23 July 2024, the Company’s current investment in Critical Metals Corp is valued at US$690,763,623 (A$1,036,145,434) noting that this valuation is subject to fluctuation in the share price of Critical Metals Corp. For more information, please visit https://europeanlithium.com.
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This article includes content from European Lithium, 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.
Exploration Program Underway at Corvette River Lithium, Gold, Copper & Silver Project in Quebec
- A phased program of extensive field mapping, excavator trenching, and channel sampling testing high-grade gold and lithium targets across22km of strike within the prolific Lac Guyer Greenstone Belt
Metals Australia Ltd (ASX: MLS) has commenced phase one of its fully permitted1 Corvette River exploration program. The program includes detailed field mapping, extensive excavator trenching and channel sampling to firm up drilling targets for the anticipated drilling phase of the program.
The Project consists of several claim areas, including Felicie on the Corvette Lithium Trend which hosts Patriot Battery Metals’ world-class Corvette Lithium Project2 and the West Eade and East Eade claims on the parallel Corvette South Trend, approximately 12 km to the south. Both trends are on the prolific Lac Guyer greenstone belt in the tier-one global mining jurisdiction of Quebec, Canada (see Figure 1).
Phase 1 of the program will investigate and prioritise zones across the extensive claims areas for further work and follow up drilling. The program will include extensive geological mapping, excavator trenching and channel sampling, for multi-element assaying, using a team of geologists, support staff, excavators and an air support team. Field logistics are supported by helicopters, including heavy lift helicopters, to move excavators, required equipment and personnel. The program is being phased, given the limited access to heavy lift helicopters during this period. The program is sequential, initially focussed in the Felicie area (see Figure 1), to be followed by the East Eade and then the West Eade claim areas.
The primary objectives of the program are to investigate identified target locations through field mapping of structures and outcrops, extensive excavator trenching and channel sampling to finalise planning positions and the priority of follow-on drill targets in the following project locations:
- Felicie Project – Field map, trench and sample structures and outcrops associated with previous rock chip sampling that included grades of up to 4.16 g/t Au, 44.1 g/t Ag and 0.23% Cu3 from a zone of 180m strike-length open in all direction.
- East Eade – Extensive investigation of an approximately 300m wide complex fold-closure, which included previous assays of up to 29.7 g/t Au and 12 g/t Au3 See photographs of East Eade below.
- West Eade – Further investigate areas around historical sample sites with assays of up to 11.45g/t Au3 and more recent rock chip sampling results including 3.37 g/t Au over 3m3.
- Lithium Targets – Follow up on Lithium bearing pegmatite targets that have been previously reported, including CR1 (mapped over 1.6 km4) at Felicie and CS15 at West Eade (see Figure 1)
Figure 1: MLS’s Corvette River Project – Felicie, East Eade & West Eade Phase 1 Field Exploration sites, includingtrenching target locations for key gold, Silver & lithium targets outlined with geology and magnetics
Metals Australia CEO Paul Ferguson commented:
“It’s pleasing to be under way with phase 1 of our field exploration program at Corvette River. The commencement of this program is a result of a lot of great work by our team and our contractor, Magnor Exploration. We have developed a detailed and prioritised exploration program targeting lithium as well as gold, silver and copper and put in place a contract to allow this important work to be completed during the summer field season, when ground truthing is possible in Quebec. Importantly the program phasing recognises the challenges associated with accessing heavy lift helicopters during the peak summer period.
We are now on the ground with a dedicated team of geologists and field staff, including excavators. The team will be able to follow up on the targets, associated structures and outcrops that have been identified from previous sampling. This will allow accurate positioning of trenching and channel sampling. The outcomes of this work will result in a well-defined and prioritised list of drill targets – which will be the subject of phase 2 of the program.
This program will follow up on the highly prospective lithium pegmatite targets as well as high-grade gold and silver target zones we have communicated previously. I look forward to communicating the results of phase 1 when they are available.
We continue to aggressively progress all our high-quality projects on their pathway through exploration and, when results warrant, into development. Four of our projects are now pending government approval for their next phase of exploration, including Lac Carheil, which also has active prefeasibility study work underway. It’s been an incredibly active period of planning, permit applications and work-program contracting. We are now seeing the field exploration stages starting to emerge – with Corvette River now fully permitted for advanced exploration target testing.
We are only able to advance this work because we have a very supportive board, a dedicated and driven team and the financial capacity to fund the programs we have planned. Currently, there is no value ascribed to our projects by the market and we have a market capitalisation well below cash backing, which is highly unusual. Given the high-quality pipeline of projects we are progressing and the opportunities they represent, I expect the balance of 2024 and beyond to represent exciting times for the Company.”
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This article includes content from Metals Australia Ltd, 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.
Liquid Assets & Future Proceeds from Divestments
Chariot Corporation Limited (ASX:CC9) (“Chariot” or the “Company”) is pleased to announce an update on the Company’s direct and indirect holdings in Australian Stock Exchange (“ASX”) and Canadian Stock Exchange (“CSE”) listed companies (together, the “Liquid Assets”) and the potential future proceeds from previous divestments of ‘non-core’ assets (“Future Divestment Proceeds”).
HIGHLIGHTS:
- Chariot holds a 24.08% membership interest in Mustang Lithium LLC
- Mustang Lithium LLC holds cash, listed shares and the right to potential future proceeds from previous divestments of certain mineral assets
- Chariot continues to hold a direct interest in listed shares in St George Mining Ltd, which were previously received as part of the payment from the sale of seven (7) projects in Western Australia to Lithium Star Pty Ltd, a wholly owned subsidiary of St George Mining Ltd
- Chariot continues to monitor its interest in shareholdings in a number of public companies listed on the ASX and CSE for potential value creation and/or liquidity
Mustang Lithium LLC
On 24 May 2024, FMS Lithium Corporation (“FMSL”) distributed all of the membership interests in Mustang to certain former shareholders of FMSL including Chariot (the “Mustang Distribution”). Chariot received 24.8243 units in Mustang and after the issuance of units to consultants, retains units representing a 24.08% membership interest in Mustang.
Mustang holds 100% of the membership interests of Horizon Lithium LLC (“Horizon”), Halo Lithium LLC (“Halo”) and Lithic Lithium LLC (“Lithic”) which were formerly subsidiaries of FMSL. Each of Halo, Horizon and Lithic hold or held certain claystone hosted lithium projects in Nevada, USA which have been described in previous announcements made by the Company (together the, “Mustang Projects”). Each of these projects are subject to an agreement with a publicly listed counterparty interested in developing the relevant project under which the subsidiary may receive future payments from the counterparty payable in cash and/or listed shares.
Click here for the full ASX Release
This article includes content from Chariot Corporation, 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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