Charger Metals

June 2023 Quarterly Activities Report

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


HIGHLIGHTS

Bynoe Lithium Project, Northern Territory

  • Maiden reverse circulation (RC) drill programme and diamond drill programme commenced;
  • Initial ~2,000m RC drill programme completed as first-pass test of high priority targets including the Megabucks, Old Bucks and Enterprise prospects
  • Assays confirm significant lithium mineralisation in spodumene-bearing pegmatites at the Enterprise Prospect, with results including:
    • 7m @ 0.96% Li2O from 107m, including
    • 5m @1.13% Li2O from 108m (CBYRC023); and
    • 16m @ 0.65% Li2O from 185m, including
    • 1m @1.91% Li2O from 198m (CBYRC024)
  • First hole of 1,500m diamond drill programme intersected 19.25m of spodumene- bearing pegmatite at the Enterprise Prospect – assays pending 1
  • 5,000m RC drill programme commenced early July (post reporting period) with two drill rigs operating concurrently with the diamond rig

Lake Johnston Lithium Project, Western Australia

  • Assay results received for the maiden RC drill programme completed at the Medcalf Spodumene Prospect, which totalled 41 holes for 7,199 metres and:
    • 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
    • Confirmed numerous high-grade lithium results returned from spodumene- bearing pegmatites 2
  • Priority targets have been identified for follow-up drilling to test for extensions to the high-grade lithium mineralisation
  • An Aboriginal Cultural Heritage survey was completed at the Medcalf Prospect during April to prepare for the upcoming extensional drill programme
  • Soil sampling programme was completed in May over E63/1883; assays are pending

Corporate

  • At the end of the June quarter, the Company held cash reserves of $4.26M
  • The Company has 62.1 million fully paid ordinary shares on issue and an undiluted market capitalisation of approximately $18 million as at 28 July 2023
  • The top 20 shareholders hold approximately 51.0% 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 (“Core”)(ASX: CXO) Finniss Lithium Project (Figure 1), which has a mineral resource of 30.6Mt at 1.31% Li2O.3 Core has commenced mining and beneficiation activities at its Finniss Project and announced the sale of direct shipping spodumene ore in January 2023.

Maiden RC and Diamond Drilling Programmes Underway

In May 2023 Charger commenced the maiden RC drill programme at the Bynoe Project, designed to test priority target areas that the Company believes have high prospectivity for significant pegmatite-hosted lithium mineralisation. These areas included the Old Bucks Prospect, which comprises a strong lithium anomaly at surface that extends over 800m in strike and up to 500m wide, with pegmatites visible in historic artisanal tin workings, the Megabucks Prospect, which also exhibits a lithium-in-soils anomaly up to 800m long, with a significant pegmatite up to 70m thick defined by historical deep trenching across the strike, and the Enterprise Prospect, which is characterised by a large lithium anomaly at surface, and is located along strike from Core’s Blackbeard Prospect.


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
The Conversation (0)
Cleantech Lithium

DLE Pilot Plant First Stage Production Completed, Downstream Process Optimised with Sample of Battery-Grade Lithium Produced

CleanTech Lithium PLC (AIM:CTL, Frankfurt:T2N, OTCQX:CTLHF), an exploration and development company advancing sustainable lithium projects in Chile, announces completion of the first stage of production from the Company´s DLE pilot plant operations and results from successful downstream process test work to produce battery-grade lithium carbonate by process partners in North America.

Keep reading...Show less
White Cliff Minerals

Appointment of Strategic Advisor

White Cliff Minerals Limited (“WCN” or the “Company”) is pleased to announce the appointment of John Hancock (“John”) as a Strategic Advisor to the Board of White Cliff Minerals Ltd. The Company expects significant growth with its current and future portfolio of projects in the coming 12 months and is working now to secure appropriate personnel to assist with this.

Keep reading...Show less
Neon battery and lightning shapes.

Top 3 ASX Lithium Stocks of 2024

Global demand for lithium-based power presents a significant opportunity for Australia, the top lithium-producing nation. As countries and companies establish their positions in the battery value chain, Australia has the ability to leverage its strong output and vast reserves to shape the industry landscape into the 2030s.

The future of lithium demand relies heavily on the growth of the electric vehicle (EV) market, and in recent years its rapid expansion has led to much higher mining of the commodity — so much so that the market has entered a surplus.

This oversupply kept lithium prices subdued in the first half of 2024, but experts continue to forecast a bright long-term outlook for the essential battery material as countries around the world pursue net-zero goals.

Keep reading...Show less
White Cliff Minerals

Further IOCG, Copper and Epithermal Mineralisation Discovered at Great Bear Lake U-Cu-Ag-Au Project

Works commence at Nunavut Cu-Ag-Au Project

White Cliff Minerals Limited (“WCN” or the “Company”) is pleased to announce that further widespread, IOCG-U polymetallic, mineralisation has been visually observed during the maiden fieldwork program at the 100% owned Great Bear Lake U-Cu- Au-Ag Project in northern Canada and that works have now commenced at the 100% owned Nunavut Cu-Ag-Au Project.

Keep reading...Show less
Lithium periodic symbol leaning against lithium ore and blue batteries.

Top 6 Lithium Stocks of 2024

Now that Q2 has come to a close, it's time to look at the year's best-performing lithium stocks on Canadian, US and Australian exchanges.

While oversupply and weak prices kept some companies from registering big gains during the first half of 2024, others like those below still saw share price grow.Unlike the fluctuations observed in 2023, the lithium market has exhibited greater stability during the first half of 2024.

However, influenced by weak prices in China, the lithium hydroxide market has seen prices remain lower than anticipated.

Market oversupply prompted some lithium producers to trim 2024 output targets in hopes that some of the excess would be absorbed in the market.

Keep reading...Show less
Lithium periodic symbol and Canadian flag.

Top 5 Canadian Lithium Stocks of 2024

Continued surpluses in the lithium market have weighed down prices and impeded the sector’s growth during the second quarter of 2024. The excess has been attributed to heightened production in 2021 and 2022 amid higher lithium prices.

According to a July Fastmarkets report, increased lithium demand is fully priced into the market. China's lithium carbonate equivalent production from lepidolite rose by 126 percent year-over-year in April, while spodumene production increased by 109 percent. The accumulation of inventory suggests that there is no immediate supply shortage, but time is needed for demand to absorb the surplus.

With so much excess in the market, many lithium producers and explorers have struggled to see positive share price activity. However, several Canadian-listed lithium companies were able to see some growth during the first half of the year.

Keep reading...Show less

Latest Press Releases

Related News

×