
September 03, 2024
Chariot Corp Limited (ASX:CC9) (“Chariot”) refers to the announcement dated 30 August 2024 entitled “Chariot and Mustang Lithium LLC repossess Horizon and Halo lithium projects” (the “Original Announcement”) pursuant to which the Company announced that Mustang Lithium LLC (“Mustang”), in which Chariot holds a 24.1% interest, was in the process of terminating property option agreements entered into by two of its wholly-owned subsidiaries, Horizon Lithium LLC and Halo Lithium LLC, with Canadian Securities Exchange (CSE) listed Pan American Energy Corp. (CSE:PNRG) (“Pan American Energy”) and POWR Lithium Corp. (CSE:POWR) (“POWR”), respectively. This action by Mustang will result in Horizon Lithium LLC’s and Halo Lithium LLC’s repossession of full and unencumbered ownership of the Horizon Lithium Project and Halo Lithium Project, respectively.
As disclosed in the Original Announcement:
- Each of Pan American Energy and POWR decided not to make the required payment of claims maintenance fees to the U.S. Bureau of Land Management (“BLM”) and to surrender their respective interests in the mineral claims constituting the Horizon Lithium Project and the Halo Lithium Project (together, the “Projects”). Both have cited current lithium market conditions as the principal reason for terminating their respective property option agreement.
- Mustang completed a capital raising of US$250,000 through the issue of convertible notes and has used the funds raised to pay the maintenance fees to the BLM to maintain its interest in the Projects.
Chariot disclosed the mineral resource estimate stated in Figure 1 (the “Horizon NI 43-101 Mineral Resource Estimate”) in relation to the Horizon Lithium Project in the Original Announcement which was prepared by Pan American Energy in accordance with Canadian National Instrument 43-101 (“NI 43-101”) standards. This mineral resource estimate is considered a “foreign estimate” for the purposes of the ASX Listing Rules (“Listing Rules”) as it relates to a “material mining project” that the Company is reacquiring an interest in and therefore is required to be reported in compliance with Chapter 5 of the Listing Rules (particularly Listing Rule 5.12). The purpose of this announcement is to include the requisite disclosures required by Listing Rule 5.12 in respect to the Original Announcement.
Pan American Energy reported the Horizon NI 43-101 Mineral Resource Estimate to the Canadian Securities Exchange on 20 November 2023 and subsequently released an NI 43-101 compliant technical report on 4 January 20241.
Table 1: Horizon Lithium Project Mineral Resource1
Effective Date 15 November 2023, reported by Pan American Energy Corp. Resources are reported above a cut-off grade of 300 ppm Li.
Cautionary Statement
A “mineral resource” is as defined in the JORC Code (“Mineral Resource”) and the “competent person” is as defined in the JORC Code (the “Competent Person”).
The Horizon NI 43-101 Mineral Resource Estimate contained in this announcement and the Original Announcement has been prepared in accordance with NI 43-101 standards and has not been reported in accordance with the JORC Code.
Investors and other users of the Horizon NI 43-101 Mineral Resource Estimate are cautioned that, as is the case with any Mineral Resource, reported tonnages and grades obtained from sparse points of observation, are subject to change as further data that adds to knowledge of the Mineral Resource are received and interpreted. The reported Mineral Resource may also be subject to variation when compiled by a different Competent Person, reflecting differences in interpretation of available data and previous experience with the commodity and style of mineralisation being reported.
The reported tonnes and grades have been reported and classified in compliance with the CIM Definition Standards for Mineral Resources and Mineral Reserves (CIM, 2014). The CIM Definition Standards are closely comparable with the JORC Code.
The Competent Person for this announcement has yet to complete sufficient work to classify the foreign estimate in accordance with the JORC Code.
However, the Competent Person confirms that the information contained in this announcement and the Original Announcement is an accurate representation of the available data and studies for the Horizon Lithium Project.
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.
CC9:AU
The Conversation (0)
27 March
Second Amendment to Black Mountain Purchase Option
Chariot Corporation (CC9:AU) has announced Second Amendment to Black Mountain Purchase OptionDownload the PDF here. Keep Reading...
26 March
Convertible Note Financing of up to A$2.0 Million
Chariot Corporation (CC9:AU) has announced Convertible Note Financing of up to A$2.0 MillionDownload the PDF here. Keep Reading...
18 February
High-Potential WA Lithium & Gold Tenements Secured
Chariot Corporation (CC9:AU) has announced High-Potential WA Lithium & Gold Tenements SecuredDownload the PDF here. Keep Reading...
31 January
Quarterly Activities/Appendix 5B Cash Flow Report
Chariot Corporation (CC9:AU) has announced Quarterly Activities/Appendix 5B Cash Flow ReportDownload the PDF here. Keep Reading...
26 November 2024
Black Mountain Phase 2 Program has Commenced
Chariot Corporation (CC9:AU) has announced Black Mountain Phase 2 Program has CommencedDownload the PDF here. Keep Reading...
08 October
Saskatchewan Implements New 3 Percent Lithium Royalty, Provides Clarity to Companies
Saskatchewan has introduced a new royalty framework for lithium production, marking a major step toward supporting the province’s growing role in Canada’s critical minerals sector. The amendments to 2017 subsurface mineral royalty regulations formally establish a 3 percent Crown royalty on the... Keep Reading...
06 October
From Rock to Road: Investing in Ontario’s Looming EV Boom
The momentum around the global energy transition has underscored the critical importance of establishing secure, ethical and efficient critical mineral supply chains, leading to renewed interest in jurisdictions with the right resources but without the geopolitical baggage. And Ontario, Canada... Keep Reading...
02 October
UPS Batteries For Explosive (EX & ATEX) Environments
Altech Batteries (ATC:AU) has announced UPS Batteries For Explosive (EX & ATEX) EnvironmentsDownload the PDF here. Keep Reading...
01 October
Lithium Americas and GM Advance Thacker Pass with Landmark Federal Funding
Developer Lithium Americas (TSX:LAC,NYSE:LAC) has reached an agreement with General Motors (NYSE:GM) and the US Department of Energy (DOE) to unlock the first US$435 million installment of a landmark federal loan for its Thacker Pass lithium project in Nevada.The company confirmed on Wednesday... Keep Reading...
26 September
Top 5 Canadian Mining Stocks This Week: Lithium Americas Jumps 126 Percent
Welcome to the Investing News Network's weekly look at the best-performing Canadian mining stocks on the TSX, TSXV and CSE, starting with a round-up of Canadian and US news impacting the resource sector.Statistics Canada released its natural resource indicators report for the second quarter on... Keep Reading...
24 September
Lithium Americas Shares Spike as Trump Admin Seeks Equity Stake
The Trump administration is pressing for up to a 10 percent equity stake in Lithium Americas (TSX:LAC,NYSE:LAC) as it renegotiates the terms of a US$2.26 billion loan tied to the Thacker Pass project. Two people familiar with the talks told Reuters on Tuesday (September 23) that the stake was... Keep Reading...
Latest News
Latest Press Releases
Related News
TOP STOCKS
American Battery4.030.24
Aion Therapeutic0.10-0.01
Cybin Corp2.140.00