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![Charger Metals](https://investingnews.com/media-library/charger-metals.png?id=52296442&width=1200&height=800)
Drilling Commences at Lake Johnston
Charger Metals NL (ASX: CHR, “Charger” or the “Company”) is pleased to announce that RC drilling is underway at its Lake Johnston Lithium Project (“Lake Johnston”), in Western Australia. This work is being funded by Rio Tinto Exploration Pty Limited (“RTX”) pursuant to RTX’s farm-in agreement with Charger in relation to the project.1
HIGHLIGHTS:
- Reverse circulation (RC) drilling has commenced at the Lake Johnston Lithium Project, WA.
- Two drill programmes for up to 5,000m in total will test priority lithium targets including:
- the strike extensions of the known high-grade spodumene mineralisation at the Medcalf Prospect; and
- first holes into the large surface lithium anomalies at the Mt Gordon Prospect.
- The programmes are expected to take 6 – 8 weeks.
Charger’s Managing Director, Aidan Platel, commented:
“We are excited to have commenced our RC drill programmes at Lake Johnston. The priority drill targets are in and around the Medcalf Prospect where we have previously confirmed a high-grade spodumene system. We are also eager to drill our first holes into the Mt Gordon Prospect which has excellent lithium potential, and will keep the market informed as results are received.”
Photograph 1 –RC drill rig set up on the first planned drill-hole to test the 1.2km trend of spodumene- bearing pegmatites to the southwest of the Medcalf Spodumene Prospect (see Figure 2).
RC drill programmes of up to 5,000m will test priority lithium targets at the greater Medcalf Prospect and the Mt Gordon 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.
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At-The-Market Raise
The 7,050,000 Galan shares will be issued out of the Company’s LR7.1A capacity. The issue price of $0.156 represents a discount of 8.8% to the 15-day VWAP of $0.171 to Friday 12 July 2024 (inclusive).
The funds raised will be put towards the further development of its Hombre Muerto West lithium brine project in Argentina and working capital.
In addition, Galan is pleased to advise that in accordance with Resolution 10 at its General Meeting held on Friday 12 July 2024 it has placed an additional 7,950,000 fully paid ordinary shares to Acuity Capital to top up the shares held as security against the ATM. The shares were issued for nil cash consideration and bring the total number of shares held as security held by Acuity Capital to 15,000,000 (“Collateral Shares”).
Galan has to date utilised the ATM to raise a total of $3,350,000 (see announcement dates above). The remaining standby equity capital available under the ATM is $11,650,000 and the ATM expiry date is 31 January 2029.
Please note there is no requirement on Galan to utilise the ATM and there were no fees or costs associated with the increase in Collateral Shares. The Company may at any time cancel the ATM, including buying back and cancelling the Collateral Shares for nil cash consideration (subject to shareholder approval).
Click here for the full ASX Release
This article includes content from Galan 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.
HMW Project Update
Galan Lithium Limited (ASX: GLN) (Galan or the Company) is pleased to provide a further update on the progress at its 100% owned Hombre Muerto West (HMW) Phase 1 lithium brine project. Lithium inventories continue to build in the HMW Phase 1 ponds, in line with Feasibility Study expectations, which will provide the feedstock for the HMW processing plant. Over the last month, Galan has re-worked its construction activities to preserve cash with a view to procuring both a definitive sales agreement and an associated funding package for the Project in the short term.
- In situ lithium mining inventory continues to build with over 2,800t LCE accumulating in ponds.
- Overall project completion is close to 40%.
- Project construction continues to advance at a pace commensurate with preserving cash. First production from HMW is now targeted for H2 2025.
- Average brine flow rate, well lithium grade and evaporation rates are in line with or better than those utilised in the Phase 1 Feasibility Study.
- Pond inventory management system in place to protect inventory and optimise evaporation process.
- Offtake partners shortlisted with Galan progressing towards a definitive sales agreement and associated funding package.
First 3 ponds completed, filled and evaporating
Overall completion of the HMW Phase 1 project now sits at approximately 40% with the ponds system at 60% capacity. The designed ponds system can allow an inventory, until H2 2025, of up to 10,000tpa LCE without the need for processing. Approximately 750,000 m2 of evaporation area has now been built, currently housing 2,800t LCE contained inventory. This current evaporation area is sufficient to produce a lithium chloride volume of approximately 3.0 ktpa LCE. The key processing parameters, including brine well average flow rates, lithium grades and evaporation rates are all aligned with the Phase 1 DFS. Due to the slower pace of construction activities, first production from HMW is now expected to be within H2 2025.
As previously announced, the HMW project was separated into four production phases. The initial Phase 1 Definitive Feasibility Study (DFS) focused on the production of 5.4ktpa LCE of a lithium chloride concentrate by H2 2025, as governed by the approved production permits. The Phase 2 DFS targets 21ktpa LCE of a lithium chloride concentrate in 2026, followed by Phase 3 production of 40ktpa LCE by 2028 and finally a Phase 4 production target of 60ktpa LCE by 2030. Phase 4 will include lithium brine sourced from both HMW and Galan’s other 100% owned project in Argentina, Candelas. The positive Phase 2 DFS results were announced on 3 October 2023 (https://wcsecure.weblink.com.au/pdf/GLN/02720109.pdf).
HMW Project looking south
Galan’s Managing Director, Juan Pablo (JP) Vargas de la Vega, commented:
“We are very proud of the solid progress made to date especially in light of current market conditions. During this time, the Board also made the prudent decision to strategically slow construction activities so as to preserve our cash.
Our current in situ inventory of 2,800t LCE has been the first step of our production pathway. Our inventory will continue to increase as we have a low energy cost operation that only requires brine pumps to operate. As a result, once Galan finalises sales and funding arrangements, which are progressing well, the Company will be in a strong position to produce a competitive low-cost lithium product.
It should also be noted that we have received strong international market interest in our HMW lithium concentrate. In our view, this evidence indicates that the current lithium pricing environment and market oversupply is not expected to be a long term trend.”
Click here for the full ASX Release
This article includes content from Galan 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.
Strategic Project Review Commenced: Gold and Copper Potential
Premier1 Lithium Limited (ASX:PLC) (“Premier1” or the “Company”) is pleased to provide an update on the Company’s activities including a recently commenced strategic review of all exploration assets. The strategic review follows the recent refresh of the board and management including new Managing Director, Chair and Exploration Manager, as well as the relocation of all company functions to Perth.
HIGHLIGHTS
- Board and management refresh is complete with new Managing Director, Chair and Exploration Manager now in place
- First phase field work at Abbotts North, Montague and Yalgoo lithium projects completed
- Strategic review of the current portfolio underway to define follow up exploration targets
- Additional gold and copper potential within the Abbotts North, Yalgoo, Boodanoo and Mount Magnet North projects being assessed
- The Company supported by Deutsche Rohstoff AG continues to seek new opportunities to strengthen the portfolio and generate shareholder value
Whilst lithium remains a core focus of the Company, there remains considerable potential for gold and copper mineralisation within the existing exploration portfolio.
The Company and new management are strictly committed to maintaining a disciplined investment and financial returns framework for testing its exploration projects as well as identifying new project opportunities.
Managing Director Jason Froud commented:
“While we currently review our existing lithium portfolio for the next round of exploration work, early indications from our internal review of the Company’s tenure are also highly encouraging for gold and potentially copper mineralisation. This allows us to maintain a parallel focus on multiple commodities over our existing projects whilst the lithium market remains weak. The Company’s long-term view of lithium remains positive and we continue seeking further transactional opportunities to strengthen our portfolio and generate shareholder value going forward.”
Following the completion of the first phase of field work at its main Abbotts North, Yalgoo and Montague projects, the Company is currently analysing all data including historic intercepts of pegmatites for interpretation and follow up lithium exploration targeting. As part of this, a strategic review of the current portfolio commenced to focus future exploration work on the most prospective areas and commodities (see Table 1 and Figure 1).
All recently collected data includes multielement analysis that allow for the review of other commodities at projects where the Company holds all mineral rights. This applies to Abbotts North, Yalgoo (except for REE), Mt Magnet North and Boodanoo. As part of the strategic review, Premier1 is focussing on the identification of gold and copper prospectivity within these projects. The gold and copper potential is considered to be a parallel work stream to the Company’s lithium exploration. The Company remains optimistic on the long-term outlook for lithium but expects a ‘U’ shaped recovery.
Table 1: Summary of projects within the Premier1 portfolio
Yalgoo Project - Gold Occurrences within the Yalgoo-Singleton Greenstone Belt
At the Yalgoo project, a number of gold occurrences are known within the Yalgoo-Singleton Greenstone Belt. Within the Premier1 tenure, there are known gold occurrences at the Wadgingarra, Cumberland Well and Federal prospects among others (Figure 2). Between 1985 and 1989, the Wadgingarra area was explored by Mount Kersey Mining who completed a 73 hole (2,971 m) RC drilling program around the historical gold workings. The intersected gold mineralisation is associated with narrow, subvertical quartz veins which were exploited by late 19th and early 20th century workings. This work resulted in the reporting of a historical resource estimate extending to only 40m below surface1. Only minor follow- up exploration has been completed since this program concluded and further gold potential exists at Bridge Well, Bourkes United and Bridge Well to the south.
The Wadgingarra prospect area is located approximately 12km south and along strike from Spartan Resources’ Yalgoo Gold Project (5.3Mt at 1.45g/t Au2). In this context, the Yalgoo project warrants an additional detailed review of its gold potential which will be completed over the coming quarter.
Click here for the full ASX Release
This article includes content from Premier1 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.
Update on "Expressions of Interest" RFI Process
CleanTech Lithium PLC (AIM:CTL, Frankfurt:T2N, OTCQX:CTLHF), an exploration and development company advancing sustainable lithium projects in Chile, comments on the Chilean Government's announcement yesterday on the "Expressions of Interest" ("RFI"), which is part of the process towards award of a Special Lithium Operating Contract ("CEOL") required to develop lithium projects in the country. As previously announced on the 17th June 2024, the Company submitted RFIs for the advanced Laguna Verde and Viento Andino projects and three others in Joint Ventures ("JV") and, as per yesterday's update, now expects to hear back by the end of August 2024. CTL believes it is well positioned to meet the criteria set out by the Government as evidenced by CTL's advancement in Direct Lithium Extraction ("DLE") and the existing alliance with the local communities to co-develop the Company's lithium projects.
On Tuesday 9th July, the Government confirmed a total of 88 RFIs were received for the available salars in Chile to develop lithium projects with over 80% indicating the use of DLE technologies. Further details of which companies or the number of submissions per salar were not provided.
According to the announcement the Government will engage local communities in July to inform them of the results of the RFI process and gather their views and concerns. The Government is currently analysing the projects by looking at the financial capacity of the company; estimated annual production; use of technology; experience in mining projects; level of project progress; among other criteria. The Government will then announce by the end of August the mechanisms for allocation over the prioritised deposits.
Steve Kesler, Executive Chairman and Interim Chief Executive Officer, CleanTech Lithium PLC, said:
"The Chilean Government has confirmed the RFI procedure is ongoing and that all applications made by interested parties are being reviewed, with a further update expected by the end of August. We remain very confident that our flagship project, Laguna Verde, which is the most advanced DLE project in Chile, will be prioritised by a Government that has said it wishes to see new lithium projects in production by 2026. We will continue to liaise with Government and the communities to seek the earliest award of a CEOL.
The Company has demonstrated that it is developing lithium projects in line with the objectives of the National Lithium Strategy, evidenced by the extensive groundwork we have completed over the past few years. We have an operational DLE pilot plant to sustainably extract lithium and have been pursuing early engagement with local communities with a co-signed agreement. Meanwhile, we continue our proactive work programme with further results from the DLE process work to be reported shortly."
For further information contact: | |
CleanTech Lithium PLC | |
Steve Kesler/Gordon Stein/Nick Baxter | Jersey office: +44 (0) 1534 668 321 Chile office: +562-32239222 |
Or via Celicourt | |
Celicourt Communications Felicity Winkles/Philip Dennis/Ali AlQahtani | +44 (0) 20 7770 6424 |
Beaumont Cornish Limited (Nominated Adviser) Roland Cornish/Asia Szusciak | +44 (0) 20 7628 3396 |
Fox-Davies Capital Limited (Joint Broker) Daniel Fox-Davies | +44 (0) 20 3884 8450 |
Canaccord Genuity (Joint Broker) James Asensio | +44 (0) 20 7523 4680 |
Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish's responsibilities as the Company's Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.
About Reach announcements
This is a Reach announcement. Reach is an investor communication service aimed at assisting listed and unlisted (including AIM quoted) companies to distribute media only / non-regulatory news releases into the public domain. Information required to be notified under the AIM Rules for Companies, Market Abuse Regulation or other regulation would be disseminated as an RNS regulatory announcement and not on Reach.
Notes
CleanTech Lithium (AIM:CTL, Frankfurt:T2N, OTCQX:CTLHF) is an exploration and development company advancing sustainable lithium projects in Chile for the clean energy transition. Committed to net-zero, CleanTech Lithium's mission is to produce material quantities of sustainable battery grade lithium products using Direct Lithium Extraction technology powered by renewable energy. The Company plans to be a leading supplier of 'green' lithium to the EV and battery manufacturing market.
CleanTech Lithium has two key lithium projects in Chile, Laguna Verde and Viento Andino, and hold licences in Llamara and Salar de Atacama, located in the lithium triangle, a leading centre for battery grade lithium production. The two major projects: Laguna Verde and Viento Andino are situated within basins controlled by the Company, which affords significant potential development and operational advantages. All four projects have direct access to existing infrastructure and renewable power.
CleanTech Lithium is committed to using renewable power for processing and reducing the environmental impact of its lithium production by utilising Direct Lithium Extraction with reinjection of spent brine. Direct Lithium Extraction is a transformative technology which removes lithium from brine, with higher recoveries than conventional extraction processes. The method offers short development lead times with no extensive site construction or evaporation pond development so there is minimal water depletion from the aquifer. www.ctlithium.com
IOCG and Epithermal Mineralisation Discovered in Maiden Field Program at Great Bear Lake
Canadian Government grants received to further exploration
White Cliff Minerals Limited (“WCN” or the “Company”) is pleased to announce that widespread, IOCG-U polymetallic, mineralisation has been visually observed1 during the first week of its maiden fieldwork program at its Great Bear Lake U-Cu-Au-Ag Project in northern Canada.
- Ongoing heli-supported field observations confirm the presence of widespread high-grade IOCG and epithermal mineralisation, some with potentially significant strike lengths
- New discoveries at Great Bear Lake include the Glacier prospect (“the Glacier”), a large outcropping IOCG mineralised system identified over more than 1,100m of strike to date, 1km northeast of the historic Echo Bay Mine
- Newly identified targets include:
- Mile Lake, where intense primary copper mineralisation has been identified along ~55m of outcropping rock before disappearing undercover.
- Rust, where 3 parallel structures have been identified, 3.5km east of the historic Eldorado Mine site, which returned several “off scale” (>65,000) counts per second (“CPS”) on the Company’s handheld RS-125 Super-SPEC scintillometer evidencing potential extensional high-grade uranium.
- Newly discovered crystalline herringbone-wire native silver occurrence along strike from main historical Bonanza Silver Mine
- Confirmation of the historic Thompson outcrop with visible uranium and cobalt mineralisation observed with semi- massive bornite-chalcopyrite
- Confirmation of historic Spud Bay, a bonanza Cu location located with trend extended and resampled over ±700m of outcropping strike length before disappearing under cover
- Confirmation of Sparkplug, a Cu location, with the definition of a 430 x 160m zone of copper epithermal mineralisation at the periphery of an IOCG prospective collapse structure
- Assay results to follow with the first batch of 95 samples already dispatched to ALS Laboratories in Yellowknife
- Works associated with MobileMT, the heli-mounted latest aerial technology for the collection of magnetic and conductivity data have commenced and continue
- Further updates to follow as exploration activities continue at Great Bear Lake. All pre mobilisation activities completed for Nunavut Project with field works to commence in coming weeks
- CAD$168,000 grant has been received from the Canadian Government to be applied towards further exploration activities at Great Bear Lake U-Cu-Au-Ag and Nunavut Cu-Ag-Au Projects
“Finally, we are on the ground! We could not be any more impressed with what we have seen in such a short period of time. This Project is clearly under-explored with new potential discoveries having been made continuously and immediately. This, coupled with confirmation of the historic mineralised trends at Spud Bay and Thompson really impresses the potential for district scale opportunity across a polymetallic suite of minerals. The first batch of samples have already been dispatched to the labs and we are looking forward to those results in the next month or so; those results we hope will validate our expectations and also provide us with further potential upside for precious metal contents not visible in the field. We look forward to update further with relation to Great Bear Lake exploration activities along with our highly anticipated program at Nunavut.
This maiden campaign is the culmination of the team in Canada’s brilliant work, led by our Executive Director Eric Sondergaard. Their ability to ensure permitting was facilitated and granted in a timely manner, that aligned with our schedule and to successfully gain the grant from the Canadian Government to allow us to further our exploration activities was world class.”
Troy Whittaker - Managing Director
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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.
Entitlement Offer Prospectus
This Prospectus is primarily being issued for a non-renounceable pro-rata offer to Eligible Shareholders of one new Share for every six Shares held on the Record Date, at an issue price of $0.30 per new Share, together with two free Attaching Options for every two new Shares subscribed for (Entitlement Offer).
This Prospectus is also being issued for the Top-Up Offer, Shortfall Offer and Placement Options Offer.
The Entitlement Offer and Top-Up Offer close at 5.00pm (AWST) on 29 July 2024.*
Click here for the full ASX Release
This article includes content from Jindalee Lithium 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.
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