Drilling Results for the Bynoe Lithium Project

Charger Metals NL (ASX: CHR, ‘Charger’ or ‘the Company’) reports that it has received the majority of the outstanding assay results from the drilling completed at the Bynoe Lithium Project, Northern Territory, adjacent to the Finniss Lithium Mine owned by Core Lithium Ltd (ASX:CXO).

• Assay results have been received for 63 holes drilled across seven prospects at the Bynoe Lithium Project in NT
  • Results confirm lithium (Li) and tantalum (Ta) mineralisation in pegmatites at three of the prospects; results for a further 6 holes pending
• Ambient Noise Tomography (ANT) and ground gravity surveys have been completed over a large area in the northeast of the Bynoe Project
  • The data from geophysical surveys are being processed and modelled with the aim of detecting any potentially large “blind” pegmatite systems that do not outcrop
• Additional infill surface geochemical sampling and mapping programmes have also been completed in the northeast
• Preparation underway for field programmes at the Lake Johnston Lithium Project, including drilling programmes at the Medcalf Spodumene Prospect and Mt Day Lithium Prospect

Figure 1. Location map of the Bynoe Lithium Project and Finniss Lithium Project and the areas covered by the current ANT, ground gravity and surface geochemistry surveys.

However, the fractionation within the lithium- caesium-tantalum (“LCT”) pegmatites is not homogeneous, with the spodumene content of the pegmatite intersections inconsistent and low-grade.

Significant intersections to-date include:¹

• 7m @ 0.96% Li2O from 107m, including
• 5m @ 1.13% Li2O from 108m (CBYRC023);
• 16m @ 0.65% Li2O from 185m, including
• 1m @ 1.91% Li2O from 198m (CBYRC024);²
• 12m @ 0.49% Li2O from 267m, including
• 4m @ 0.84% Li2O from 275m (CBYD003);
• 5m @ 0.73% Li2O from 104m, including
• 1m @ 1.05% Li2O from 108m (CBYRC042); and
• 6m @ 0.50% Li2O from 53m (CBYRC051).

Assay results for a further 6 holes remain outstanding and are expected over the next four weeks.

The Company has now completed an ANT geophysical survey in the northeastern portion of the Bynoe tenure (Figures 1 & 2). ANT is a form of passive seismic surveying that uses ambient sound waves to detect contrasting rock units, and has been used to successfully detect “blind” pegmatite systems that cannot be seen at surface. This is a particularly useful exploration tool at Bynoe to “see” below the strong weathering profile at surface to potentially detect large pegmatite systems that do not outcrop.

The Company has also completed a ground gravity survey over the northeastern portion of the Bynoe Project (Figures 1 & 2). Petrophysical testwork completed on drill core from the Company’s diamond drilling has shown a significant density contrast between the pegmatites and the metasedimentary country rock. As such, ground gravity has the potential to detect significant pegmatite systems at Bynoe, particularly when modelled in conjunction with the ANT survey results. Processing of the ANT and gravity data is underway with modelling and target generation expected to be finalised in October.

Concurrent to the geophysical surveys Charger has finalised infill surface geochemical surveys over key prospective areas at Bynoe (Figures 1 & 2). Areas of no previous sampling or wide-spaced (400m) sampling were infilled to 200m line spacing. Assays are pending with results expected in late October.

Charger’s Managing Director, Aidan Platel, commented:

“We are encouraged by the recent assay results, which confirm our observations of spodumene within pegmatites at three of the seven prospects we have drilled to-date at Bynoe. Whilst the lithium results have been low-grade, where there is smoke there is fire, and we remain confident of intersecting economic lithium mineralisation given the numerous (>20) prospect areas identified within the large tenement area.

Given the “masking” effect at surface from the seasonally wet conditions which leach the lithium from the significant weathering profile, lithium exploration at Bynoe is difficult using the more traditional exploration methods (e.g. rock chip sampling). As such, we have completed concurrent ANT and gravity surveys which have the ability to delineate new high priority drill targets that are not apparent at surface, across prospective yet underexplored areas of the Bynoe Project. We look forward to seeing the modelled results of these surveys in October.

In the meantime, preparations are underway to resume exploration programmes at our Lake Johnston Project, in Western Australia, which will include diamond and RC drill programmes at the Medcalf Spodumene Prospect.”

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