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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
Assays have been received for 3 diamond drill-holes and 60 reverse circulation (“RC”) drill-holes from seven prospective target areas at Bynoe, with the results confirming lithium and tantalum mineralisation at three of the prospects: Enterprise, Utopia and 7Up (Figures 2 – 4).
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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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
Quarterly Activities/Appendix 5B Cash Flow Report
HIGHLIGHTS
1. High Grade Lithium Results The latest drill results at the Rio Grande Sur Project demonstrated lithium concentrations exceeding 500mg/L, enhancing project value and supporting an anticipated resource upgrade. These results reenforce the project’s significant potential
2. Pilot Plant Milestone On Track
The 250 tpa Lithium Carbonate Pilot Plant is set for initial production by late 2024, a key milestone that moves the project closer to generating revenue and showcases Pursuit’s commitment to advancing value-creating phases.
3. Focused Resource and Feasibility Expansion With recent drill data, Pursuit is targeting a resource upgrade and continues its feasibility study scheduled for delivery in H1, 2025. These developments pave the way for potential commercial scaling, aligning with value driven growth.
4. Offtake Discussions Ongoing
Advanced negotiations for offtake agreements for lithium carbonate from the Pilot Plant focus on securing product demand and building revenue streams, all whilst minimising cash burn and supporting continuous production targets.
5. Strategic Review of Commando Gold Project The Commando Gold Project, with high grade intersections and renewed market interest, is being evaluated for review for potential exploration or partnerships, aligning with Pursuit’s low-cost strategy to create shareholder value from underutilised assets.
PROJECT DEVELOPMENT
During the September 2024 quarter, Pursuit Minerals Ltd (“Pursuit” or “Company”) has continued to advance through numerous engineering and geological workstreams, permitting approval processes and stakeholder engagement activities at our flagship Rio Grande Sur Lithium Project in the Salta province of Argentina.
Rio Grande Sur (RGS) Lithium Project Argentina
The Rio Grande Sur Project comprises of 5 tenements prospective for lithium on the Rio Grande Salar in the Salta province of Argentina, in addition to a Lithium Carbonate Pilot Plant located in the city of Salta. The five tenements cover approximately 9,233 hectares (Table 1).
Table 1 – Rio Grande Sur Tenement Schedule
Rio Grande Sur Stage 1 Drilling Campaign.
During the quarter, Pursuit announced the preliminary results of Drill Hole 2 / DDH-2 at the Sal Rio 02 tenement (announcement dated 29 August 2024) with full results announced following the end of the period (See announcement dated 30 October 2024.)
DDH-2 achieved a depth of 500m, with Pursuit’s on-site geologists and drilling team having been extremely encouraged by the geological units encountered across the depths of the hole.
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This article includes content from Pursuit Minerals, 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.
Significant High-Grade Lithium Achieved Following Completion of Drill Hole 2 at Rio Grande Sur
HIGHLIGHTS
- Drillhole 2 (DDH-2) at the Sal Rio 02 tenement of the Rio Grande Sur Project, has been completed with substantial high grade intercepts of lithium brine discovered at depths as low as 484m.
- High-grade assays include the following intervals:
- 527mg/L (“milligrams per liter of Lithium”) from an interval of 263m to 265m
- 520mg/L from an interval of 63m to 65m
- 511mg/L from an interval of 159m to 161m
- 506mg/L from an interval of 121m to 123m
- Importantly, some of these grades over 500mg/L were discovered at depth and are beneath the currently calculated mineral resource estimate and are expected to add to its size and grade.
- With completion of DDH-2 the drilling crew has demobilised from site. Demobilisation and suspension of drilling activities whilst interpretting the results from the first two holes has significantly reduced expenditure levels.
- The Stage 1 Drilling Program is targeting resource growth to the existing inferred JORC resource of 251.3kt LCE @ 351mg/L1.
- Following completion of DDH-2, Company’s focus is now on production of Lithium Carbonate from 250tpa Pilot Plant in Salta.
In relation to the completion of DDH-2 at the RGS Project, Pursuit Managing Director & CEO, Aaron Revelle, said:
“The results from DDH-2 continue to be significant as we demonstrate the world class potential of the Rio Grande Sur Lithium Project. With completion of DDH-2, we are seeing consistent increases in Lithium grades to depths both through and below the current mineral resource estimate with the results confirming the potential large scale of the project which the Company anticipates will support a significant low cost, high-grade long-term Lithium carbonate operation. With outstanding high grade brine intercepts of ~500mg/L at depths of ~60m and those grades continuing to ~380m, the project is continuing to exceed our expectations.
“We continue to progress with permitting at our highly prospective Mito tenement in the north of the Rio Grande Salar which will be the location of DDH-3, with the planned location of the hole less than 2km from a neighbouring companies drill hole which achieved 900mg/l Li intercepts being some of the highest grades achieved in Argentina. The decision to drill DDH-3 will be made in 2025, following completion of the permitting process as well as the interpretation of the first 2 drill holes into the resource model which is expected to yield a significant scale where future exploration expenditure may only be warranted in more favourable market conditions.
“In the immediate term we continue works at our Lithium Carbonate Pilot Plant which remains on track to produce our first Lithium Carbonate in the coming months, with Pursuit advancing off-take discussions with multiple requests for product samples from potential off-take partners.”
High-Grade, Deep Depth Lithium Brine Assay Results
Drillhole 2 (DDH-2) of the Stage 1 drilling program was completed on site at the Rio Grande Sur Project in October 2024 having reached a depth of 500m.
Throughout the progress of Drillhole 2, the on-site geologists and drilling team were extremely encouraged by the geological units encountered across the depths of the hole. Of particular interest were 2 sections, the first between 122 and 186 meters, where a sequence of porous sandstone, occasionally interbedded with anhydrite returned lithium grades up to 511 mg/L. A second significant interval was encountered between 240-300m formed by sandstone alternating with gravel, associated with grades up to 527 gm/L of lithium. Both sections returned highly positive results for RBRC (Relative Brine Release Capacity) and Specific Yield, important factors when taking into account locations of pumping well locations for production.
Table 1 – Lithium Assays, Interval Data and Drillhole Collar
Intercepts from DDH-2 have shown highly favourable geology in line with, and exceeding expectations from historical drilling (to depths of 50m) carried out on the Rio Grande Salar. Lithium brine sample grades from the sampling of the hole are averaging above 500mg/L Li against the average grade of 351mg/L Li used to develop the current Mineral Resource Estimate (“MRE”). Additionally, the mineralisation extended to a depth of ~480m also well below the depth used to develop the MRE1.
Click here for the full ASX Release
This article includes content from Pursuit Minerals, 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.