Drilling Update for Charger’s Medcalf Spodumene Discovery

Charger Metals NL (ASX: CHR, ‘Charger’ or ‘the Company’) is pleased to confirm further encouraging spodumene pegmatites intersected at the Medcalf spodumene discovery, at its Lake Johnston Lithium Project in Western Australia.

• An additional 10 holes completed at the Medcalf spodumene discovery, near Lake Johnston WA, in addition to 17 holes drilled in late 2022.
• Stacked spodumene-pegmatites1 with apparent thicknesses of up to 13m2 intersected.
• Drilling is continuing to test for mineralised extensions, both along strike and at depth.

Charger’s Managing Director, David Crook, commented:

“Charger’s drilling programme at the Medcalf spodumene discovery got off to a very promising start in late 2022, with numerous spodumene-bearing pegmatites intersected. As the programme advances, similar sheeted pegmatites continue to be intersected within a 100m-wide structural zone as drilling progresses to the northwest, and also at depth.”

Summary of the drilling programme and geological observations

The Medcalf Spodumene Discovery represents a swarm of anastomosing to tabular pegmatites hosted in sheared amphibolite. Medcalf spodumene-pegmatites are members of the lithium- caesium-tantalum (LCT) pegmatite family (albite-spodumene type) and spodumene is clearly observed in many outcrops. Spodumene is the preferred mineral for the commercial production of lithium, which is one component of modern lithium batteries.

Reverse circulation drilling commenced during December 2022 (see ASX announcement dated 20 December 2022) and resumed in January 2023 (see ASX announcement dated 19 January 2023), with 40 holes in total planned. Currently assay results are expected by the end of February.

Spodumene-pegmatites were intersected on each of the 4 sections drilled to date. Individual units, up to 13m in width (allowing up to 2m of contiguous internal waste), have a strike direction of north- west - south-east and dip at approximately -40° towards the south-west (Figures 1 and 2). Thicker pegmatites are recorded on the north-western-most drill section indicating a possible north- westerly plunge to the mineralisation.

About the Lake Johnston Lithium Project

The Lake Johnston Lithium Project is located 450km east of Perth, Western Australia. Charger’s tenement portfolio ownership is described in Table 1.

Lithium prospects occur within a 50km long corridor along the southern and western margin of the Lake Johnston granite batholith. Key prospects include the advancing Medcalf Spodumene Prospect discovery and much of the Mount Day LCT pegmatite field, prospective for lithium and tantalum minerals.

The Lake Johnston Lithium Project has attracted considerable interest due to its proximity to the large Earl Grey Lithium Project under development by Covalent Lithium Pty Ltd (manager of a joint venture between subsidiaries of Sociedad Química y Minera de Chile S.A. and Wesfarmers Limited) located approximately 70km west of the Lake Johnston Project. Mt Holland is understood to be one of the largest undeveloped hard-rock lithium projects in Australia with Ore Reserves for the Earl Grey Deposit estimated at 189 Mt at 1.5% Li2O3.

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