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Charger Metals NL (ASX: CHR, ‘Charger’ or ‘the Company’) is pleased to provide an update on the maiden RC drilling programme at the Bynoe Lithium Project, Northern Territory.
- First-pass “reconnaissance” reverse circulation (RC) drilling has been completed at the Megabucks and Old Bucks Prospects at the Bynoe Lithium Project, Northern Territory
- 14 drill-holes were completed across the two prospective target areas for 2,045m
- Pegmatites1 up to 36m thick (down-hole) with varying degrees of weathering were successfully intersected at both prospects
- Drilling is now underway at the Enterprise Prospect with the first hole (114m) completed
- Remote Drilling Services Pty Ltd (RDS) is now on-site for a further ~2,000m programme which will initially focus on the Enterprise Prospect
- Samples from all completed drill-holes have been submitted to the laboratory, with first assays expected within the next two weeks
Fourteen drill-holes for 2,045m have been completed as first-pass “reconnaissance” drilling at the Megabucks and Old Bucks Prospects (Figure 1). The holes were designed to confirm the presence and size of the pegmatites observed at surface, and to test any pegmatite intersections for potential economic lithium mineralisation.
Pegmatites of varying thickness up to 36m (down-hole) were intersected at both prospects, with weathering ranging from completely oxidised through to predominantly fresh rock in the deeper intersections (Table 1).
All samples from the completed drill-holes have been submitted to the Intertek laboratory in Darwin, with the first batch of results expected within the next two weeks.
First-pass drilling is now underway at the Enterprise Prospect, with the first completed hole recording a shallow 8m intersection of completely weathered pegmatite (Table 1). The programme at Enterprise is continuing with another local drilling contractor, Remote Drilling Services Pty Ltd, using a drill rig capable of drilling to 250m where required. As the ground conditions continue to dry out and improve, the RDS rig will drill a planned ~2,000m at the Enterprise Prospect, as well as deeper holes at the Megabucks and Old Bucks prospects. The programme will also test new emerging drill targets in the area that have been generated from recent reconnaissance mapping by the Company’s geologists.
Charger’s Managing Director, Aidan Platel, commented:
“We are pleased with the progress of our maiden drill programme at Bynoe, despite some difficult ground conditions initially. We have completed the first 2,000m across the Megabucks and Old Bucks Prospects and successfully intersected pegmatite1 units, albeit with variable degrees of oxidation and weathering.
With the more capable drill rig now on-site we have the ability to drill deeper into the fresh rock, which is important because lithium is often leached from the host rock by the weathering process.
We look forward to drilling the planned holes at the Enterprise Prospect, and to testing some of our new drill targets which continue to emerge as our technical team spend more time on the ground.
All samples to-date have been submitted to the Intertek lab in Darwin and we look forward to updating the market when the assay results are received.”
Figure 1. Location of the completed RC drill-holes at the Old Bucks, Megabucks and Enterprise Prospects of the Bynoe Lithium Project. Core Lithium’s drill-holes at its Blackbeard Prospect are shown for reference. 2
Cautionary Note
Throughout this document Charger refers to “pegmatite”. While the Company is encouraged by its geological observations, no quantitative or qualitative assessment of lithium mineralisation is possible at this stage. Drilling widths reported are down-hole and no estimate of true width is given. The observed presence of pegmatite does not necessarily equate to lithium mineralisation until confirmed by chemical analyses which are currently underway.
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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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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.
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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.