Drilling Update For The Bynoe Lithium Project

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

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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