Exploration Update for the Bynoe Lithium Project

Charger Metals NL (ASX: CHR, ‘Charger’ or ‘the Company’) is pleased to provide an update on its exploration activities at the Enterprise Prospect of the Bynoe Lithium Project, Northern Territory.

• Ambient Noise Tomography (ANT) survey has commenced over the northeast area of the Bynoe tenement which remains relatively underexplored
• Ground gravity survey has also commenced over a large area in the northeast of the Bynoe tenure
• The results from the two geophysical surveys will be used to detect any potentially large “blind” pegmatite systems that do not outcrop at surface
• Infill surface geochemical sampling and mapping is underway over prospective areas to the east and northeast of the tenure
• Nearly 12,000m of drilling has been completed to-date at Bynoe across 7 prospective target areas. Results will be released in batches when received, and are expected from mid-September

Simultaneously the Company has initiated a ground gravity survey over the northeastern portion of the Bynoe Project (Figure 1). 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.

Concurrent to the geophysical surveys Charger has commenced infill surface geochemical surveys over key prospective areas at Bynoe (Figure 1). Areas of no previous sampling or wide-spaced (400m) sampling are being infilled to 200m line spacing. This is important given that the known lithium-bearing pegmatites in the region typically have a strike length of 300m or less.

All three surveys will be completed in the next four to six weeks, with modelling and target generation completed in October.

Reverse-circulation and diamond drilling has continued at the Bynoe Lithium Project. Sixty-three RC holes for 10,009m and six diamond drill-holes for 1,915.16m have been completed over seven prospect areas (Figure 2). Assay turnaround times have increased due to a number of factors such as sampling processing time and an influx of samples at the laboratory. The Company intends to release the assays results in batches when they are received, with the first significant batch of results expected in mid-September.

Charger’s Managing Director, Aidan Platel, commented:

“The Company has completed a significant amount of drilling to-date at Bynoe across several key prospect areas, and we look forward to receiving the assay results for each of the target areas that have been drill-tested so far.

In addition to systematically drill-testing seven of the numerous (>20) prospects already identified, the Company has initiated simultaneous ANT, gravity and surface sampling surveys in key areas of the Bynoe Project that are currently considered prospective yet underexplored. The surveys have the ability to delineate new high priority drill targets, including targets that are not apparent at surface, and we look forward to seeing the results and modelling of these surveys in October.”

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

Figure 2. Prospect location map of the Bynoe Lithium Project showing the prospects that have been drill-tested to-date (in red).

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