Lake Johnston Project Update

Charger Metals NL (ASX: CHR, “Charger” or the “Company”) is pleased to announce further high- grade lithium intersections from the final assays of its maiden drill programme at the Medcalf Prospect of the Lake Johnston Lithium Project, Western Australia.

• All assays have been received for the maiden reverse circulation (RC) programme completed earlier this year at the Medcalf Prospect of the Lake Johnston Project, WA
• Further high-grade lithium results returned from spodumene-bearing pegmatites, with new significant intersections including:
  • 4m @ 1.21% Li2O from 208m (23CRC017)
  • 3m @ 1.33% Li2O from 110m (23CRC018)
  • 3m @ 1.35% Li2O from 136m (23CRC018)
  • 3m @ 1.44% Li2O from 168m (23CRC018)
  • 3m @ 1.24% Li2O from 101m (23CRC022) ¹
• The drilling at Medcalf has delineated a swarm of stacked spodumene-bearing pegmatites up to 13m thick (down-hole) within a 100m wide corridor along 700m of strike and 250m down-dip ²
• The results from the maiden drill programme will be modelled to define priority targets for follow-up drilling to test for extensions to the high-grade lithium mineralisation
• An Aboriginal Heritage survey will commence this week at the Medcalf Prospect to prepare for the upcoming extensional drill programme

“The maiden drill programme at Medcalf was a great success, with significant high-grade lithium within logged spodumene-bearing pegmatites intersected on nearly every drill section. The potential for further high-grade lithium mineralisation at Medcalf remains open, and our team is now busy modelling the drilling results in order to define extensional targets for the next phase of drilling.

We will commence an Aboriginal Heritage survey later this week over the area immediately surrounding the Medcalf Prospect in order to be ready for the next phase of drilling. In parallel to this our technical team is busy defining exploration programmes for several other prospective target areas of the Lake Johnston Project, including the exciting Mt Day Prospect, and we’re looking forward to drill-testing these high priority prospects.”

Assays have now been received for all forty-one drill-holes of the maiden RC drill programme completed earlier this year at the Medcalf Prospect. Importantly, high-grade lithium was intersected on nearly every drill section (see Figure 1), correlating well with the logged intervals of spodumene-bearing pegmatites. Significant intersections from the drill programme include: ³

• 4m @ 1.21% Li2O from 208m (23CRC017)
• 3m @ 1.44% Li2O from 168m (23CRC018)
• 4m @ 2.06% Li2O from 145m (23CRC013)
• 6m @ 1.56% Li2O from 19m (23CRC006)
• 5m @ 1.41% Li2O from 83m (23CRC007)
• 6m @ 1.34% Li2O from 24m (23CRC003)
• 6m @ 1.06% Li2O from 47m (23CRC002)
• 5m @ 2.55% Li2O from 68m (22CRC002)
• 6m @ 1.52% Li2O from 26m (22CRC005)
• 5m @ 1.86% Li2O from 24m (22CRC007) and
• 4m @ 1.83% Li2O from 56m (22CRC007). ⁴

The lithium mineralisation at the Medcalf Prospect is hosted within a swarm of anastomosing to tabular stacked pegmatites hosted within sheared amphibolite. The pegmatites are members of the lithium-caesium-tantalum (LCT) pegmatite family (albite-spodumene type) and spodumene has been logged in both the drill chips and in many outcrops. Spodumene is the preferred mineral for the commercial production of lithium, which is one component of modern lithium batteries.

The spodumene-bearing pegmatites are up to 13m in width (allowing up to 2m of contiguous internal waste) and have been delineated on a northwest – southeast strike over 700m long. The pegmatites dip at approximately 40° towards the southwest and currently remain open at depth (Figures 1 and 2).

Upon receipt of the final assays the Company has initiated modelling of the spodumene-bearing pegmatites and the high-grade lithium mineralisation in order to plan follow-up drilling to target extensions of the mineralisation. As part of the preparations for the next phase of drilling, an Aboriginal Heritage survey will commence this week over the area immediately surrounding the Medcalf Prospect. Company geologists will accompany Traditional Owners of the Ngadju people to conduct the survey, which is expected to take several days.

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