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Liquid Assets & Future Proceeds from Divestments
Chariot Corporation Limited (ASX:CC9) (“Chariot” or the “Company”) is pleased to announce an update on the Company’s direct and indirect holdings in Australian Stock Exchange (“ASX”) and Canadian Stock Exchange (“CSE”) listed companies (together, the “Liquid Assets”) and the potential future proceeds from previous divestments of ‘non-core’ assets (“Future Divestment Proceeds”).
HIGHLIGHTS:
- Chariot holds a 24.08% membership interest in Mustang Lithium LLC
- Mustang Lithium LLC holds cash, listed shares and the right to potential future proceeds from previous divestments of certain mineral assets
- Chariot continues to hold a direct interest in listed shares in St George Mining Ltd, which were previously received as part of the payment from the sale of seven (7) projects in Western Australia to Lithium Star Pty Ltd, a wholly owned subsidiary of St George Mining Ltd
- Chariot continues to monitor its interest in shareholdings in a number of public companies listed on the ASX and CSE for potential value creation and/or liquidity
Mustang Lithium LLC
On 24 May 2024, FMS Lithium Corporation (“FMSL”) distributed all of the membership interests in Mustang to certain former shareholders of FMSL including Chariot (the “Mustang Distribution”). Chariot received 24.8243 units in Mustang and after the issuance of units to consultants, retains units representing a 24.08% membership interest in Mustang.
Mustang holds 100% of the membership interests of Horizon Lithium LLC (“Horizon”), Halo Lithium LLC (“Halo”) and Lithic Lithium LLC (“Lithic”) which were formerly subsidiaries of FMSL. Each of Halo, Horizon and Lithic hold or held certain claystone hosted lithium projects in Nevada, USA which have been described in previous announcements made by the Company (together the, “Mustang Projects”). Each of these projects are subject to an agreement with a publicly listed counterparty interested in developing the relevant project under which the subsidiary may receive future payments from the counterparty payable in cash and/or listed shares.
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This article includes content from Chariot Corporation, 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.
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Chariot Corporation
Investor Insights
Chariot Corporation presents a unique value proposition for seasoned investors, with its strategic ownership of the largest land package for lithium exploration in the US and a portfolio of non-core assets providing significant revenue opportunities.
Overview
Chariot Corporation (ASX:CC9) is the largest landholder for lithium exploration in the US. It has a strategy to target both hardrock lithium in Wyoming and claystone lithium in Nevada and Oregon. The flagship Black Mountain project in Wyoming has shown significant mineralization with grades of up to 6.68 percent Li2O from rock chip samples. Chariot’s six other hard rock projects in Wyoming span 443 claims covering 3,585 hectares.
The second flagship project, Resurgent, has the second largest land position in the McDermitt Caldera, which hosts the two largest lithium resources discovered to date (Thacker Pass with 19.1 million tons (Mt) lithium carbonate equivalent (LCE) and McDermitt at 21.5 Mt LCE). The recent $650-million investment in Thacker Pass by General Motors indicates interest from automakers looking to secure a supply of battery raw materials. The McDermitt Caldera’s size and scale potential present an opportunity for Automotive OEMs, battery manufacturers and others to obtain large-scale supply to meet their growth plans.
The automaker's EV targets and government policies banning new internal combustion engine (ICE) car sales could propel lithium demand to 3.7 Mt by 2030, according to projections from mining giant Albemarle. This implies a CAGR of more than 20 percent between 2022 and 2030.
As the world's demand for lithium continues to grow, Chariot's exploration and development efforts in the US are well-timed and offer investors exposure to the rapidly growing lithium market.
Chariot has been actively focusing on creating value through the divestment of selected lithium assets. Four such assets have been divested so far through sale and/or option agreements with publicly listed companies. These transactions can potentially generate up to an estimated US$5.1 million in cash and stock-based consideration, in addition to future royalty payments for Chariot. The company currently has four additional projects that may be potential divestment opportunities, including Lida and Amargosa (Nevada), Mardabilla (Western Australia) and Nyamukono (Zimbabwe).
The company believes its two core projects, Black Mountain and Resurgent, represent early, prospective lithium opportunities in the United States. Chariot has completed its phase 1 drill program at the Black Mountain project consisting of nine shallow holes, drilled from a total of 1,132 metres. The company plans to recommence exploration work at Black Mountain and engage in exploration activities at its six other lithium-caesium-tantalite pegmatite projects in Wyoming. Phase 2 drilling at Black Mountain will comprise 3,000 to 4,000 metres utilizing cost-efficient, man-portable rigs as a precursor to a larger truck-mounted drilling program.Following the AU$9-million IPO, Chariot is now fully funded to execute its exploration plans over the next two years, of which nearly a significant proportion will be spent on the Black Mountain project.
Concurrently, the company plans to continue exploration activities at the Copper Mountain project, South Pass, Wyoming Regional and the Resurgent project to define targets for future drilling.
Chariot boasts a world-class team with strong track records in mining, exploration and the financial services sectors. The management has significant corporate and investment banking experience. Non-executive chairman Murray Bleach was formerly the CEO of Macquarie in North America, while the CEO, Shanthar Pathmanathan was an oil and investment banker with Macquarie and Deutsche Bank. On the geological side, Neil Stuart who is a non-executive director is a lithium industry veteran having previously founded Orocobre Ltd (which later merged with Galaxy Resources) to form Allkem Ltd, one of the largest lithium producers in the world. The exploration team is led by Dr. Edward Max Baker, a geologist with over 40 years of experience and several discoveries. He was the chief geologist at Newcrest Mining, MIM Holdings, Rennison Goldfields and Mount Isa Mines. The collective experience of the management team, from investment banking (with fundraising and M&A experience) to resource discoveries, will be useful in advancing the company’s core projects.
Company Highlights
- Chariot Corporation is a mineral exploration company focused on discovering and developing high-grade and near-surface lithium opportunities in the US.
- Chariot holds the largest land position for lithium exploration in the US with hard rock lithium and claystone hosted lithium exploration assets.
- The company commenced trading on the ASX in October 2023 after closing a highly sought-after and oversubscribed A$9 million initial public offering (which is in addition to AU$14.8 million being raised privately to assemble the portfolio).
- It is currently focused on its two core projects in the US: (1) the Black Mountain project, a hard rock lithium project located in Wyoming; and (2) the Resurgent project, a claystone lithium project located in Oregon and Nevada.
- Chariot also holds an exploration pipeline of six projects in Wyoming including Copper Mountain, South Pass, Tin Cup, Barlow Gap, Pathfinder and JC projects. These projects are prospective for hard rock lithium.
- The company’s portfolio includes several additional projects prospective for hard rock (Western Australia and Zimbabwe) and claystone lithium (Nevada, USA).
- Chariot also holds interests in several projects that have been either sold or conditionally divested through option agreements to publicly listed companies. Each of the divested projects are operated by a publicly listed counterparty and depending upon the particular transaction, the projects generate additional revenue for Chariot in the form of future payments and royalties.
- Chariot offers investors exposure to the nascent and rapidly growing US lithium market.
Key Projects
Black Mountain Project, Wyoming
County, approximately midway between Casper and Riverton, Wyoming. Chariot initially held a 91.9 percent stake in the project with 134 mining claims covering 878 hectares. In 2024, the company expanded the project with 218 contiguous claims resulting in a 206 percent increase in project tenure area. Black Mountain now comprises 352 claims covering 2,686 hectares of tenure which subsequently increased Chariot's ownership interests in its Wyoming lithium portfolio to 93.9 percent.
The project is well-serviced by existing roads and infrastructure. The claim area was acquired via claim staking of public land administered by the US Bureau of Land Management.
The project features large pegmatite outcrops at the surface with spodumene and tantalum mineralisation. Surface rock chip samples returned assays of up to 6.38 percent lithium oxide.
Black Mountain may represent a significant hard rock lithium opportunity in a tier-1 mining jurisdiction in the US. The asset features an excellent combination of geological factors, and a supportive regulatory regime and is located in a largely unpopulated part of Wyoming.
Resurgent Project, Nevada and Oregon
The Resurgent project is a claystone-hosted lithium project located in the McDermitt Caldera in Oregon and Nevada. The company owns a 79.4 percent stake in this project. The Resurgent project comprises 1,450 claims covering 12,128 hectares and is further subdivided into two principal claim areas, identified as ‘Resurgent North’ and ‘Resurgent East.’ Chariot has the second-largest land position in the McDermitt Caldera, which hosts two of the largest lithium mineral resources in North America, with a combined mineral resource estimate of over 40 Mt LCE - Thacker Pass at 19.1 Mt LCE and McDermitt at 21.5 Mt LCE.
The Resurgent North project targets the same sedimentary units that host Jindalee Resources' (ASX:JRL) McDermitt project with a mineral resource estimate of 21.5 Mt LCE. A surface sampling campaign at Resurgent North conducted in 2021 involving 289 samples returned values as high as 3,865 ppm lithium (over three times typical lithium claystone MRE cut-off grade). Of the 289 samples, 70 samples returned values greater than 100 ppm lithium, 20 samples returned values greater than 1,000 ppm lithium and 10 samples returned values greater than 2,000 ppm lithium.
The Resurgent East project targets the same sedimentary units that host Lithium Americas’ (NYSE:LAC) Thacker Pass lithium deposit (MRE at 19.1 Mt LCE). The similarity in geological characteristics with the two largest lithium deposits in the US further validates the potential for a large-scale high-grade lithium discovery at Resurgent.
Exploration Pipeline Projects
Besides the two core projects, the company has a pipeline of six lithium exploration projects comprising 443 claims and covering 3,585 hectares. Each of them is described below:
- Copper Mountain Project: The project is located ~80 kilometres northwest of Black Mountain in Fremont County, Wyoming. It comprises 83 mining claims covering 648 hectares. Copper Mountain has a long history of prospecting and artisanal-scale production having been historically mined for mica, feldspar, beryl, lepidolite and tantalite. The company has already identified multiple pegmatite target areas and has plans for a geochemical and ground magnetics survey in addition to geological mapping.
- South Pass Project: The project is located in Fremont County, Wyoming, and comprises 214 mining claims covering 1,750 hectares. This is a large and highly prospective project with an abundance of outcropping pegmatites that occur in swarms. The company notes the individual pegmatites at the project could range up to several hundred metres wide and several thousand metres long. There has been no prior exploration for hard rock lithium in the South Pass project area.
- Regional Wyoming Exploration Pipeline Projects: It comprises four hard rock lithium mining projects namely Tin Cup, Pathfinder, Barlow Gap and JC, comprising 146 mining claims covering 1,146 hectares.
- Barlow Gap Project: This project is located in Natrona County, Wyoming, and comprises 60 mining claims covering 501 hectares. This is an early-stage hard rock lithium exploration project with outcropping pegmatites on a northeast trend.
- Tin Cup Project: The project is located in Fremont County, Wyoming, and comprises 45 mining claims covering 376 hectares. There is a long history of exploration at The Tin Cup mining district dating back to 1907. The region has been known for small-scale mining for gold, copper and various gemstones including red jasper, ruby and jade. This is an early-stage hard rock lithium exploration project with outcropping pegmatites.
- Pathfinder Project: This is an early-stage hard rock lithium project located in Natrona County, and comprises 32 mining claims covering 234 hectares.
- JC Project: Located in Fremont County, Wyoming, the project comprises nine mining claim blocks spanning 75 hectares. This is an early-stage hard rock lithium exploration project that features several small excavation pits and outcropping pegmatite dykes.
Divestment Projects
Chariot has been actively focused on creating value via divestment of selected lithium assets in its portfolio, which includes the following assets: Halo (Chariot’s ownership 21.4 percent), Horizon (Chariot’s ownership 21.4 percent), Lithic & Mustang (ownership 21.4 percent) and the WA Lithium portfolio (Chariot was the 100 percent owner of this property prior to the sale to St George Mining Ltd). These divestments, once executed, can potentially generate more than US$5 million in gross proceeds (cash and stock-based consideration) for Chariot in addition to future royalty payments.
The company has identified four more projects for divestment: Lida project (Nevada), Amargosa project (Nevada), Nyamukono project (Zimbabwe), and Mardabilla project (Western Australia).
Management Team
Shanthar Pathmanathan – Managing Director
Shanthar Pathmanathan has 14 years of investment banking experience in the metals and mining, oil and gas and chemicals sectors. He was the CEO and managing director of Lithium Consolidated, an ASX-listed company, which had one of the largest portfolios of hard rock lithium exploration assets, globally. Before that, he held various investment roles with Deutsche Bank and Macquarie Group. He has a Bachelor of Laws from the University of Western Australia.
Frederick Forni – Executive Director
Frederick Forni is a senior finance professional with over 25 years of investment banking experience. He was a former senior managing director of Macquarie Holdings (USA) and held non-executive director roles with numerous Macquarie Group entities and GLI Finance Ltd. He holds a B.A. in economics from Connecticut College, a J.D., awarded cum laude, from Georgetown University Law Center and an LL.M. in taxation from New York University Law School.
Neil Stuart – Non-executive Director
Neil Stuart is an exploration geologist with over 40 years' of experience and is a member of The Australian Institute of Geoscientists and a Fellow of The Australasian Institute of Mining and Metallurgy. He was a founding director of Orocobre Limited, now Alkem (ASX:AKE). He has considerable experience across several commodities and was heavily involved in project delineation and acquisition in Australia, Mexico and Argentina. Over the last 20 years, he was involved with the exploration and commercial development of lithium projects. Stuart is on the board of numerous ASX-listed companies and is a graduate of the University of Melbourne (BSc.) and James Cook University (MSc.).
Dr. Edward Max Baker – Geological Consultant
Dr. Edward Max Baker is a Ph.D. geologist and a fellow of AusIMM. Baker has over 40 years of experience and has made several discoveries. Baker was chief geologist for Newcrest Mining, MIM Holdings, Rennison Goldfields and Mount Isa Mines. Baker was co-founder and previously a vice-president of exploration at New York Stock Exchange-listed Integra Resources (NYSE:ITRG).
Ramesh Chakrapani – Chief Strategy Officer
Ramesh Chakrapani has over 20 years of experience in the investment banking and alternative asset investing space. Of which, over 15 years were spent at The Blackstone Group where he was a managing director and a member of the Hedge Fund Solutions Special Situations Investing Group. Chakrapani has invested across a diverse set of industries, asset classes, geographies and liquidity profiles, and has represented The Blackstone Group on the boards of selected investments. He has a B.A. from Yale University.
David Bethke – Exploration Geologist
David Bethke is an exploration geologist with 6 years of experience working primarily in the Mountain West and Alaska regions of the United States, specializing in both gold and lithium deposits. During his career, he has worked closely with companies such as Jindalee and United Lithium to explore, sample, drill, and map lithium deposits hosted in both hard rock and claystone. In Alaska, he has worked in production for multiple well-known gold mining companies, including Coeur Mining and Northern Star Resources. David graduated cum laude from the University of Idaho with degrees in geology and Spanish.
Quarterly Activities/Appendix 5B Cash Flow Report
Pursuit Minerals Ltd (ASX: PUR) (“PUR”, “Pursuit” or the “Company”) is pleased to present its activities report for the quarterly period ended 30 September 2024.
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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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.
Quarterly Activities and Cashflow Report for the quarter ended 30 September 2024
HIGHLIGHTS
- Heli supported maiden field sampling and reconnaissance programme that focused on priority areas close to existing and established infrastructure at Rae and Great Bear projects delivers extraordinary rock chip assay results across both.
- The Company appointed Mr. John Hancock as Strategic Advisor of the Company during the quarter. Post the end of the quarter, the Company successfully raised $5m (before costs) cornerstoned by Mr Hancock Cash completed at a premium ($0.025) of 8.5% to the preceding 15-day VWAP.
- The Company is now fully funded for its maiden drilling program at the Rae Copper Project in 2025.
Rae Project
- Rock samples from extensive outcropping massive chalcocite veins returned exceptional copper-silver ± gold and confirm what is believed to be the first major discovery at Rae.
- At Don project area, several parallel outcropping massive chalcocite veins running roughly NE/SW have been identified over an area of more than 2km2 and returned results of:
- 64.02% Cu and 152g/t Ag (4.88oz/t) (F005965)
- 62.02% Cu and 162g/t Ag (5.20oz/t) (F005966)
- 50.48% Cu and 102g/t Ag (3.28oz/t) (F005959)
- At Pat, ±4.4km along strike from DON & around 600m of visual outcrop, returned assays of:
- 55.01% Cu and 37g/t Ag
(F005977)
- 46.07% Cu and 46g/t Ag
(F005984)
- 44.43% Cu and 32g/t Ag (F005979)
- 55.01% Cu and 37g/t Ag
(F005977)
- At Rocket, host to the historic Cu-TAR occurrence, 3 parallel chalcocite dominant vein systems were sampled along a strike length exceeding 380m within an area of ±400m x 200m, returning:
- 54.12% Cu
and 14g/t
Ag
(F005950)
- 53.82% Cu
and 27g/t
Ag
(F005949)
- 53.47% Cu and 26g/t Ag (F005935)
- 54.12% Cu
and 14g/t
Ag
(F005950)
- At the Thor System, host to the historic HALO occurrence a total strike length of over >800m of copper mineralisation was identified and sampled, Results included:
- 54.02% Cu and 34g/t Ag
(F005921)
- 25.7% Cu and 22g/t Ag
(F005922)
- 24.4% Cu and 12g/t Ag (F005927)
- 54.02% Cu and 34g/t Ag
(F005921)
Post period, the Company announced geophysical results at its primary sedimentary hosted copper target – the Hulk district identifying significant conductive anomalies.
- the Hulk exploration district has expanded to cover 152km2 within a larger, broader sub-basin that has interpreted dimensions that exceed 20km by 10km as a result of a further land acquisition at Rae
- Analysis and interpretation of the survey completed in conjunction with Expert Geophysics has identified three, distinct, conductive anomalies at the Hulk sedimentary target
- These target areas are fault controlled, sub basins covering > 20km of strike across the Rae Group sediments within the Hulk target area. The three targets are:
Great Bear Project
- Widespread, high-grade, Copper, Gold and Silver IOCG mineralised structures confirmed within the Great Bear Lake Project. A 1.1km intensely mineralised E/W structure at Phoenix returned impressive Copper, Gold, Silver and Cobalt results include:
- 42.60% Cu, 2.28g/t Au, 159g/t Ag, 0.36% Co (F005437)
- 39.50% Cu, 3.54g/t Au, 181g/t Ag, 0.23% Co (F005436)
- 39.50% Cu, 2.28g/t Au, 131g/t Ag, 0.20% Co (F005435)
- 3.08% Cu, 7.96g/t Au, 310g/t Ag, 0.16% Co (F005434)
- At Coyote, just 5km east of the Phoenix district (Glacier, Cleaver & Rust), an outcropping zone of intense epithermal alteration and veining (440 x 195m) has been discovered on the northeastern rim of the Sparkplug collapsed caldera ring feature, results include:
- 17.4g/t Au, 1.47% Cu, 29.6g/t Ag (F005673)
- 16.95g/t Au, 10.55% Cu, 45.3g/t Ag (F005669)
- 15.1g/t Au, 0.18% Cu, 4.2g/t Ag (F005684)
- 14.35g/t Au, 1.75% Cu, 32.5g/t Ag (F005683)
- At Payback, 13km south of Phoenix, assays from massive sulphide rock chip samples returned:
- 42.20% Cu, 716g/t Ag (F005604)
- 30.20% Cu, 153g/t Ag (F005602)
- Results from Slider include bonanza silver concentrations shown below as percentage of silver, grammes of silver and ounces of silver:
- 7.54% Ag (75,439g/t Ag or 2,425 Oz/t Ag) (F005907)
- 5.35% Ag (53,506g/t Ag or 1,720 Oz/t Ag) (F005909)
- 0.91% Ag (9,070g/t Ag or 291 Oz/t Ag) (F005908)
- Cash equivalents of $2.21 million as of the end of September 2024.
OPERATIONS
RAE COPPER SILVER PROJECT
The Rae Copper-Gold-Silver Project (“Rae” or “the Project”) area includes multiple historic high grade copper projects in the Coppermine River area. The licence area is host to numerous extraordinarily high-grade copper lodes located along the same structural trend, primarily consisting of chalcocite, bornite, chalcopyrite and native copper (ASX announcement 8 November 2023).
Rae contains numerous historical non JORC or NI 43-101 and ‘blue sky’ mineral estimates that will be a priority for drill and conversion into JORC classifications.
The Project represents a district scale opportunity at the pre-discovery stage underpinned by the presence of both high-grade, volcanic hosted copper-silver lodes and the prospect of large tonnage sedimentary hosted copper deposits.
Rae hosts all required first order controls for formation of sedimentary hosted copper deposits, with proof-of- concept results from historic drilling - less than 2km east of the Company’s mineral claims, on adjacent ground - a 2015 drillhole returned 28.97m of 0.57% Cu from the basal Rae Group sediments.
The 2024 maiden field program focused on locating and sampling these occurrences identified through a detailed desktop study of historical records. Sampling efforts confirmed mineralisation and extended known strike lengths (refer to announcements dated 4 October and 14 October 2024).
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This article includes content from White Cliff Minerals Limited, 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.
Lithium Universe Limited (ASX: LU7) – Reinstatement to Official Quotation
Description
The suspension of trading in the securities of Lithium Universe Limited (‘LU7’) will be lifted immediately, following the release by LU7 of an announcement regarding the finalisation of a capital raising.
Issued by
ASX Compliance
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LU7 to Raise $2.14M in Placement and Launch of Entitlement Offer of $1.02M for Bécancour Lithium Refinery DFS
Lithium Universe Limited (referred to as "Lithium Universe" or the "Company," ASX: "LU7”) is pleased to announce the following:
Placement
The Company has received binding commitments from sophisticated and professional investors pursuant to a placement to raise $2.14 million by the issue of 171,320,000 fully paid shares (“Shares”) at an issue price of $0.0125 per Share (“Placement”). The Placement is to be undertaken in two tranches:
- Tranche 1: issuing 155,320,000 Shares raising $1,941,500; and
- Tranche 2: issuing 16,000,000 Shares and raising $200,000, to be approved at a shareholders meeting, expected to be 9 December 2024 (“Shareholders Meeting”).
The issue date of the Tranche 1 Placement Shares is to take place on 8 November 2024.
Highlights
- Binding commitments received to raise $2.14 million
- Launch of pro-rata Non-Renounceable Entitlement Offer to raise $1.02 million
- Issue price of the Placement and Entitlement Offer is $0.0125 per share
- A total of $3.16 million in capital raising
- Participants in Placement and Entitlement Offer to receive free attaching options
- On the basis of 1 option for every 1 share issued with exercise price of $0.03 and expiry date of 12 January 2026
- Tranche 2 Shares and all Options to be issued under the Placement are subject to shareholder approval
- Funds will mainly be used to complete the Bécancour Lithium Refinery DFS
- Maintains momentum, closer to establishing a lithium refinery in Bécancour
Participants in the Placement will also receive, subject to shareholder approval (to be undertaken at the Shareholders Meeting), free attaching options on the basis of one (1) option for every one (1) share issued, with each option having an exercise price of $0.03 and expiry date of 12 January 2026 (“Options”). The Company intends to list the Options as soon as possible. The issue of the Tranche 1 Placement Shares will be made out of the Company’s existing placement capacity under Listing Rule 7.1 and 7.1A.
Included in the Tranche 2 Placement is an amount of $90,000 from Iggy Tan, Patrick Scallan and Gernot Abl. The share issues will also be subject to shareholder approval at the forthcoming shareholders meeting.
The Placement was jointly managed by SP Corporate Advisory (Joint Lead Manager), Ignite Equity (Joint Lead Manager), and GBA Capital (Co-Manager). The costs associated with the Placement was a 6% fee on all funds raised.
Executive Chairman, Mr Iggy Tan stated“We are pleased with the outcome of the Placement in a challenging market, which reaffirms support for the Company’s strategy to complete the Definitive Feasibility Study for the Bécancour Lithium Refinery. On September 30, 2024, the Company reached a significant milestone, having released the positive and robust Preliminary Feasibility Study, displaying strong fundamentals despite the current low lithium pricing environment.
The Company is highly committed to our shareholders, and I am pleased we can offer them the same investment terms extended to sophisticated and professional investors. The Board and Management Team remains dedicated to engaging with our existing shareholders and delivering against our strategy. If fully subscribed, proceeds from the Placement and Entitlement Offer will strengthen our balance sheet, bringing us closer to establishing an operational lithium conversion plant in Bécancour, Québec.”
Entitlement Offer
Overview
The Company also intends to undertake a non-renounceable Entitlement Offer of 1 Share for every 10 Shares held by Eligible Shareholders (defined below) at the same issue price as the Placement of $0.0125, to raise up to approximately $1.024 million (“Entitlement Offer”). Participants in the entitlement offer will also receive free attaching Options (on a 1 for 1 basis), which also will be listed. Full details of the Entitlement Offer (including the record date and eligibility requirements) will be set out in the Prospectus expected to be lodged with the ASIC on or about 30 October 2024.
Other key details for the Entitlement Offer are:
Eligible Shareholders and Applying for Shares under the Entitlement Offer
The Entitlement Offer will be open to all eligible shareholders who have a registered address within Australia, New Zealand, Germany, Hong Kong, Switzerland, the United Kingdom and Singapore and who hold shares on the record date (Eligible Shareholders), and is proposed to close on Friday 22 November 2024 (unless otherwise extended by the Board). All Shares issued will rank equally with existing Shares on issue and the Company will apply for quotation of the new Shares and Options issued pursuant to the Entitlement Offer.
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Significant High-Grade Lithium Achieved Following Completion of Drill Hole 2 at Rio Grande Sur
Pursuit Minerals Ltd (ASX: PUR) (“PUR”, “Pursuit” or the “Company”) is pleased to provide the following update on its maiden Stage 1 Drilling Program with the first results and assay samples from Drill Hole 2 (“DDH- 2”) on the Sal Rio 02 tenement.
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.
Multiple Conductive Anomalies Identified at Hulk
Geochemical and geophysical results confirm prospectivity for sediment-hosted copper potential at Rae Project
White Cliff Minerals Limited (“the Company”) is pleased to announce the initial results from the first project scale airborne geophysical survey at the Rae Copper Project (“Rae” or “the Project”), Nunavut, Canada. Results confirm prospectivity for district scale sediment-hosted copper potential.
- With the Company’s latest land acquisition, the Hulk exploration district has expanded to cover 152km2 within a larger, broader sub-basin that has interpreted dimensions that exceed 20km by 10km
- The MobileMT airborne survey, conducted over 2,400 line-km at the Project, represents the latest innovation in airborne electromagnetic technology and the most advanced generation of airborne AFMAG technologies. It is the only system proven to deliver geoelectrical information from shallow to > 1km depth range with high spatial (lateral and in-depth) and resistivity resolution
- The Hulk district represents 505 of the total 2,400 line-km flown as part of the aerial survey. The Company continues to review, interpret and analyse several additional anomalies within the greater Rae Project area that have shown elevated conductive signatures - these results will be confirmed prior to the end of the year
- Final analysis and interpretation of the survey completed in conjunction with Expert Geophysics has identified three, distinct, conductive anomalies at the Hulk sedimentary target
- These target areas are fault controlled, sub basins covering >20km of strike, with mineralization being targeted from surface to an estimated depth of ~300mtrs with up to 70mtr intersections within the Rae Group sedimentary structures.
- East (Target A):
- situated less than 2km west of the historic drill intercept of sediment hosted copper by Kaizen Discovery Corp, where results from that drill program demonstrated increasing copper grades as drill holes progressed westward towards the Company’s licences and the Hulk target area
- the area is bounded by 2 major N/S trending faults, including the regional Herb Dixon structure - a known conduit of hydrothermal copper fluids
- spans more than 4.5km E/W, 8km N/S and - open to the north into the newly acquired expanded claim
- Central (Target B):
- a fault-controlled target, sitting on the eastern side of the Herb Dixon structure
- sitting within a 3.5km E/W, 8km N/S conductive footprint, also open to the north
- West (Target C):
- sits within the bounds of two major NW/SE faults and contains intersecting NW/SE and N/S structures, providing a geological structural boundary around the sedimentary basin
- covers an area 10km N/S x 4km E/W and includes the CALMAL showing
- The Herb Dixon Structure is a major regional North/South fault that cuts through the Hulk District. This same structure can be directly traced to the Company’s Vision project where rock chip assays included 64.02%, 62.02%, 55.01% and 50.48% Cu
“The recently expanded Hulk District now has multiple, independent and coincident datasets that demonstrate sediment- hosted copper mineralisation. The identification of three sub-basins along a 20km strike length provides us with significant scope for multiple copper discoveries.
The conductive intervals we’ve observed dip northward, aligning perfectly with the orientation of the Rae Group sedimentary structure, extending over 10km down dip into White Cliff’s recently claimed ground. The remarkable continuity in conductive signatures across these sections, combined with the coincident chemical and geophysical responses observed at Hulk can only be explained by one of a few possibilities, one of which is a substantial metal occurrence.
With these results, alongside the assays we received from our field campaign at Rae, we are now in a position where we can confirm and pinpoint drilling locations for the upcoming campaign. The expanded Hulk target has encouraged the Company to look at expanding the drilling services that are planned for 2025 and I look forward to providing an update on the scale of that fully funded drilling campaign later this year.”
Troy Whittaker - Managing Director
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This article includes content from White Cliff Minerals Limited, 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.
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