New Spodumene Pegmatite Intersections at Bynoe

Charger Metals NL (ASX: CHR, “Charger” or the “Company”) is pleased to announce multiple new intersections of spodumene-bearing pegmatites from both diamond and reverse circulation (“RC”) drilling at the Enterprise Prospect of the Bynoe Lithium Project, Northern Territory. ¹

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• Significant spodumene-bearing pegmatites up to 24m wide have been intersected by RC and diamond drilling at the Enterprise Prospect ¹
• RC drilling has commenced at the high priority 7Up Prospect which lies on the same prospective structural corridor as Core Lithium Ltd’s (ASX:CXO) Ah Hoy and Penfolds lithium deposits and Sea Dog lithium prospect
• New priority drill targets such as the Kraken and Bunbury Prospects defined by multiple pegmatite outcrops and historical tin-tantalum workings will be tested as part of the current +5,000m RC drill programme
• RC and diamond drilling continue to test the extensions of the confirmed spodumene mineralisation at the Enterprise Prospect

Spodumene-bearing pegmatites up to 24m wide1 (CBYD003) have been intersected both along strike and down-dip from the previously reported significant intersections in drill-holes CBYRC023 and CBYRC024:

• 7m @ 0.96% Li2O from 107m, including
• 5m @ 1.13% Li2O from 108m (CBYRC023); and
• 16m @ 0.65% Li2O from 185m, including
• 1m @ 1.91% Li2O from 198m (CBYRC024). ²

The drilling has now defined the spodumene-bearing pegmatite at the Enterprise Prospect over a strike length of ca. 200m, which is typical of the known mineralised pegmatites in the Finniss region (Figure 1). The pegmatite trends northeast-southwest and dips steeply to the southeast, where it remains open at depth. Logging of the drill core from CBYD003 suggests the spodumene is increasing in both grain size and abundance with depth (Table 1)¹; however, further drilling is required to test this, as well as to test for extensions to the mineralisation at depth.

“It has been pleasing to see the spodumene discovery at the Enterprise Prospect grow with new drilling intersections extending the mineralisation along strike and down-dip. The strike is now approximately 200m long, which is typical of the strike of the known lithium deposits in the region.³ The observed increased grain size and abundance of spodumene in diamond hole CBYD003 is suggesting a potential increase in lithium grade at depth,4 and we look forward to continuing to test the depth extensions with further diamond drill-holes.

Parallel to the drilling at Enterprise we are continuing to drill-test the many priority lithium targets within our tenure, beginning with the 7Up Prospect, and we look forward to seeing the results of the drilling over the coming weeks.”

7Up Prospect and Other Priority Drill Targets

First-pass RC drilling has commenced at the high priority 7Up Prospect. 7Up is defined by a strong lithium soil anomaly over 700m of strike which is coincident with outcropping weathered pegmatites. The 7Up Prospect lies on the same prospective structural corridor as Core Lithium Ltd’s (ASX:CXO) Ah Hoy lithium deposit (1.05Mt @ 1.16% Li2O) and Penfolds lithium deposit (0.57Mt @ 1.04% Li2O), as well as the Sea Dog Prospect where drilling intersected 64m @ 1.77% Li2O from 128m (FRC387) (Figure 2). ⁴

In addition to the 7Up Prospect, the RC programme will also drill-test newly defined priority targets such as the Kraken and Bunbury Prospects (Figure 2). The Kraken and Bunbury Prospects are two of over twenty target areas that have been delineated on the Company’s tenure at Bynoe (Figure 2) and are defined by multiple pegmatite outcrops and/or historical tin-tantalum workings. Charger intends to systematically test all the defined target areas in order of the lithium prospectivity.

Next Steps

RC drill-holes have been logged and sampled and submitted to the laboratory for chemical analysis. The diamond drill-holes have been logged and the core is being cut ready for sampling and laboratory submission. Assays from the recent drill-holes are expected in 4 – 6 weeks.

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