Chariot Corporation

Quarterly Activities Report – March 2024

Chariot Corporation Limited (“Chariot”, “CC9” or the “Company”) is pleased to present our Activities Report and Appendix 5B for the period ending 31 March 2024. In the first quarter of 2024, the Company announced its first hard rock lithium discovery, which was made during the first phase of its diamond core drilling program at Black Mountain, Wyoming USA (“Phase 1 Drilling Program”). Details of the Phase 1 Drilling Program results are set forth below. Chariot is well-positioned for 2024 with adequate liquidity to support further exploration activities across its lithium portfolio and to continue to deliver shareholder value.


HIGHLIGHTS

  • Maiden drilling campaign carried out at Black Mountain completed
  • First three (3) drill holes all intersected high-grade spodumene mineralisation confirming the potential of the Black Mountain LCT pegmatite swarms
  • Black Mountain project expanded by 218 contiguous claims resulting in a 206% increase in project tenure area
  • Chariot group cash position of A$5.18 million as of 31 March 2024

Black Mountain Project

Phase 1 Drilling Program

The Phase 1 Drilling Program commenced on 10 November 2023, drilling triple tube HQ sized core using a Boart Longyear LF90 Surface Diamond Core Drill Rig. The Phase 1 Drilling Program was completed despite adverse weather conditions and a restrictive disturbance limit of only 5-acres required, under the Notice of Intent approved by Wyoming’s Bureau of Land Management. Unfortunately, the combination of the restrictive disturbance limit and the adverse weather conditions, severely limited the extent of drilling that could be undertaken in the Phase 1 Drilling Program. The Company is eager to move on to the next phase of drilling at Black Mountain and is positioning itself to do so with a substantially liberalized disturbance limit.

Black Mountain Hard Rock Lithium Potential

On 2 February 2024, the Company announced the initial assay results for the first three (3) drill holes, which had all intersected high-grade spodumene mineralisation confirming the potential of the Black Mountain LCT pegmatite swarms.

Notable results from the first three (3) holes included:

  • BMDDH23_01 15.48m @ 1.12% Li2O and 79ppm Ta2O5 from 2.74m, including 4.27m @ 2.46% Li2O and 128 ppm Ta2O5 from 9.94m
  • BMDDH23_02 14.33m @ 0.84% Li2O and 61ppm Ta2O5 from 1.83m, including 2.29m @ 3.09% Li2O and 138ppm Ta2O5 from 10.67m
  • BMDDH23_03 18.81m @ 0.85% Li2O and 98ppm Ta2O5 from 45.26m, including 5.79m @ 1.08% Li2O and 105ppm Ta2O5 from 47.55m

Black Mountain Base Metals Potential

The upper section of BMDDH23_01 also intersected pyrite-pyrrhotite mineralisation, occurring as veinlets and dissemination within the biotite schist over an interval of approximately 100m. Based on the location of this drill hole relative to an 800m long by 150m wise zone of anomalous zinc-in-soils, the Company is optimistic that is has intersected the peripheral portion of a potentially larger base metal mineral system, with selected intervals grading up to 0.6% (6,012ppm) Cu, 1.0% (9,931ppm) Zn and 15.4% (154,412ppm) Pb. The zinc and lead anomalies are situated on the contact between metabasalt to the south and metasediments to the north coincident with a two-meter-wide zone of black massive chert outcrops along the southern margin of the soil anomaly.

Black Mountain Project Land Position Expanded

During the first quarter of 2024 the Company significantly expanded the footprint of the Black Mountain project by staking and filing with the Bureau of Land Management, 218 unpatented lode mining claims (“Claims”) totalling 1,807 ha of tenure (“BMX Claims”). The Black Mountain project now comprises 352 Claims covering 2,686 ha of tenure.

The BMX Claims are contiguous to the Company’s existing Black Mountain Claims and represent a 206% increase in the footprint of Black Mountain. The BMX Claims were staked as a buffer and to cover possible extensions to the pegmatite dike swarms under shallow cover at Black Mountain.


Click here for the full ASX Release

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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