Spodumene Pegmatites Intersected At The Bynoe Lithium Project

Charger Metals NL (ASX: CHR, “Charger” or the “Company”) is pleased to announce that RC drilling has intersected spodumene-bearing pegmatites at the Enterprise Prospect of the Bynoe Lithium Project, Northern Territory. ¹

• Spodumene-bearing pegmatites up to 22m thick have been intersected in first-pass reverse circulation (RC) drilling at the Enterprise Prospect at Bynoe¹
• 1,500m diamond drill programme will commence this week at the Enterprise Prospect to test down-plunge and along strike from the spodumene pegmatite intersections
• A further 5,000m of RC drilling is also planned to commence next week10 RC drill-holes have been completed for 1,663m at the Enterprise Prospect, with selected intersections sampled and submitted for laboratory analyses – assays pending

“The intersection of spodumene-bearing pegmatites at Enterprise, approximately 900m along strike from Core Lithium Limited’s (ASX:CXO; “Core”) Blackbeard Prospect, is validation of our targeting methods and a compliment to the systematic approach taken by our technical team.

The Company will now proceed to ramp up exploration to the next phase, with a diamond rig commencing this week to test for down-plunge extensions to the intersected pegmatites at Enterprise. This is an important step as we have seen from Core’s spodumene deposits in the region that the spodumene content has the potential to increase with depth. A further ~5,000m of RC drilling is also scheduled to begin next week to test both new and existing lithium targets at Bynoe, including the high-priority 7Up Prospect.

All samples from Enterprise to-date are in the lab, and assay results are expected within 4-5 weeks.”

Technical Discussion

First-pass reconnaissance drilling has been completed at the Enterprise Prospect, with ten RC holes drilled for 1,663m (Table 2), in addition to the fourteen drill-holes for 2,045m that were completed at the Megabucks and Old Bucks Prospects (Figure 2). ²

As part of this programme, two holes (CBYRC023 and CBYRC024) were drilled to test below a weathered pegmatite outcrop located near the centre of a lithium soil anomaly that defines the Enterprise Prospect, approximately 900m along strike from Core’s Blackbeard Prospect.³ Both drill- holes successfully intersected zones of spodumene-bearing pegmatite, with CBYRC024 intersecting 22m from 181m (down-hole), approximately 65m down-dip from hole CBYRC023’s intersections of 7m from 107m and 3m from 127m (Figures 1 & 2; Tables 1 & 2).⁴ The pegmatites appear to strike northeast – southwest and dip steeply to the southeast; however more drilling is required to better define the orientation and potential plunge of the pegmatites.

Spodumene was identified in the RC chips by the Company’s geologists and confirmed with a qualitative analysis of the chips with a LIBS (Laser-Induced Breakdown Spectroscopy) scanning machine. Logged estimates of the RC chips of drill-holes CBYRC023 and CBYRC024 are shown in Table 1; a range is provided due to the difficulty of estimating percentages of the very fine material that is inherently produced by RC drilling.

Table 1. Visually estimated spodumene content of the down-hole pegmatite intersections in drill-holes CBYRC023 and CBYRC024. 4

Next Steps

A 1,500m diamond drill programme will commence to test for economic lithium mineralisation down-plunge from the recently completed RC drill-holes at Enterprise. Diamond drilling is important as it will provide valuable information regarding the orientation and thickness of the pegmatite veins, as well as any controlling structures in the area. It also enables the Company to test deeper than what is possible with RC drilling.

In addition to the diamond drilling, a further ~5,000m of RC drilling is scheduled to begin in the second week of July. The RC drilling will test along strike at Enterprise, Megabucks and Old Bucks, as well as first-pass drilling into other priority targets such as the 7Up Prospect.

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