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Battery metals explorer Charger Metals NL (ASX: CHR, ‘Charger’ or ‘the Company’) is pleased to provide the following update on its activities for the June 2022 Quarter:
HIGHLIGHTS
Coates Ni-Cu-Co-PGE Project, Western Australia
- Final drilling approvals received from DMIRS1 this Quarter, which completed the land access requirements ahead of drilling at the Coates Project.
- During July’22 the Company’s maiden drill programme commenced, testing targets which may represent Ni, Cu Co and PGE mineralisation.
- An initial five diamond drill holes are planned to test EM conductors and geochemical anomalies.
Bynoe Lithium Project, Northern Territory
- Geochemistry and field mapping have highlight two LCT pegmatite zones2, which extend for 8 km at Megabucks and 3.5 km at 7-Up, forming the basis for the intended drilling programme.
- When geochemistry and aeromagnetic data is viewed in conjunction with publicly available drilling results from Core Lithium Ltd (ASX: CXO) and other earlier explorers, the trend direction of lithium-mineralised LCT pegmatites appear to extend from CXO’s adjacent Finniss Lithium Project into the Bynoe Project.
- Permit applications for the maiden drill programme at the Bynoe Project advancing:
- MMP3 approved.
- AAPA4 review and landholder access progressing.
- Drilling will commence once all approves are in place.
Lake Johnston Lithium Project, Western Australia
- Project-wide soil geochemistry programmes completed at Lake Johnston Lithium Project.
- LCT pegmatites exist within a 50km corridor, at the Medcalf, Mt Day and Pagrus Prospects.
- The most advanced is the Medcalf Prospect, where spodumene5 -bearing LCT pegmatites outcrop in a cluster at least 500m long within a 300m-wide corridor.
- Rock-chip assays from Medcalf pegmatites range between 1.51% and 7.15% Li2O.
- Medcalf is being prepared for drilling once all approvals are in place.
- Low impact field work is resuming at Mt Day and Pagrus Prospects.
Corporate
- At the end of the June quarter, the Company held cash reserves of $3.47m.
- The Company has a very tight capital structure with 51.0 million fully paid ordinary shares on issue and an undiluted market capitalisation of approximately $24.0 million.
- The top 20 shareholders hold approximately 61.3% of the issued shares.
Charger Metals NL is a well-funded exploration company targeting lithium and battery metals in three emerging Australian provinces.
Figure 1: Location of Charger Metals NL Projects in three emerging battery metals belts
COATES NI-CU-CO-PGE PROJECT, WESTERN AUSTRALIA (CHARGER 70%-85% INTEREST)
During the Quarter the Company received POW6 approval permitting ground disturbing activities, and in July 2022, the Company commenced its maiden diamond drilling programme targeting Ni Cu Co PGE7 mineralisation (Photo 1).
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CHR:AU
AM Resources Identifies 26 New Pegmatites for a Total of 187 Pegmatites on its 1,500 km² Land Package in Austria
First Group
The Company has identified 8 large pegmatites with lengths varying between 329 metres and 887 metres, with the most extensive pegmatite measuring an impressive 281 metres in width.
Second Group
An additional 18 pegmatites ranging from 102 metres to 560 metres in length were discovered, with the thickest pegmatite reaching 195 metres in width. This group's diversity in size and shape adds to the prospectivity of AM Resources’ holdings. Many of these pegmatites are located within mica schists, a geological setting favorable for the presence of lithium-bearing minerals.
David Grondin, CEO of AM Resources commented: “Since the acquisition, we've been compiling the data available to us in preparation for our upcoming exploration program scheduled for June. We are very pleased with the number and size of the pegmatites found so far. Once we finish compiling the data, we'll have a better picture of the work that needs to be done to fully evaluate the lithium potential of our properties.”
Location, Location, Location
As previously reported, the AM Resources team has been actively assembling a massive prospective land package with four key elements at the core of its strategy: proven geology, proximity to key markets, historical expertise, and a clear, proven mining code. AM Resources’ Austrian properties are located within 620 km of 14 planned battery plants and have direct access to an extensive rail system.
Qualified Person
Technical information related in this news release has been reviewed and verified by Jean Lafleur, P. Geo., of PJLEXPL Inc., a registered geologist with the Ordre des Géologues du Québec (OGQ #833) and is a qualified person (QP) as defined by NI 43-101. Mr. Lafleur is independent from the Company and has reviewed and approved the disclosure of the AM Resources geological information.
About AM Resources
AM Resources Corporation (TSXV: AMR) is a dynamic junior mining company focused on the exploration and development of high-potential pegmatite deposits. With a strategic portfolio of assets and a commitment to responsible resource development, the Company is dedicated to creating long-term value for its stakeholders while adhering to the highest standards of corporate governance and sustainability.
Forward-Looking Statements
This news release contains forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of AM Resources to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “estimates”, “intends”, “anticipates” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements contained in this news release are made as of the date of this release and, accordingly, are subject to change after such date. AM Resources does not assume any obligation to update or revise any forward-looking statements, whether written or oral, that may be made from time to time by us or on our behalf, except as required by applicable law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information:
David Grondin
AM Resources Corporation
President and Chief Executive Officer
1-514-583-3490
