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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:
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.
- 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).
This article includes content from Charger Metals, 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.