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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 its third quarter since listing.
Bynoe Lithium Project, Northern Territory
- Permit applications for the maiden drill program at Bynoe lodged for assessment earlier this year. Drilling will commence once these are approved.
- Charger’s geochemistry and field mapping highlight two large LCT1 pegmatite zones, which extend for 8 km at Megabucks and 3.5 km at 7-Up. These form the basis for Charger’s forthcoming drilling program.
- 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 may extend from CXO’s adjacent Finniss Lithium Project into the Company’s Bynoe Project.
Coates Ni-Cu-Co-PGE Project, Western Australia
- A POW2 application for the maiden drill program at Coates lodged for assessment earlier this year, and drilling will commence when approved by DMIRS3.
- Final geophysical report for a FLTEM4 survey has refined conductor targets which could include massive sulphides related to nickel, copper or possibly VMS-related mineralisation.
- Key Landowner agreement executed, providing access to priority drill targets.
- Five diamond core drill holes initially planned to test conductor targets for economic mineralisation, with contingency for additional holes as needed.
Lake Johnston Lithium Project, Western Australia
- Widespread soil geochemical sampling program, which totalled over 7,000 samples, completed at the Mt Day and Medcalf Prospects.
- Samples submitted for pXRF5 analysis by a commercial contractor using a proprietary lithium index algorithm, ahead of conventional chemical analysis. This will expedite field mapping and drill hole targeting.
- The linear extent of the sampling at Mt Day and Medcalf Prospects is 23 km and 9 km respectively.
At the end of the March quarter, the Company held cash reserves of $3.90m. The Company has 50.96 million fully paid ordinary shares on issue and an undiluted market capitalisation of approximately $36 million.
The top 20 shareholders hold approximately 61.3% of the issued shares.
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.