Charger Metals Confirms Lake Johnston Lithium Discovery

THE BOURSE WHISPERER: Charger Metals (ASX: CHR) fobbed off a takeover proposition from Core Lithium (ASX: CXO) by confirming a new discovery at the company’s Lake Johnston lithium project in Western Australia.

Charger Metals revealed first assays results from a current RC drill program at the Medcalf West prospect, targeting the approx. 1.2 kilometres strike of outcropping spodumene-bearing pegmatites trending from the main Medcalf mineralisation.

The company reported these first two drill-holes intersected spodumene-bearing pegmatites at the Medcalf West prospect, including:

CLMRC042
18 metres at 1.46 per cent lithium oxide (Li2O).

“We are very encouraged by the early results of our RC drilling at the Lake Johnston lithium project,” Charger Metals managing director Aidan Platel said in the company’s ASX announcement.

“The confirmation of spodumene-bearing pegmatites over a significant strike length at the Medcalf West prospect is important in the context of scale of our Lake Johnston project, particularly given the close proximity between Medcalf and Medcalf West, and we look forward to the next batch of assay results.”

The results followed an announcement a couple of days earlier that revealed Charger had received an unsolicited non-binding, conditional, indicative offer from Core Lithium (ASX: CXO) to acquire ownership of the company.

Charger responded saying the Board viewed the terms of the Core Non-Binding Indicative Offer to not fully reflect the company’s value and prospects.

“The Charger Board remains open to continuing engagement with Core should it wish to do so, with the view to pursuing the best outcome for Charger shareholders.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE