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Charger Metals to Move to Full Bynoe Lithium Project Ownership

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THE BOURSE WHISPERER: Charger Metals (ASX: CHR) is moving to 100 per cent ownership of the Bynoe lithium project in the Northern Territory.

Charger Metals has exercised a pre-emptive right to acquire the remaining 30 per cent of the Bynoe lithium project from JV partner Livium Ltd (formerly Lithium Australia) for $500,000 cash consideration.

The company exercised its pre-emptive right after the announcement of a sale agreement between Core Lithium and Livium in Septembr whereby Core was to acquire the 30 per cent stake.

Core Lithium’s interest was highlighted this week by the release of drilling results at that company’s 100 per cent-owned Finniss lithium project.

The high-grade mineralisation encountered by Core at the project’s Blackbeard target trends northeast towards Charger’s Bynoe project and has been modelled to within 50 metres of the tenement boundary.

“We are very pleased to move to 100 per cent ownership of our Bynoe Lithium Project,” Charger Metals managing director Aidan Platel said in the company’s ASX announcement.

“Covering an area of 63 square kilometres and with more than 20 prospective lithium targets yet to be drilled tested, we believe it’s the largest underexplored area of the Finniss pegmatite field that is both inside the lithium prospective structural corridor and within 20 kilometres of Core’s spodumene beneficiation plant at Grants.

“Last quarter, Core was actively drilling directly along trend from some of our priority target areas, such as at their central Blackbeard Prospect as well as regional targets surrounding the Ah Hoy Prospect to the northeast of our Bynoe tenement.

“In particular, Core announced yesterday excellent intersections at Blackbeard.

“We are currently completing environmental studies and surveys as part of our drill permitting process, and we look forward to drilling our priority targets next dry season.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Charger Metals Confirms Lake Johnston Lithium Discovery

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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

 

Charger Metals Defines New Bynoe Lithium Targets

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THE DRILL SERGEANT: Charger Metals (ASX: CHR) will be busy soon having defined 11 new lithium targets for follow-up exploration work at the company’s Bynoe lithium project in the Northern territory.

Charger Metals defined the targets via modelling of combined geochemical and geophysical data.

The company’s 2023 entailed a large infill soil sampling program carried out over the eastern portion of its Bynoe tenure to define areas of anomalous lithium and/or associated elements at surface.

This coincided with Ambient Noise Tomography (ANT) and ground gravity surveys over a large area in the northeast of the tenement in an attempt by the company to ‘look below’ the surface and potentially define pegmatite targets that may not outcrop.

The results achieved by Charger confirmed at least two sets of pegmatites at Bynoe:

• High caesium: lithium pegmatites – the most fractionated of the two pegmatite types with a classic suite of LCT elements (i.e. lithium-caesium-tantalum); e.g. the 7-Up Prospect. The high Cs:Li ratio is potentially indicative of lithium micas; and

• High lithium: rubidium pegmatites – a fractionated pegmatite system typically low in “LCT” elements; e.g. the Enterprise Prospect. The high Li:Rb ratio is more suggestive of albite – spodumene pegmatites.

“It’s great to see the results of our systematic approach to exploration during the field season at Bynoe last year,” Charger Metals managing director Aidan Platel said in the company’s ASX announcement.

“Each data set contributes a significant piece of information that has culminated in eleven new target areas to investigate for lithium mineralisation.

“It is important to now ground truth these new anomalies to remove any false positives and to take further samples where possible.

“We can then use the growing database of information to prioritise targets for future drill testing.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Charger Metals Commences Lake Johnston Drilling

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THE DRILL SERGEANT: Charger Metals (ASX: CHR) has commenced a program of Reverse Circulation (RC) drilling at the company’s Lake Johnston lithium project in Western Australia.

Charger Metals is to conduct two RC drill programs testing priority lithium targets at the greater Medcalf and Mt Gordon prospects.

The drilling is being funded by Rio Tinto Exploration (RTX) under a farm-in agreement with Charger in relation to the project.

At the greater Medcalf prospect, drilling will test for potential strike extensions to the known high-grade lithium mineralisation associated with spodumene-bearing pegmatites intersected in previous drilling campaigns.

It will also target approx. 1.2km strike of outcropping spodumene-bearing pegmatites trending from the main Medcalf mineralisation, where previous rock chipping returned up to 4.2 per cent lithium oxide (Li2O).

At the Mt Gordon prospect, drilling will target large soil anomalies (>100ppm Li2O) which extend for over 3km into the adjacent Jaegermeister lithium prospect of TG Metals (ASX: TG6)

The drilling is expected to take 6 – 8 weeks to complete, depending on results and potential delays due to inclement weather.

“We are excited to have commenced our RC drill programs at Lake Johnston,” Charger Metals managing director Aidan Platel said in the company’s ASX announcement.

“The priority drill targets are in and around the Medcalf prospect where we have previously confirmed a high-grade spodumene system.

“We are also eager to drill our first holes into the Mt Gordon prospect which has excellent lithium potential and will keep the market informed as results are received.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Charger Metals Intersects Further High-Grade Medcalf Lithium

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THE DRILL SERGEANT: Charger Metals (ASX: CHR) reported results for diamond drilling completed this year at the Medcalf spodumene prospect within the company’s Lake Johnston lithium project in Western Australia.

Charger Metals said assay results from the program of up to 3.21 per cent lithium oxide (Li2O) had confirmed multiple intervals of high-grade lithium mineralisation in all drill-holes, corresponding to logged intersections of spodumene-bearing pegmatite.

Best intersections from the diamond drill programme included:

CLMDD001
6.5 metres at 2.22 per cent Li2O from 144.2m, 9.70m at 1.8 per cent Li2O from 214.1m, including 4m at 2.27 per cent Li2O from 216m, and 8.2m at 1.04 per cent Li2O from 268.8m;

CLMDD002
13.95m at 1.3 per cent Li2O from 329.05m, including 3.95m at 2.09 per cent Li2O from 330m, and 5.9m at 1.29 per cent Li2O from 352.25m; and

CLMDD003
4.3m at 1 per cent Li2O from 286.95m.

The company explained the recent diamond drilling followed a 41-hole RC drill program completed last year, which intersected high-grade lithium in a swarm of stacked spodumene-bearing pegmatite veins over a strike length of 700m.

The diamond drilling has confirmed depth extensions to this mineralisation along the strike length, which remains open along strike and at depth.

“Our maiden diamond drill program at our Lake Johnston lithium project was very successful,” Charger Metals managing director Aidan Platel said in the company’s ASX announcement.

“The holes all intersected significant widths of spodumene-bearing pegmatites which consistently returned high-grade lithium results.

“The drilling confirmed that the high grade spodumene mineralisation previously intersected at Medcalf does continue at depth, and the mineralisation remains open at depth and along strike.

“The diamond drilling has been an excellent start to our planned 2024 exploration programs.

“Our team is progressing the approvals process as our focus now turns to upcoming RC drill programs designed to test high-priority targets such as the extensions to Medcalf and the Mt Gordon prospect.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

 

Charger Metals Confirms New Spodumene Pegmatites

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THE DRILL SERGEANT: Charger Metals (ASX: CHR) reported on lithium assay results from rock chip samples taken at the company’s Lake Johnston lithium project in Western Australia.

Charger Metals said the samples were taken from a newly discovered pegmatite outcrop at the project and have confirmed the presence of lithium mineralisation.

Three samples collected from across the outcrop all returned encouraging lithium results of 4.2 per cent, 3.7 per cent, and 3.5 per cent lithium oxide (Li2O).

The company explained the outcrop was initially discovered during field mapping by its geologists and extends for 85 metres.

The spodumene-bearing pegmatite outcrop strikes northeast towards the project’s 1.2 kilometres trending Medcalf spodumene prospect, along which two other pegmatite outcrops have previously been mapped.

“The discovery of this high-grade spodumene-bearing pegmatite outcrop is exciting and highlights the prospectivity of our Lake Johnston lithium project,” Charger Metals managing director Aidan Platel said in the company’s ASX announcement.

“The fact we have three pegmatite outcrops with visual spodumene and confirmed high-grade lithium assays along a 1.2 kilometres trend suggests the potential for large-scale lithium mineralisation, in close proximity to our Medcalf spodumene prospect where earlier this year we drilled a swarm of high-grade spodumene bearing pegmatite veins over a strike of 700 metres.

“This new trend of pegmatites is obviously a high priority target and will be incorporated into the upcoming drill programs at Medcalf.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Charger Metals’ Deal with Lithium Australia Opens Door for Rio Tinto Farm-In

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THE BOURSE WHISPERER: Lithium Australia (ASX: LIT) and Charger Metals (ASX: CHR) signed a binding agreement for the sale of Lithium Australia’s remaining interest in the Lake Johnston lithium project in Western Australia.

The deal will entail Charger Metals parting with a $2 million cash consideration for Lithium Australia’s remaining 30 per cent holding in the project.

Lithium Australia, however, will not vacate the project entirely with part of the acquisition agreement ensuring it will also receive a conditional first right of refusal over the lithium product produced from the tenements.

This first right of refusal covers lithium product equal to the lower of:

• 30% of the lithium product produced on the relevant tenements for the term of the agreement reached for offtake, should a binding agreement be reached; and

• The lithium product required by Lithium Australia to produce lithium metal phosphate product through a commercial facility(s) in which Lithium Australia has an ownership interest of 25% of more.

A smart move considering Charger immediately announced a binding farm-in agreement with Rio Tinto Exploration (RTX), a wholly-owned subsidiary of Rio Tinto (ASX: RIO) for the Lake Johnston lithium project.

The terms of tis agreement include:

o RTX to pay Charger $500,000 and invest $1.2 million in Charger prior to commencement of farm-in; o RTX to spend minimum $3 million exploration expenditure over the first 12 months;
o RTX can earn 51% by sole funding $10 million in exploration expenditure and paying Charger minimum further cash payments of $1.5 million;
o RTX can earn 75% by sole funding $40 million in exploration expenditure or completing a Definitive Feasibility Study.

“The Rio Tinto Exploration farm-in agreement is an excellent result for Charger and its shareholders and reaffirms our belief that the Lake Johnston project has potential to host a large-scale lithium deposit,” Charger Metals managing director Aidan Platel said in the company’s ASX announcement.

“The planned significant investment by RTX will allow thorough systematic exploration over all of the project tenure, with initial exploration focused on fast-tracking the Medcalf spodumene prospect as well as progressing the Mt Day and Mt Gordon lithium prospects.”

 

TO READ THE FULL LITHIUM AUSTRALIA ANNOUNCEMENT: CLICK HERE

 

 

TO READ THE FULL CHARGER METALS ANNOUNCEMENT: CLICK HERE

 

Charger Metals Ups Exploration Efforts at Bynoe Lithium Project

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THE DRILL SERGEANT: Charger Metals (ASX: CHR) has upped the exploration ante at the company’s Bynoe lithium project in the Northern Territory.

Charger Metals has commenced an Ambient Noise Tomography (ANT) geophysical survey in the northeastern portion of its Bynoe tenure, which is a form of passive seismic surveying that uses ambient sound waves to detect contrasting rock units.

The technology has been used to successfully detect ‘blind’ pegmatite systems that cannot be seen at surface.

Elsewhere a ground gravity survey is being carried out over the northeastern portion of the Bynoe project where earlier petrophysical testwork completed on drill core from diamond drilling demonstrated a density contrast between the pegmatites and the metasedimentary country rock.

To complete an exploration trifecta, Charger has commenced infill surface geochemical surveys infilling to 200m line spacing over key prospective areas at Bynoe of no previous sampling or wide-spaced (400m) sampling.

“The company has completed a significant amount of drilling to-date at Bynoe across several key prospect areas, and we look forward to receiving the assay results for each of the target areas that have been drill-tested so far.” Charger Metals managing director Aidan Platel said in the company’s ASX announcement.

“In addition to systematically drill-testing seven of the numerous (>20) prospects already identified, the company has initiated simultaneous ANT, gravity and surface sampling surveys in key areas of the Bynoe project that are currently considered prospective yet underexplored.

“The surveys have the ability to delineate new high priority drill targets, including targets that are not apparent at surface, and we look forward to seeing the results and modelling of these surveys in October.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Charger Metals Hits New Spodumene Pegmatite Intersections at Bynoe

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THE DRILL SERGEANT: Charger Metals (ASX: CHR) reported encounters with intersections of spodumene-bearing pegmatites from both diamond and reverse circulation (RC) drilling at the Enterprise prospect of the company’s Bynoe lithium project in the Northern Territory.

Charger Metals said the recent drilling had defined spodumene-bearing pegmatite at the Enterprise prospect over a strike length of around 200 metres, which it explained as being typical of the known mineralised pegmatites in the Finniss region, in which the project is located.

The drilling of hole CBYD003 hit spodumene-bearing pegmatites up to 24m wide both along strike and down-dip from previously reported intersections.

The company said logging of the drill core from CBYD003 had suggested the spodumene is increasing in both grain size and abundance with depth, however, Charger qualified this by indicating further drilling is required to test this, as well as to test for extensions to the mineralisation at depth.

“It has been pleasing to see the spodumene discovery at the Enterprise prospect grow with new drilling intersections extending the mineralisation along strike and down-dip,” Charger Metals managing director Aidan Platel said in the company’s ASX announcement.

“The strike is now approximately 200 metres long, which is typical of the strike of the known lithium deposits in the region.

“The observed increased grain size and abundance of spodumene in diamond hole CBYD003 is suggesting a potential increase in lithium grade at depth, and we look forward to continuing to test the depth extensions with further diamond drill-holes.

“Parallel to the drilling at Enterprise we are continuing to drill-test the many priority lithium targets within our tenure, beginning with the 7Up prospect, and we look forward to seeing the results of the drilling over the coming weeks.”

Charger previously defined the 7Up prospect as a strong lithium soil anomaly over 700m of strike which is coincident with outcropping weathered pegmatites.

The 7Up prospect lies on the same prospective structural corridor as Core Lithium’s Ah Hoy and Penfolds lithium deposits.

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

 

Charger Metals Confirms Spodumene Discovery at Bynoe

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THE DRILL SERGEANT: Charger Metals (ASX: CHR) reported assay results from recent reverse-circulation (RC) drilling at the Enterprise prospect within the company’s Bynoe lithium project in the Northern Territory.

Charger Metals said the drilling had confirmed lithium mineralisation in spodumene-bearing pegmatites with results including:

CBYRC023
7 metres at 0.96 per cent lithium oxide (Li2O) from 107m, including 5m at 1.13 per cent Li2O from 108m; and

CBYRC024
16m at 0.65 per cent Li2O from 185m, including 1m at 1.91 per cent Li2O from 198m.

Charger Metals explained the two holes were drilled to test below a weathered pegmatite outcrop located near the centre of a lithium soil anomaly that defines the Enterprise prospect, which is located approximately 900m along strike from Core Lithium’s (ASX: CXO) Blackbeard prospect.

“It is great to see the assay results confirm the spodumene discovery at the Enterprise prospect, approximately 900 metres along strike from Core Lithium’s Blackbeard prospect, with significant lithium mineralisation correlating with logged intersections of spodumene-bearing pegmatites in the RC drilling,” Charger Metals managing director Aidan Platel said in the company’s ASX announcement.

“We look forward to testing the extents of this mineralisation with both RC and diamond drilling, with the first diamond hole at Enterprise (CBYD001) intersecting another 19.25 metres thick zone of spodumene-bearing pegmatite.

“In addition to the diamond drilling, two RC drill rigs will arrive on-site this week to commence a planned 5,000 metres drill program to test both new and existing lithium targets at Bynoe, including the high-priority 7Up prospect.”

 

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE