Chariot’s Black Mountain project reveals significant lithium and base metals potential

Chariot Corporation (ASX: CC9) is off to a strong start in 2024 with the receipt of promising results from its maiden drilling program at the Black Mountain project in Wyoming, USA.

Chariot believes it has made the first hard-rock lithium discovery in Wyoming with a number of lithium intersections already obtained.

The early results from the first three holes in its maiden program have also identified the potential for a range of base metals including copper, zinc and lead.

Dr Edward Max Baker, co-founder of Chariot’s US subsidiary Panther Lithium, said the initial drill results confirm the potential of the Black Mountain lithium caesium tantalum pegmatite swarms with the assays returning individual values of up to 3.79% lithium oxide and 230 parts per million tantalum.

“We’ve got stunning initial results in the midst of the North American winter,” Dr Baker said.

“The targeted hard-rock lithium system has been intersected in multiple holes but we need to come back in the North American summer for a 5,000 – 10,000-metre drill program to get a better handle on the resource potential.”

“The base-metals sulphide mineralisation is also very promising and indicates the potential for base metals and/or gold mineralisation, separate from the lithium mineralisation.”

The company believes it may have intersected the peripheral portion of a larger base metal mineral system with selected intervals grading up to 0.6% copper, 1.0% zinc and 15.4% lead.

Investor support

Chariot listed on the ASX in late October 2023 after successfully raising $9 million through a well-supported initial public offering.

Led by its experienced team, the company immediately turned its attention to the core Black Mountain project.

The phase 1 drilling program at Black Mountain, supported by the company’s contractor Major Drilling, commenced in early November 2023 with a plan to drill 2,000 – 3,000m of oriented triple tube HQ (medium-sized) core.

Despite adverse weather conditions in late November and December, the Major Drilling and Chariot teams were able to complete six diamond drill holes (DD) totalling 652m of HQ DD core.

The drilling activities were aided by the abatement of the harsh weather experienced before the second half of December 2023.

Chariot restarted drilling on 8 January 2024 and, weather permitting, plans to continue drilling until March 2024 with eight holes having been completed to date.

Assay results for the subsequent five holes are pending and expected to be available by April 2024.

Strong lithium portfolio

Chariot listed with a strong portfolio of high-grade and near-surface lithium opportunities in the United States.

It currently has 12 lithium projects including two core projects at Black Mountain and Resurgent, as well as a number of exploration pipeline projects that it majority owns and operates.

The phase 1 maiden drilling program at Black Mountain was designed to consist of 10-15 holes to test under outcropping pegmatite dikes swarms with anomalous lithium rock chip values to determine the geometry of the dikes and confirm the hard-rock lithium potential ahead of a comprehensive resource drill-out in Q3 2024.

The program was limited to the currently-permitted seven drill pads due to a 5-acre limit on disturbance.

Chariot plans to apply to increase the area of disturbance to 2,500 acres for the phase 2 resource drill program commencing in Q3 2024.