Chariot Corporation expands Black Mountain project with promising lithium discoveries
Chariot Corporation (ASX: CC9) remains confident it is well-positioned for 2024 with adequate liquidity to support further exploration activities across its lithium portfolio.
The company has a strong cash position of approximately $5.18 million as at 31 March 2024 and no debt.
Activity-wise, Chariot is particularly buoyed by its first hard rock lithium discovery made during the initial phase of its diamond core drilling program at Black Mountain, Wyoming.
While its Phase 1 drilling program was impacted by adverse weather conditions and a 5-acre restrictive disturbance limit applied, the first three drill holes showed they had all intersected high-grade spodumene mineralisation confirming the potential of the Black Mountain lithium-caesium-tantalum pegmatite swarms.
Next drilling phase
The company is now preparing to move on to the next phase of drilling at Black Mountain and is looking forward to doing so with a substantially-relaxed disturbance limit.
Along with the confirmation of the area’s lithium potential, the drilling results also provided base metals excitement.
The upper section of one of the holes also intersected pyrite-pyrrhotite mineralisation, occurring as veinlets and dissemination within the biotite schist over an interval of approximately 100 metres.
The company is optimistic that it has intersected the peripheral portion of a potentially larger base metal mineral system.
Expanded project footprint
Chariot confirmed its confidence in the area during the first quarter by significantly expanding the Black Mountain project by staking and filing with the Bureau of Land Management 218 unpatented lode mining claims totalling 1,807 hectares of tenure.
The Black Mountain project now comprises 352 claims covering 2,686ha.
The claims – known as BMX – are contiguous to the company’s existing Black Mountain claims and represent a 206% increase in the project’s footprint.
They were staked as a buffer and to cover possible extensions to the pegmatite dike swarms under shallow cover at Black Mountain.
Wyoming Lithium
Chariot increased its ownership of Wyoming Lithium from 91.9% to 93.9% in early January via a share subscription to reimburse Chariot for exploration expenses incurred at Wyoming Lithium projects.
Chariot continues to actively maintain and perform preliminary assessment work for the remainder of its lithium portfolio.
The company currently is not engaged in activities at its Resurgent project in the McDermitt Caldera, but the company continues to monitor developments at neighbouring projects in the Caldera, specifically, the Thacker Pass Project owned and operated by Lithium Americas Corporation and the McDermitt project owned and operated by Jindalee Lithium.
The Resurgent project is the second-largest land position in the McDermitt Caldera.