Chariot Corporation commences trading on ASX, ready to ride lithium wave

Go to Colin Hay author's page
By Colin Hay - 
Chariot Corporation ASX CC9 lithium IPO

The latest lithium explorer, Chariot Corporation (ASX: CC9), is celebrating the commencement of the trading of its shares on the Australian Securities Exchange today.

The company recently closed a highly sought-after and oversubscribed $9 million initial public offering (IPO).

Armed with a significant bankroll, a substantial market cap, and an impressive portfolio of lithium exploration assets, primarily located in the United States, Chariot is ready to ride with its dual-funded strategy targeting hard rock lithium in Wyoming and claystone lithium in Nevada and Oregon.

Black Mountain target

Much of the funds raised in its popular IPO will be focused on the Black Mountain lithium project in Wyoming where the company holds 6 pegmatite projects with 443 claims covering 3,585 hectares.

Previous exploration has identified outcropping pegmatites with grades of up to 6.68% lithium oxide in rock chip samples.

Managing director Shanthar Pathmanathan said the IPO success has set the company up to hit-the-ground running with its lithium exploration plans.

“Chariot now offers ASX investors exposure to the nascent and rapidly growing US lithium market.”

“With the funds raised from the IPO we are pursuing the first discovery of a large hard rock lithium resource in Wyoming.”

Phase 1 drilling plans

The company is currently preparing for a phase 1 diamond drill hole program at the Black Mountain project with drilling expected to commence imminently.

In late August 2023, the company received formal approval from the United States Bureau of Land Management to execute the phase 1 drilling program.

This followed a successful surface geochemistry survey where 22 surface rock chip samples were collected and returned assays up to 6.68% lithium oxide with an average grade of 2.16% lithium oxide.

Chariot is targeting more than 40 known outcropping pegmatite bodies exhibiting spodumene rich rock within a 1km long by 50m to 150m wide zone.

Teams in the field

In preparation for the upcoming program, Chariot recently mobilised Oil Fields Services to establish site access and repair access roads throughout the project area.

At the same time, Major Drilling America is preparing to mobilise a diamond drill rig to Black Mountain. Major Drilling has already completed the construction of drill pads and associated site infrastructure in the lead-up to drilling a planned 3,000 metres of oriented triple tube HQ sized core.

Elsewhere, the company plans to continue early exploration activities at the Copper Mountain project (hard rock lithium) and the Resurgent project (claystone lithium) to define targets for future drilling.

At the Resurgent project, Chariot holds the second largest land position in the McDermitt Caldera, which hosts the largest lithium resource in the US at around 40 million tonnes of lithium carbonate equivalent.

Chariot also holds an interest in the Lida Valley and Amargosa Valley projects in Nevada and a hard rock lithium project in Zimbabwe which is prospective for spodumene bearing pegmatites.

However, the company is currently exploring options to divest those interests to various lithium operators.