Chariot Corporation (ASX:CC9): Site visits confirm extensive lithium pegmatite systems in Nigeria

Chariot Corporation (ASX:CC9) has confirmed the presence of extensive lithium-bearing pegmatite systems following site visits to its Fonlo and Iganna projects in southwest Nigeria.

The work marks an important milestone in the company’s strategy to develop a dual-track approach that combines modern exploration with small-scale mechanised mining, laying the groundwork for potential early revenue generation while establishing a long-term resource base.

Highlights

• Large-scale pegmatite systems confirmed at Fonlo and Iganna
• Spodumene crystals up to 0.5 metres observed in situ
• Artisanal workings extend along a 6 kilometre strike at Fonlo
• Sampling and assay program in progress with results expected in the December quarter
• Plans to initiate small-scale mechanised mining in 2026 alongside a 2,000 to 4,000 metre drilling program

The site visits, conducted by Chariot’s senior geological team in collaboration with Continental Lithium, verified the scale and consistency of lithium-caesium-tantalum pegmatite mineralisation observed in previous field reconnaissance.

At Fonlo, a north–south pegmatite trend extending for approximately six kilometres was mapped, with individual dykes up to 20 metres thick and composite pegmatite zones reaching 40 metres across.

Spodumene crystals exceeding half a metre in length were visible in situ within a quartz and feldspar matrix.

These findings, supported by extensive artisanal workings, provide multiple walk-up drill targets for the company’s first phase of systematic exploration.

At Iganna, fieldwork identified several shallow-dipping pegmatite sills, including a prominent lithium-caesium-tantalum pegmatite averaging between five and ten metres thick and extending for several hundred metres along strike.

Coarse spodumene and lepidolite were visible within pit exposures and waste dumps, while structural measurements suggested the potential for stacked sills at shallow depth, an interpretation that will be tested through initial diamond drilling planned after acquisition completion.

A total of twenty-three samples were collected from both project areas, including six verification samples submitted to MSA Labs for lithium and multi-element analysis.

The remaining seventeen samples will undergo metallurgical testing to assess ore processing characteristics.

Historical artisanal operations have achieved spodumene concentrate grades of about five to six percent Li₂O through simple hand-sorting methods, indicating potential for cost-effective beneficiation.

Laboratory results from the current sampling program are expected to be reported before the end of 2025.

Chariot plans to advance a dual-track development strategy through C&C Minerals, its joint venture with Continental Lithium, with the first component focused on initiating small-scale mechanised mining operations in the first half of 2026 to generate near-term revenue.

In parallel, a comprehensive exploration program will aim to delineate JORC-compliant mineral resources suitable for large-scale mining.

Planned activities include detailed geological mapping, high-resolution ground magnetics, geochemical sampling, and a 2,000 to 4,000 metre diamond drilling program targeting high-priority zones beneath existing artisanal pits.

Executive Chairman and Managing Director Shanthar Pathmanathan said the recent fieldwork has provided tangible validation of the company’s exploration models and confidence in its long-term development plans.

“The site visits have not only confirmed the presence of large-scale lithium pegmatite systems at Fonlo and Iganna, but also demonstrated the potential to integrate small-scale mining with systematic modern exploration. This approach provides us with the opportunity to generate early cash flow while accelerating the path toward resource definition and long-term value creation for our shareholders.”

Chariot Corporation’s Nigerian lithium portfolio includes four project clusters: Fonlo, Gbugbu, Iganna and Saki, covering approximately 254 square kilometres across Oyo and Kwara States.

Together they represent one of Nigeria’s most extensive hard rock lithium holdings and complement Chariot’s projects in the United States, including the Black Mountain Project in Wyoming and the Resurgent Project in Nevada and Oregon.

With assays due in the December quarter and drilling preparations already underway, Chariot is positioning itself to advance one of West Africa’s most prospective lithium portfolios through a balance of near-term production and disciplined exploration.

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