Charger (ASX:CHR) strike spodumene at Bynoe

Charger Metals have claimed another early success at Bynoe Lithium, intersecting spodumene-bearing pegmatites up to 22 metres thick from first pass drilling over its Enterprise Prospect in the Northern Territory.

Assays are expected within four to five weeks, and while the extent of mineralisation is yet to be determined, the observed presence of spodumene, the most abundant lithium ore, is a strong early indicator as Charger accelerate exploration into Bynoe.

Drilling had already intercepted even thicker pegmatites at other prospects within Bynoe, and Charger Managing Director Aidan Platel said it was another validating result for its exploration campaign.

“The intersection of spodumene-bearing pegmatites at Enterprise, approximately 900m along strike from Core Lithium Limited’s Blackbeard Prospect, is validation of our targeting methods and a compliment to the systematic approach taken by our technical team,” Mr Platel said.

Mr Platel added that the company will now proceed to ramp up exploration to the next phase, with diamond drilling beginning this week to test for down-plunge extensions at Enterprise.

“This is an important step as we have seen from Core’s spodumene deposits in the region that the spodumene content has the potential to increase with depth. A further ~5,000m of RC drilling is also scheduled to begin next week to test both new and existing lithium targets at Bynoe, including the high priority 7Up Prospect,” he said.

Lithium resurgence

After a downturn from all-time high prices, the lithium market is poised for a rebound with prices tipped to surge by 40 per cent this year, and the majors have come circling around undervalued assets.

Rio Tinto and Hancock Prospecting have both expanded their hunt for lithium, and analysts see softening prices, sovereign risk in rival nations and US subsidies triggering a year of action in the Australian sector.

Location of the completed RC drill-holes and nearby results at Blackbeard

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Sector: Basic Materials

Industry: Other Industrial Metals & Mining

Employees:

Charger Metals NL engages in the exploration for battery metals. The company explores for nickel, copper, lithium, and platinum group elements. Its project portfolio includes a 100% interest in the Lake Johnston project located in Perth, Western Australia; 85% interest in the Coates project situated in Wundowie, Western Australia; and 70% interest in the Bynoe lithium project in the northern Territory. The company was incorporated in 2020 and is based in Subiaco, Australia. As of October 29, 2024 Charger Metals NL (ASX : CHR) operates as subsidiary of Core Lithium Ltd.

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