Charger (ASX:CHR) levy capital for Lake Johnston Lithium

Charger (ASX:CHR) levy capital for Lake Johnston Lithium

November 23, 2023 Off By Tom Duggan

With an Australian lithium sector’s eyes fixed on Lake Johnston, Charger Metals has unsurprisingly received heavy support for a $2.7M Placement to perforate its own tenements next to a high-flying TG Metals.

Charger has already received an investment of $1.2 million with fully owned Rio Tinto subsidiary RTX before beginning a farm-in agreement, and institutional, sophisticated and professional investors snapped up shares at an $0.244 issue price and a 7.3 per cent discount to the previous close.

Charger’s Managing Director Aidan Platel said the company was very pleased with the level of demand from new, existing, domestic, and international investors.

“Together with the recently announced farm-in agreement with Rio Tinto Exploration for our Lake Johnston Lithium Project, the funds will allow us push ahead with systematic exploration on our highly prospective Lake Johnston and Bynoe Lithium Projects,” Mr Platel said.

While some will be left aside for acquisition costs and general working capital, the new funding will be predominantly focused on accelerating exploration into one of Australia’s spiciest lithium hot spots.

Going beyond Burmeister

The TG Metals share price has risen by over 900 per cent and beyond the one dollar share threshold after marking discovery at Burmeister with high-grade hits up to 2.28% lithium oxide from the initial drill tests.

It has since defined an even-larger scale area of lithium in soils anomalism, causing a flurry of interest in surrounding tenements controlled by Charger and Bryah Resources.

And Charger has identified its largest soil anomaly to date stretching over three kilometres adjacent to Burmeister, yielding several new targets ripe for exploration.

There is also a new spodumene discovery to explore at its Bynoe tenements in the Northern Territory, and Charger will have a busy time ahead as it plots its next campaign.

CHR Lake Johnston Mt Gordon Map

Location map of the Mt Gordon Prospect of the Lake Johnston Lithium Project

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