Chariot Resources (ASX:CC9) confirms high-grade lithium and by-product potential at Fonlo and Iganna Projects, advancing exploration and development

Chariot Resources Ltd (ASX:CC9) has unveiled highly promising assay results from its Fonlo and Iganna lithium projects in southwest Nigeria, confirming the presence of high-grade lithium-bearing pegmatites.

The assays, which range from 2.66% to 5.96% Li₂O, significantly bolster the economic outlook of these projects while highlighting the potential for valuable by-products such as tantalum and cesium.

Shanthar Pathmanathan, Executive Chairman and Managing Director of Chariot, provides insights into the company’s exploration strategy, the impact of these findings, and the exciting path ahead for these projects.

The recent rock chip assays from both the Fonlo and Iganna lithium projects have provided robust evidence of high-grade lithium mineralisation.

Assays from the Fonlo and Iganna sites returned lithium oxide (Li₂O) values ranging from 2.66% to 5.96%, reinforcing the strong potential of these projects.

Additionally, the results confirmed the presence of spodumene at Fonlo and both spodumene and lepidolite at Iganna, which are the dominant lithium-bearing minerals in these types of pegmatite deposits.

Beyond lithium, the assays revealed significant concentrations of tantalum and cesium—two valuable by-products that could contribute to the projects’ overall economic potential.

For instance, tantalum levels in a Fonlo sample reached 0.15% Ta₂O₅, and cesium levels in one Iganna sample exceeded 2.5%, prompting re-assaying with a more precise method to confirm cesium grade.

The elevated cesium and tantalum values found in the assays are highly significant, as they point to the potential for valuable by-products alongside the lithium production.

Cesium is a rare mineral used in high-tech industries such as electronics, medical imaging, and atomic clocks.

The cesium values exceeding 2.5% in a sample from Iganna are particularly notable, suggesting the presence of pollucite, a high-value cesium-bearing mineral.

This sample is currently being re-assayed to determine its precise cesium grade.

Tantalum, essential for the production of capacitors and high-performance alloys, was also found at elevated levels. The 0.15% Ta₂O₅ in a Fonlo sample highlights the tantalum potential at both projects, adding a valuable revenue stream to the lithium focus.

These findings significantly enhance the economic profile of the projects, indicating that Chariot could generate substantial by-product revenues in addition to its lithium production.

“Cesium (Cs) values are elevated in several of the samples, possibly reflecting the presence of pollucite in the pegmatites. One sample from Iganna reported a Cs content above the upper detection limit of the assay method used in the testing (>25,000 ppm Cs, or >2.5% Cs). This sample is currently being re-assayed through a specialized (over limit) assay method to determine precisely its cesium grade.”

These positive assay results provide key insights that will directly influence Chariot’s exploration strategy for the Fonlo and Iganna projects.

The confirmation of high-grade lithium mineralisation, along with the discovery of tantalum and cesium, strengthens the economic case for both projects.

Chariot will accelerate its exploration efforts by continuing with surface exploration activities such as geological mapping, geochemical sampling, and trenching, all designed to identify additional pegmatite bodies and extensions of known mineralisation beneath shallow cover.

In addition, high-resolution geophysical surveys will be employed to better map the pegmatite bodies and refine drill targeting.

The drilling program, set to begin once the Nigerian lithium portfolio acquisition is completed, will focus on testing the depth and continuity of pegmatite mineralisation at both Fonlo and Iganna.

This drilling campaign is essential for defining the resource base, and Chariot remains committed to advancing this phase of exploration as quickly as possible.

“The rock chip results confirm that Fonlo and Iganna host high-grade lithium-caesium-tantalum pegmatites at surface. This provides Chariot with robust targets for follow-up exploration and builds confidence in the potential of these projects to yield both near-term mineable material and significant mineral resources with further work.”

Chariot’s small-scale mining (SSM) strategy is an integral part of the company’s approach to rapidly advancing both the Fonlo and Iganna projects.

By leveraging the existing artisanal mining operations, Chariot plans to formalize and scale up these efforts by introducing mechanisation, enabling the efficient removal of shallow overburden.

The recent high-grade lithium findings—ranging from 3% to 6% Li₂O—make it feasible to initiate small-scale mining operations, which will provide immediate lithium production while further exploration and resource delineation continue.

The company is preparing for a substantial exploration and development program at Fonlo and Iganna, which includes continued surface sampling, trenching, detailed mapping, geophysical surveys, and an initial 2,000–4,000 metre diamond drilling campaign.

This small-scale mining initiative will not only generate early revenue but also provide valuable insights into the overall feasibility of large-scale operations in the future.

Chariot’s next steps for advancing the Fonlo and Iganna projects involve a clear and methodical progression, balancing exploration, drilling, and small-scale mining. In the near term, we will continue geological mapping and geochemical sampling to expand the areas of known mineralisation and discover new targets beneath shallow cover.

Additionally, we will deploy high-resolution geophysical surveys to map the pegmatite bodies more precisely, which will significantly enhance our drill targeting.

The initial drilling campaign, which will begin following the completion of the Nigerian lithium portfolio acquisition, will focus on testing the continuity of the pegmatite bodies at both Fonlo and Iganna.

At Fonlo, the drilling will explore vertical pegmatite dykes beneath the artisanal pits, while at Iganna, we will investigate the lateral extent and thickness of shallow-dipping pegmatite sills, as well as the potential for stacked pegmatites at depth.

Furthermore, Chariot Resources is progressing with small-scale mining operations, which will generate early cash flow while exploration and resource delineation continue.

This dual-track approach ensures that Chariot can generate near-term revenue from high-grade material while simultaneously advancing the exploration required for larger-scale, long-term growth.

The confirmation of high-grade lithium mineralisation, coupled with tantalum and cesium potential, has set a solid foundation for Chariot Resources as it moves forward with its exploration and development strategy for the Fonlo and Iganna projects.

The dual-track approach—combining small-scale mining with systematic exploration and drilling—ensures that Chariot is poised for both near-term production and long-term growth.

As the company advances toward resource delineation and eventual production, it remains committed to delivering value for shareholders and advancing these promising projects.

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