Chariot Corporation announces promising maiden drill program results

Company News

by Peter Milios

Chariot Corporation (ASX:CC9) announced today the promising results of its maiden drill program at the Black Mountain Project in Wyoming, U.S.A. The drilling program, aimed at uncovering hard rock lithium deposits, has yielded multiple mineralised lithium intersections in the first three drill holes, marking a significant milestone in Wyoming's mining industry.

The highlights of the Black Mountain maiden drill program include the following key findings:

The first three drill holes all intersected high-grade spodumene mineralisation, confirming the potential of the Black Mountain lithium caesium tantalum ("LCT") pegmatite swarms.

Notable results from these holes include BMDDH23_01 with 15.48 meters at 1.12% Li2O and 79 ppm Ta2O5, including 4.27 meters at 2.46% Li2O and 128 ppm Ta2O5, BMDDH23_02 with 14.33 meters at 0.84% Li2O and 61 ppm Ta2O5, including 2.29 meters at 3.09% Li2O and 138 ppm Ta2O5, and BMDDH23_03 with 18.81 meters at 0.85% Li2O and 98 ppm Ta2O5, including 5.79 meters at 1.08% Li2O and 105 ppm Ta2O5.

Individual grades downhole reached up to 3.79% Li2O and 230 ppm Ta2O5, demonstrating high-grade potential.

Drilling is ongoing, with eight holes completed to date, and assay results for the remaining five holes are expected to be announced by April 2024.

These results are the first hard rock lithium discovery through drilling in Wyoming, indicating significant potential for lithium resource development in the region.

Dr. Edward Max Baker, co-founder of Wyoming Lithium Pty Ltd ("WLPL") and Panther Lithium Corporation ("PLC"), expressed optimism about the findings. "We've got stunning initial results in the midst of the North American winter," he said. "The targeted hard rock lithium system has been intersected in multiple holes, but we need to come back in the North American summer for a 5,000 – 10,000m drill program to get a better handle on the resource potential. The base-metals sulfide mineralisation is also very promising and indicates the potential for base metals and/or gold mineralisation, separate from the lithium mineralisation."

The Phase 1 maiden drilling program aims to test under outcropping pegmatite dikes swarms with anomalous Li rock chip values to determine the geometry of the dikes and confirm the hard rock lithium potential ahead of a comprehensive resource drill-out in Q3 2024.

Furthermore, Chariot Corporation identified base metal mineralisation in the first drill hole (BMDDH23_01), with notable intervals grading up to 0.6% (6,012 ppm) Cu, 1.0% (9,931 ppm) Zn, and 15.4% (154,412 ppm) Pb. These findings have raised the possibility of a larger base metal mineral system, and the company plans to extend soil sampling and conduct preliminary IP lines over the base metals anomaly in Q3 2024.

Chariot's exploration efforts are expected to continue throughout 2024, with the Phase 2 Resource Drill Program scheduled to commence in Q3 2024, pending necessary approvals. The company is committed to advancing its mining operations in Wyoming, contributing to the development of critical minerals in the United States.

Peter Milios

Peter Milios is a recent graduate from the University of Technology - majoring in Finance and Accounting. Peter is currently working under equity research analyst Di Brookman for Corporate Connect Research.

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