ASX Quarterly Wrap: Prospect reels in high-grade African lithium and the drill bit keeps spinning at Chariot’s Black Mountain project

It’s the quarterly season again as the ASX market announcements page becomes increasingly flooded with update lodgements.

To save you the trouble of trudging through it all, we’ve wrapped up the highlights from some of the reports that caught our eye.

PROSPECT RESOURCES (ASX:PSC)

Prospect Resources capped off the December quarter with ‘excellent’ results from an extended Phase 3 drilling program at the Step Aside lithium project in Zimbabwe, Africa.

Two holes delineated the ‘WinBin’ pegmatite discovery zone, where an intital intersection returned 23.1m @ 1.03% Li2O from 45m, including 11m @ 1.51% LI2O from 54m.

An extended program was then designed to test WinBin with a total 44 holes for 5,100m, demonstrating the mineralised feeder zone extends to an extension of Pegmatite C with a combining strike of conjoined mineralisation to 580m.

Meanwhile, exploration activities continued at the Omaruru lithium project in Namibia where the completion of a Phase 2 program will see PSC earn-in to reach a 51% interest after spending US$560,000 over 12 months.

CHARIOT CORPORATION (ASX:CC9)

Chariot rounded out 2023 with an array of landmark milestones including the completion of its IPO and ASX listing, which saw shares in the stock surge as high as $1.36 following its debut.

The explorer has one of the largest lithium exploration landholdings in the US at the flagship Black Mountain lithium project, where a maiden 4900m drill campaign kicked off at the end of the year.

Weather permitting, CC9 says it plans to continue drilling until March 2024 with first results expected in late January.

In the meantime, preliminary assessment work is being carried out for the remainder of its lithium portfolio including the Resurgent North project where a drilling plan has been developed.

ARAFURA RARE EARTHS (ASX:ARU)

Early works on site at the Nolan’s neodymium-praseodymium (NdPr) project in WA were completed during the December quarter, positioning the company to mobilise to site and begin main construction activities.

Operational Readiness planning kicked off, with a review carried out of the current status of readiness at Nolans, outlining all risks and opportunities.

This review informed a work plan for 2024 which consists of long lead items, set up and integration of appropriate systems and updates to policy and procedures for ahead of the next phase of development.

PSC,CC9,ARU share prices today:

At Stockhead we tell it like it is. While Prospect Resources, Chariot Corporation and Arafura Rare Earths are Stockhead advertisers, they did not sponsor this article.