First pass RC drilling at the Enterprise target, within the Bynoe lithium project, has intersected spodumene bearing pegmatites, prompting the company to ramp up exploration.

The Enterprise target is about 900m along strike from Core Lithium (ASX:CXO), a $1.7bn market cap company, and its Blackbeard prospect at the Finniss Lithium project which holds a mineral resource of 30.6Mt at 1.31% Li20.

Around 10 reverse circulation (RC) holes for 1,663m were drilled at the Enterprise target, in addition to 14 holes for 2,045m which were completed at the Megabucks and Old Bucks prospects.

Spodumene was identified in the RC chips by the company’s geologists and confirmed with a qualitative analysis of the chips with a LIBS (Laser-Induced Breakdown Spectroscopy) scanning machine.

While Charger (ASX:CHR) is very encouraged by its geological observations, no quantitative assessment of mineralisation is possible at this stage.

The observed presence of spodumene within pegmatite does not necessarily equate to economic grades of lithium mineralisation until confirmed by chemical analysis, which is currently underway.

Exploration accelerating with diamond rig

 Yet, CHR managing director Aidan Platel says the intersection is validation of the company’s targeting methods and a complement to the systematic approach taken by its technical team.

“The company will now proceed to ramp up exploration to the next phase, with a diamond rig commencing this week to test for down-plunge extensions to the intersected pegmatites 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,” he says.

“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.”

All samples from Enterprise to-date are in the lab, and assay results are expected within 4-5 weeks.




This article was developed in collaboration with Charger Metals, a Stockhead advertiser at the time of publishing.


This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.