Charger Metals unearths spodumene pegmatites grading 4.2% at Lake Johnston
Special Report: Rock chip samples from a recently identified pegmatite outcrop at the Lake Johnston lithium project in WA have returned high-grade lithium assays up to 4.2% Li2O.
Charger Metals (ASX:CHR) has added 75% to its stock value over the past month after inking a lucrative farm-in agreement with Rio Tinto’s (ASX:RIO) exploration arm over the Lake Johnston project.
Rio Tinto Exploration (RTX) can earn up to 75% of the CHR’s own Lake Johnston project (just a stone’s throw from TG6 project of the same name) via a stage exploration spend totalling $42.5 million.
RTX will pay Charger $500,000 and put another $1.2m into the company before the farm in starts and spend $3m over 12 months.
Rio’s move into Lake Johnston, an area east of Norseman best known for Poseidon Nickel’s (ASX:POS) mothballed Maggie Hays and Emily Ann nickel mines and the Lake Johnston plant, comes after a rush in the area started by TG Metals (ASX:TG6) and its Burmeister prospect.
But the story of Lake Johnston’s lithium prospectivity is only just beginning with assay results from rock chip samples confirming high-grade lithium up to 4.2% Li2O from a newly discovered pegmatite.
CHR says three samples were collected from across the outcrop – which was discovered during field mapping and extends for 85m – with all three returning high grade lithium results of 4.2%, 3.7%, and 3.5% Li2O.
The total distance of this new trend of spodumene-bearing pegmatite outcrops is over 1.2km, providing potential for scale and striking northeast towards the Medcalf prospect.
Spodumene crystals are also visible and are estimated to be up to 40- 50% of the total volume.
“The discovery of this high-grade spodumene-bearing pegmatite outcrop is exciting,” CHR managing director Aidan Platel says.
“The fact we have three pegmatite outcrops with visual spodumene and confirmed high grade lithium assays along a 1.2km trend suggests the potential for large-scale lithium mineralisation.
“This new trend of pegmatites is obviously a high priority target and will be incorporated into the upcoming drill programs at Medcalf.”
Permitting is continuing for planned drill programs.
A Program of Works (PoW) has been approved for infill and extensional diamond drilling at the Medcalf prospect, which also includes the northeastern-most pegmatite of the new trend.
Aboriginal Heritage surveys are planned for December and will cover the rest of the new pegmatite trend as well as the Mt Gordon Prospect, as are targeted environmental surveys.
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.