Chariot increases exposure to Horizon and Halo lithium projects

Chariot Corporation to increase exposure to Horizon and Halo lithium projects in Nevada
Company has a 24.1% interest in Mustang Lithium, which is moving to regain full control over the two projects
Horizon already has an indicated resource of 3Mt LCE and inferred resource of 8.8Mt LCE

Special Report: Chariot Corporation’s exposure to the Horizon and Halo lithium projects in Nevada’s Big Smoky Valley is poised to increase after Mustang Lithium moved to regain full control over the two plays.

Mustang, in which Chariot Corporation (ASX:CC9) has a 24.1% ownership interest, is terminating property option agreements it had entered into with Pan American Energy and POWR Lithium.

Pan American Energy and POWR had both decided not to make the required payment of claims maintenance fees to the US Bureau of Land Management and surrender their respective interests in the mineral claims due to the current state of the lithium market.

That’s an opportunity for companies with a longer-term outlook on the EV and battery thematic.

CC9 noted that Mustang had recently completed a US$250,000 capital raising and will use the proceeds to pay the maintenance fees to maintain its interest in the two lithium projects.

This will grant Mustang – and by extension CC9 – the benefit of exploration carried out by Pan American Energy at the Horizon project, which led to the definition of a maiden JORC resource of 373Mt grading 669 parts per million lithium, or 1.3Mt of lithium carbonate equivalent, in the higher confidence indicated category.

Horizon also hosts an inferred resource of 2454Mt at 680ppm lithium, or 8.8Mt LCE.

Meanwhile, exploration by POWR at the Halo project returned significant results including drill intersections of 62.2m at 994ppm lithium from a downhole depth of 179.81m.

Pan American Energy and POWR will also be required to deliver to Mustang’s wholly-owned subsidiaries, copies of all records, information and data in respect to the two projects.

This includes all drill cores, drilling data and all information and data relating to the NI 43-101 technical report that Pan American Energy had completed for Horizon.

Lithium projects

The Horizon project consists of 839 mineral claims covering 17,334.44 acres within the Big Smoky Valley in the Tonopah mining district in Nevada while Halo consists of 98 mineral claims covering 2023.79 acres.

Both projects are adjacent to large-scale lithium projects under the banner of North American lithium powers such as American Lithium Corp‘s (NASDAQ: AMLI) 10.69Mt LCE TLC project and American Battery Technology Company’s (NASDAQ: ABAT) 18.63Mt LCE Tonopah Flats project.

Like CC9’s own Resurgent project, Horizon and Halo host sedimentary-hosted lithium (claystone lithium), which is easily minable and amenable to modern processing.

This article was developed in collaboration with Chariot Corporation, 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.