Where there’s smoke, there’s fire: Charger confirms lithium at three Bynoe prospects
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Charger Metals says drilling at its Bynoe project in the NT has confirmed lithium and tantalum mineralisation at three prospects.
The Bynoe project is right next door to Core Lithium’s (ASX:CXO) 30.6Mt at 1.31% Li2O Finniss lithium mine, which shipped its first 10,000t cargo of spodumene concentrate under long-term offtake agreements earlier this month.
Geochemistry, aeromagnetic programs and open file research completed by Charger Metals (ASX:CHR) indicates that multiple swarms of lithium-caesium-tantalum pegmatites extend from Finniss into Bynoe.
New assay results from 3 diamond drill holes and 60 reverse circulation (RC) drill-holes across 7 prospective target areas have confirmed lithium and tantalum mineralisation at three of the prospects: Enterprise, Utopia and 7Up.
Highlight intersections to-date include:
“We are encouraged by the recent assay results, which confirm our observations of spodumene within pegmatites at three of the seven prospects we have drilled to-date at Bynoe,” Charger’s MD Aidan Platel said.
“Whilst the lithium results have been low-grade, where there is smoke there is fire, and we remain confident of intersecting economic lithium mineralisation given the numerous (>20) prospect areas identified within the large tenement area.”
Assay results for a further 6 holes remain outstanding and are expected over the next four weeks.
Ambient Noise Tomography (ANT) and ground gravity surveys have been completed over a large area in the northeast of the project.
The data from the geophysical surveys are being processed and modelled with the aim of detecting any potentially large “blind” pegmatite systems that do not outcrop.
Charger says ground gravity has the potential to detect significant pegmatite systems at Bynoe, particularly when modelled in conjunction with the ANT survey results.
“Given the “masking” effect at surface from the seasonally wet conditions which leach the lithium from the significant weathering profile, lithium exploration at Bynoe is difficult using the more traditional exploration methods (e.g.: rock chip sampling),” Platel said.
“As such, we have completed concurrent ANT and gravity surveys which have the ability to delineate new high priority drill targets that are not apparent at surface, across prospective yet underexplored areas of the Bynoe Project.
“We look forward to seeing the modelled results of these surveys in October.”
Additional infill surface geochemical sampling and mapping programs have also been completed in the northeast.
Charger is also preparing for field programs at its Lake Johnston Project in WA, which will include diamond and RC drill programmes at the Medcalf spodumene prospect, Platel said.
Previous drilling at the Medcalf prospect delineated a swam of stacked spodumene-bearing pegmatites up to 13m thick within a 100m wide, 700m long corridor.
High-grade lithium results included 4m at 1.21% Li2O from 208, 3m at 1.33% Li2O from 110m, and 3m at 1.35% Li2O from 136m.
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.