- Chariot Corporation (ASX:CC9) is posting results from drilling at its Black Mountain project in Wyoming, USA
- The company reports these are the first “significant intersections”
- Chariot hit 15.5 metres at 1.12 per cent lithium, 14.3 metres at 0.84 per cent and 18 metres at 0.85 per cent
- Shares last traded at 38 cents
Chariot Corporation (ASX:CC9) has struck significant zones of strong lithium-tantalum mineralisation in the first three holes at its Black Mountain project in Wyoming, USA.
The company highlighted three intersections all more than 10 metres and grading at 1.12; 0.84 and 0.85 per cent lithium respectively.
Chariot went straight to a diamond rig for its operations.
The company flagged “high-grade potential with individual grades of up to 3.79 per cent lithium” but did not include corresponding widths of the drill for these high-grade pockets.
Geotechs are theorising they could have just hit the edge of a much larger system underground – something only further drilling can determine.
A soil sampling program currently put to sleep will continue in Q3 of CY2024, according to Chariot this morning.
Management reported that the company will need to descend upon Black Mountain in the US summer.
“The targeted hard rock lithium system has been intersected in multiple holes, but we need to come back in the North American summer for a 5,000 – 10,000m drill program to get a better handle of the resource potential,” Chariot geology chief Dr. Edward Baker said.
“The base-metals sulphide mineralisation is also very promising and indicates the potential for base metals and/or gold mineralisation, separate from the lithium mineralisation.”
Shares last traded at 38 cents.