Ann: Black Mountain Drilling Results, page-2

Summary (from https://newsrush.ai/m_57.html):

Black Mountain Drilling Results

3 May 2024 8:22 AM | 36 Pages

Chariot Corporation announces encouraging lithium results from the Phase 1 Drill Program at Black Mountain, Wyoming, with high-grade lithium pegmatites identified.

Summary

• Phase 1 Drill Program completed at Black Mountain with 1,132m drilled.
• High-grade spodumene mineralisation intersected, confirming exploration potential.
• A potentially large pegmatite stock identified at a shallow depth east of the drill area.
• First three holes showed high-grade lithium intercepts; subsequent holes indicated broad intervals with lower grades.
• Reprocessing of ground magnetics data suggests a large magnetic low, likely representing a pegmatite stock.
• Company preparing for Phase 2 Drill Program to explore a larger area (2,500 acres).

Highlights

• Total of 1,132m drilled in nine shallow holes.
• First three holes returned high-grade intercepts of 0.8 to 1.12% Li2O over intervals of + 14m.
• Last six holes showed broad intervals (40-85m) with thin pegmatite dikes, averaging 0.1% to 0.2% Li2O.
• Large magnetic low identified at depths of 100m or more, suggesting a large pegmatite stock.

Positives

• Confirmed high-grade lithium mineralisation in the project area.
• Potential for a significant pegmatite stock identified.
• Phase 2 Drill Program planned to expand exploration.

Negatives

• Lower lithium grades in the last six holes compared to the first three.
• Restrictive drilling permit limited initial exploration scope.

Key Dates

• 9 November 2023: Commencement of the Phase 1 Drill Program.
• 22 February 2024: Conclusion of the Phase 1 Drill Program.
• 2 February 2024: Announcement of initial high-grade intercepts.

Alerts

• Contains better than expected results: yes
• Contains worse than expected results: no
• Contains expected results: no
• Sentiment: positive