Shares in battery metals explorer Charger Metals (ASX:CHR) almost doubled this morning (22 May 2024) with news it has identified further surface lithium anomalies and a “large” niobium anomaly at its Lake Johnston Project in Western Australia.
Shares advanced over 97% to an intra-day high of $0.14.
Charger undertook an infill soil sampling program at the Mt Gordon Prospect that has defined new lithium anomalies near historic drill holes that returned elevated values at depth.
The company says this program also defined a large niobium anomaly spanning 1.8km by 1.7km in the south of the tenement. The anomaly returned grades of up to 21.4 parts per million niobium.
Niobium is primarily used in steel to make it stronger, but is also now classified as a critical mineral because of its ability to enhance the life of lithium-ion batteries and reduce charging times.
The soil sampling program, which is being funded by Rio Tinto Exploration, took place over anomalies extending for more than 3km at the Mt Gordon Prospect, which sits adjacent to TG Metals’ (ASX:TG6) Jaegermeister Lithium Prospect.
Managing Director Aidan Platel says the results from Mt Gordon have increased the resolution of the large lithium surface anomalies defined by the first phase of sampling, providing more accurate targets for the upcoming reverse circulation drilling program.
“The new, more subtle lithium anomalies defined by the recent soils exhibit good prospectivity, particularly the anomaly in proximity to known lithium-bearing pegmatites intersected in historical drilling,” he says.
Charger is now preparing to begin the next phase of RC drilling to test the lithium targets next month.
With respect to the new niobium discovery, the company says further field mapping and sampling, and potentially shallow aircore drilling, is required to determine the potential source of the anomaly.
The Lake Johnston Lithium Project is located 450km east of Perth, in the Yilgarn Province of Western Australia.
It sits around 70km east of the Earl Grey lithium deposit, part of the Mt Holland Project joint venture between Sociedad Química y Minera de Chile S.A. and Wesfarmers, where mining and commissioning began in March this year.
Mt Holland is touted to be one of the largest hard-rock lithium projects in Australia, with the Earl Grey deposit hosting reserves of 189 million tonnes @ 1.5% lithium.
Write to Angela East at Mining.com.au
Images: Charger Metals
