Charger Metals confirms large lithium system at Lake Johnston: Drilling on the horizon
Charger Metals briefly rallied 35% in early trade after a drilling and exploration update
Source: iStock
Mentioned
KEY POINTS
- Charger plans to commence drilling at the Medcalf prospect in the March quarter 2023
- Assays at Medcalf have returned lithium grades between 1.5% to 5.13%
- The Coates Project flagged delays with government approval for drilling activities
Charger Metals (ASX: CHR) briefly rallied 35% in early trade after confirming a large lithium system at its Lake Johnston Project in WA.
The company laid out drilling plans to capitalise on the success of recent early-stage exploration activities.
“Charger has commenced the statutory approvals process required before the commencement of drilling of the spodumene-pegmatite target at the Medcalf Spodumene Prospect … where rock chip samples returned between 1.51% and 5.13% Li2O,” said managing director, David Crook.
Generally speaking, hard rock lithium grades are usually in the 0.9% to 1.6% range.
Drilling plans
The Lake Johnston Project is comprised of two prospects - Mt Day and Medcalf.
Source: Charger Metals
A drill program of approximately 40 holes has been proposed to test the Medcalf Spodumene Prospect. The program is being prepared for the March quarter of 2023.
Elsewhere, Charger flagged a delay in government approval for 'ground disturbing' activities in WA. The company said this has impacted the start date for drilling at the Coates Nickel-Copper-Cobalt Project.
Priority areas emerging at Mt Day
Over 6,000 soil samples has been taken around the Mt Day Prospect. A selection of over 1,100 samples have been submitted to a commercial laboratory for analysis.
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