- Charger Metals (CHR) begins fieldwork at its majority-owned Bynoe Lithium Project in the Northern Territory
- The recently-listed company conducted an evaluation which has identified 14 pegmatite anomalies within a five-kilometre area
- To follow up on these, Charger has initiated mapping and sampling and expects to begin an aeromagnetic survey before the end of the month
- The company hopes to refine the lithium targets so it can follow up the field work with a drilling program
- Company shares are up 19.5 per cent to trade at 52 cents
Charger Metals (CHR) has begun exploration activities at its Bynoe Lithium Project which is located in Darwin, Northern Territory.
The project is jointly held with fellow ASX-lister Lithium Australia (LIT), which owns a 30 per cent interest, while Charger owns the majority 70 per cent stake.
Charger Metals was recently admitted to the ASX on July 7 after raising $6 million through its initial public offering in May. The admission followed an almost two-year hiatus from the ASX after it was removed from the official list in September 2019.
Since re-listing, the materials stock outlined its focus on targeting battery industrial metals. Strategically, it secured a 70 per cent interest in the Bynoe Project, a 70 per cent interest in the Lake Johnson Lithium and Gold Project in WA and a respective 85 and 70 per cent interest in the Coates North and Coates Project.
Charger acquired a majority interest in Bynoe due to its prospectivity for spodumene and its history of producing cassiterite and tantalite.
Importantly, the company identified 14 pegmatite anomalies within a five-kilometre-long zone from existing geochemistry. This will be targeted in the current exploration program.
Managing Director David Crook commented on the activities underway.
“Charger Metals’ programs of mapping, geochemistry and aeromagnetics now underway at the Bynoe Lithium Project are designed to refine the five-kilometre-long cluster of lithium targets to a point where a substantial drilling program can be planned.”
By the end of August, the company will begin a detailed aeromagnetic survey.
Company shares were up 19.5 per cent to trade at 52 cents at 1:28 pm AEST.