the Black Mountain project (Black Mountain)<\/a>, is located in Natrona County, Wyoming, US and comprises 134 unpatented lode mining claims. Chariot has intersected significant zones of strong lithium-tantalum mineralisation in the first three holes of the maiden drill programme at Black Mountain.<\/p>\nThese drill results confirm the potential of the Black Mountain lithium caesium tantalum (LCT) pegmatite swarms with notable results, including: \n\u2022\u00a0\u00a0 BMDDH23_01 15.48m @ 1.12% Li2O and 79 ppm Ta2O5 from 2.74m, including 4.27m @ 2.46% Li2O and 128ppm Ta2O5 from 9.94m \n\u2022\u00a0\u00a0 BMDDH23_02 14.33m @ 0.84% Li2O and 61 ppm Ta2O5 from 1.83m, including 2.29m @ 3.09% Li2O and 138 ppm Ta2O5 from 10.67m \n\u2022\u00a0\u00a0 BMDDH23_03 18.81m @ 0.85% Li2O and 98ppm Ta2O5 from 45.26m, including 5.79m @ 1.08% Li2O and 105 ppm Ta2O5 from 47.55m \n\u2022\u00a0\u00a0 High-grade potential with individual grades downhole of up to 3.79% Li2O and 230 ppm Ta2O5<\/p>\n
This is the first hard rock lithium discovery, through drilling, in Wyoming, US.<\/p>\n
Dr Edward Max Baker, Chariot\u2019s Chief Geologist,\u00b3 said: \u201cWe\u2019ve got stunning initial results amid the North American winter. The targeted hard rock lithium system has been intersected in multiple holes. Still, we need to come back in the North American summer for a 5,000 \u2013 10,000m drill programme to better handle the resource potential. The base metals\u2019 sulphide mineralisation is also very promising and indicates the potential for base metals and\/or gold mineralisation, separate from the lithium mineralisation.\u201d<\/p>\n
The drill intercepts reported from the first three holes confirm the lithium potential of the Black Mountain LCT pegmatite (see Fig. 2 and Fig. 3), as indicated by the Chariot\u2019s earlier surface rock chip sampling results.\u2074 In addition, Chariot is optimistic it may have intersected the peripheral portion of a potentially larger base metal mineral system, with selected intervals grading up to 0.6% (6,012 ppm) copper (Cu), 1.0% (9,931 ppm) zinc (Zn), and 15.4% (154,412 ppm) lead (Pb).<\/p>\n
<\/p>\n
<\/p>\nFig. 2: Drill Core sample from BMDDH23_01 from 10.6m showing some of the spodumene mineralisation<\/figcaption><\/figure>\nFig. 3: Pegmatite intersection in BMDDH23_02 from 9.6m (31.5ft.) to 14.5m (47.5ft.)<\/figcaption><\/figure>\nTwo diamond core drill holes (BMDDH23_01 and BMDDH23_02) were drilled to test the outcropping pegmatites in the central Northwest swarm area (Northwest Area), whilst a third diamond drill hole (BMDDH23_03) was drilled in to test outcropping pegmatites in the central southeast swarm area (the Southeast Area)(see Fig. 4).<\/p>\nFig. 4: Plan View of the Black Mountain Project, showing the pegmatite outcrops (dark red) and interpreted folded geometry (in light red) along with the Northwest and Southeast Cross-Section Lines and Drill Collars. The rock chip and soil geochemistry results are also shown. Refer to the Prospectus for the complete set of rock chip assay results\u00b2<\/figcaption><\/figure>\nThe Northwest Area comprise steeply dipping limbs of a tightly folded package of dikes, where the fold is now interpreted to be more open than initially anticipated before drilling. The dikes to the west of BMDDH23_01 and BMDDH23_02 are expected to dip westward at a dip approximately parallel to the pegmatite intercepted by BMDDH23_01. BMDDH23_01 and BMDDH23_02 both intersected the same pegmatite (see Fig. 5).<\/p>\nFig. 5: A \u2013 AA cross-section (see Fig. 1) through the Northwest Area showing BMDDH23_01 and BMDDH23_02 drill traces with the intersected pegmatite shown in red<\/figcaption><\/figure>\nThe pegmatite dike swarms in the Southeast Area comprise a complex fold-hinge, which, based on the location of the intercept of pegmatite in BMDDH23_03, appears to dip moderately steeply to the southeast (see Fig. 6).<\/p>\nFig. 6: B-BB cross-section through the Southeast area showing BMDDH23_03 drill trace with the intersected pegmatite shown in red<\/figcaption><\/figure>\nChariot also engaged ERM Australia Consultants Pty Ltd (previously CSA Global) and ERM Sustainable Mining Services (CSA Global) to provide technical guidance for the development of the Black Mountain exploration plan and have completed an independent review of the data, geological interpretations and exploration results to date. CSA Global\u2019s scientific and technical disclosures review confirms Chariot\u2019s drilling results.<\/p>\n
Phase 1 drill programme<\/h3>\n The Phase 1 maiden drilling programme consisting of 10-15 holes was designed to test under outcropping pegmatite dike swarms with anomalous Li rock chip values to determine the geometry of the dikes and to confirm the hard rock lithium potential ahead of a comprehensive resource drill-out in Q3 2024.<\/p>\n
Major Drilling Group International Inc. (Major Drilling) has been contracted to drill oriented triple tube HQ-sized diamond drill core (drill core) using a Boart Longyear LF90 Surface Diamond Core Drill Rig (the drill rig) (see Fig. 7). Drill core from Black Mountain is transported to Chariot\u2019s core handling and storage facility in Jeffrey City, Wyoming, where each drill core is photographed, logged, and measured for density and recovery (see Fig. 8). Drill core samples are being assayed by American Assay Labs in Reno, Nevada.<\/p>\nFig. 7: Drill rig at Black Mountain<\/figcaption><\/figure>\nFig. 8: Chariot Senior Project Geologist Willis Blakeslee, inspecting drill core<\/figcaption><\/figure>\nThe Phase 1 programme was limited to the currently permitted seven drill pads due to the five-acre limit on disturbance under the Notice of Intent, which applies to both access roads and the drill pads.<\/p>\n
Chariot plans to apply for an Exploration Plan of Operations (EPO) to increase the area of disturbance from five acres under the Notice of Intent to up to 2,500 acres for the Phase 2 resource drill programme commencing in Q3 2024.<\/p>\n
The Phase 1 drill programme was limited to testing the two central pegmatite swarms (of the four pegmatite swarms identified at Black Mountain) in the Northwest and Southeast areas.<\/p>\n
Base metal mineralisation potential<\/h3>\n The upper section of BMDDH23_01 intersected pyrite-pyrrhotite mineralisation, occurring as veinlets and dissemination within the biotite schist throughout approximately 100m. At this early stage, only several select intervals of this mineralisation were sampled and assayed with selected intervals grading up to 0.6% (6,012 ppm) Cu, 1.0% 9,931 ppm Zn and 15.4% 154,412 ppm Pb.<\/p>\n
Based on the location of this drill hole relative to an 800m long by 150m wide zone of anomalous zinc-in-soils, the Company is optimistic that it has intersected the peripheral portion of a potentially larger base metal mineral system (see Fig. 9). The zinc and lead anomalies are situated on the contact between metabasalt to the south and metasediments to the north coincident with a two-meter-wide zone of black massive chert outcrops along the southern margin of the soil anomaly.\u00a0 Based on the anomalous drill intercepts, the geological setting and the extent of the zinc and lead soil anomaly, the company plans to further investigate this base metal mineralisation by extending the soil sampling programme and conducting a preliminary induced polarisation survey (IP) lines across the anomaly in Q3 2024.<\/p>\nFig. 9: Zone of anomalous zinc in soils to the north of the pyrite\u0002pyrrhotite mineralisation intersected in BMDDH23_01 shown in relation to the outcropping pegmatites with soil sample locations showing Zn in ppm. Refer to Appendix 4 for the complete set of soilgeochemistry results<\/figcaption><\/figure>\n2024 Black Mountain exploration plans<\/h3>\n The Phase 1 programme at Black Mountain is scheduled to continue until 1 March 2024, to determine the three-dimensional shape and near-surface grades, down to 100m, within the three major pegmatite dike zones, as shown in Fig. 1. In addition to the eight holes already drilled, another seven holes are planned for the remainder of the Phase 1 programme, which will conclude on 1 March 2024.<\/p>\n
This information will be used to design a more extensive 5,000 to 10,000m initial resource definition drill programme expected to commence in Q3 2024 (the Phase 2 (resource drilling) programme).<\/p>\n
Phase 2 (resource drilling) programme to commence in Q3 2024<\/h3>\n In anticipation of the Phase 2 resource drill programme, the initial focus will consist of detailed re-logging of the Phase 1 programme drill core and a detailed petrographic study of the mineralisation, selection, and submittal of samples for initial metallurgical testing.\u00a0 At the same time, the existing rock chip and soil sampling programme will be extended to the north and east to close off the open lithium and base metal anomalies.<\/p>\n
In addition, the company plans to run a preliminary IP\/resistivity survey over the area of anomalous Zn-Pb soil geochemistry to assist in siting several holes to test the nature of this base metal mineralisation in Q3-Q4 2024.<\/p>\n
The Company is currently lodging an application for an EPO (to drill) to expand the area of disturbance and increase the number of drill pads in preparation for a maiden resource drill-out. The Phase 2 (resource drill) programme is expected to commence in the North American summer in Q3 2024 or when the BLM approves the EPO.<\/p>\n
Forging a lithium future in Wyoming<\/h3>\n Chariot is well-positioned to take advantage of the future demand for lithium resources and the need for an American supply. Over the next twelve months, the company will report additional drill results and launch a more comprehensive drilling programme at Black Mountain. In addition, the company will continue to advance its other assets prudently. Each of these activities has the potential to be a significant catalyst for value creation at Chariot and to drive shareholder value.<\/p>\n