Charger Metals Defines New Lithium Targets at Bynoe Project
CHR (CHR) Share Update July 2024 Monday 22nd
Charger Metals Identifies New Lithium Targets at Bynoe Project
Charger Metals NL (ASX: CHR) has announced the identification of 11 new lithium targets at its Bynoe Lithium Project in the Northern Territory. The targets were defined through extensive geochemical and geophysical data modelling.
Instant Summary:
- 11 new lithium targets identified at Bynoe Lithium Project.
- Modelling suggests a regional-scale fractionation trend across the Bynoe tenure.
- Updated drilling and exploration permit expected soon.
- Ongoing drilling at Lake Johnston Lithium Project in WA.
Exploration Update
Charger Metals NL has made significant progress at its Bynoe Lithium Project, identifying 11 new lithium targets. This development comes after a comprehensive field season in 2023, which included extensive soil sampling and geophysical surveys.
The company completed a large infill soil sampling program over the eastern portion of the Bynoe tenure. Concurrently, Ambient Noise Tomography (ANT) and ground gravity surveys were conducted in the northeast of the tenement to identify potential pegmatite targets below the surface.
Data Modelling and Findings
Modelling of combined geophysical and surface geochemistry data, along with mapping and structural data, has resulted in the identification of 11 new target areas for lithium mineralisation. Many of these areas are defined by surface lithium anomalies striking NNE-SSW, supported by gravity data and regional geology trends.
The ANT data has further supported this orientation, defining several ~80m wide discrete bodies parallel to mapped pegmatites near the Sunline Prospect, extending well below 100m in depth.
Project-Scale Investigation
Charger Metals also completed a project-scale investigation into lithium mineralisation and associated pathfinder elements. The results confirmed the presence of at least two sets of pegmatites at Bynoe: high caesium-lithium pegmatites and high lithium-rubidium pegmatites. These findings will help prioritize target areas for follow-up work.
An updated drilling and exploration permit (Mining Management Plan; MMP) has been applied for, and approval is expected in the coming weeks. Fieldwork will commence with ground-truthing of the recently defined anomalies as part of the ranking process for future drilling.
The identification of new lithium targets at the Bynoe Project is a positive development for Charger Metals. This could lead to increased investor interest and potentially boost the company's stock price. The approval of the updated drilling and exploration permit will be crucial for advancing the project.
Investor Reaction:
Investors and analysts have responded positively to the news, noting the systematic approach to exploration and the potential for significant lithium discoveries. Some have highlighted the importance of the upcoming drilling and exploration permit approval.
Conclusion:
Investors should keep an eye on Charger Metals' progress at the Bynoe Project, particularly the approval of the updated drilling and exploration permit. The company's systematic exploration approach and the identification of new lithium targets position it well for future success.