Chariot Corporation Quarterly Activities Report - June 2024
CC9 (CC9) Share Update July 2024 Tuesday 30th
Chariot Corporation Announces Key Developments in Lithium Exploration
Chariot Corporation Limited (ASX: CC9) has released its Quarterly Activities Report for the period ending 30 June 2024, highlighting significant progress in its lithium exploration projects and financial updates.
Instant Summary:
- Core assay results from the maiden drilling campaign at Black Mountain.
- Recommencement of hard rock lithium exploration in Wyoming.
- Ongoing rock-chip/soil sampling and K feldspar testing.
- Chariot group holds approximately A$3.04 million in cash as of 30 June 2024.
Black Mountain Project
On 3 May 2024, Chariot Corporation announced the full set of assay results from the Phase 1 Drilling Program at Black Mountain, consisting of nine drill holes totaling 1,132 meters. The first three holes intersected high-grade spodumene mineralization, confirming the potential of the Black Mountain lithium-caesium-tantalum (LCT) pegmatite swarms. Although the last six holes yielded lower lithium grades, they were encouraging in terms of anomalous lithium values and geochemical fractionation.
Reprocessed magnetics data indicated two large magnetic lows, interpreted as pegmatite stocks, to the north and south-east of the Phase 1 Drilling Program area. These findings suggest a significant potential for further exploration.
Wyoming Exploration
Chariot recommenced hard rock lithium exploration in Wyoming with the onset of the 2024 North American summer season. The company initiated extensive K feldspar testing, rock-chip, and soil sampling at Black Mountain to refine the proposed 2024 drilling targets. Additionally, similar testing and sampling were conducted at six other LCT projects in Wyoming.
Financial Update
As of 30 June 2024, Chariot group companies collectively hold approximately A$3.04 million in cash with no borrowings. The company issued 750,000 unlisted options to Euroswiss Capital Partners Inc. for business development and financial consulting services, facilitating Chariot's listing on the Frankfurt Stock Exchange.
Divested Projects
Chariot surrendered exploration licenses for the Mardabilla project in Western Australia and received units in Mustang Lithium LLC, retaining a 24.08% membership interest. Mustang holds interests in various claystone hosted lithium projects in Nevada, USA.
The assay results and ongoing exploration activities are likely to boost investor confidence in Chariot Corporation's potential for significant lithium discoveries. The financial stability indicated by the cash reserves and lack of borrowings further strengthens the company's position. However, the divestment of certain projects may have mixed reactions among investors.
Investor Reaction:
Analysts are likely to view the assay results and recommencement of exploration activities positively, given the growing demand for lithium. The financial updates, including the issuance of options and cash reserves, suggest a stable financial outlook. However, the divestment of certain projects may raise questions about the company's strategic focus.
Conclusion:
Investors should keep an eye on Chariot Corporation's ongoing exploration activities and financial updates. The company's strategic decisions and exploration results will be crucial in determining its long-term potential in the lithium market.