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Chariot Corporation (ASX: CC9) has seen one of its business partners kick off a 15-day geological mapping survey on-site the company’s Iganna Project, its prospective hard-rock lithium project located in Nigeria.
With the actual mapping work being undertaken by an entity called ZhongNuo, a Hong Kong based entity which alongside a third party called C&C Minerals inked a term sheet last month to jointly advance the project.
ZhongNuo will conduct geomapping over the entire 23.8sq.km Iganna licence area at its own cost; this program will be followed by a second 15-day program at Chariot’s separate Fonlo project area. Like Iganna, Fonlo is a hard-rock lithium play in southwest Nigeria.
Both prospective landholdings are located in Nigeria’s Oyo state. Underpinning investor interest in the two projects is that lithium prices are up +100% over the last year after rebounding from a multi-year slump that followed the peaks of the 2021-2023 lithium rally.
ZhuongNuo’s geomapping at Iganna will be used to begin the initial process of locating high-priority targets on-site – ideally presenting with anomalous lithium indications – through a mix of tracing pegmatites at surface, and, conducting grab assays.
The third party part of the term sheet, C&C Minerals, will be joining ZhuongNuo’s fieldworkers on-site.
Ultimately, once both mapping at Iganna and Fonlo is complete, the trio will select one of Chariot’s three projects (the other being Saki) in the region to focus on.
Should ZhungNuo move ahead, it will also fund a 1,500m diamond drill run at its selected target area of interest per the term sheet disclosed last month.
Chariot Corp’s shares have climbed over +60% in the last month.
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