Charger Metals NL is set to gain total ownership of the Bynoe Lithium Project in the Northern Territory, which encompasses a large pegmatite field and 20 untested drill targets.
Charger exercised its pre-emptive rights to take on the remaining 30% of Bynoe from Livium Ltd (ASX:LIV), to which it paid a $50,000 cash consideration.
The acquisition of Bynoe has involved a certain amount of wrangling: in September, Core Lithium Ltd (ASX:CXO) announced it had signed a sales agreement with Livium to take on the same percentage holding in the project. Today’s announcement means that Charger will acquire the 30% instead from Livium on the same terms offered by Core.
However, Core’s recent work at its own Blackbeard target – whose mineralisation trends northeast towards the Bynoe project – has also boosted Charger’s hopes for the latter play.
This is in particular due to drill intersections reported yesterday which included 63 metres at
1.67% Li2O along strike from previous intersections of 71 metres at 1.05% Li2O, 59 metres at 1.54% Li2O and 41 metres at 1.63% Li2O.
Charger’s managing director Aidan Platel said he was pleased to boost ownership of the project to 100%.
“Covering an area of 63km2 and with more than 20 prospective lithium targets yet to be drilled tested, we believe it’s the largest underexplored area of the Finniss pegmatite field that is both inside the lithium prospective structural corridor and within 20km of Core’s spodumene beneficiation plant at Grants,” he said.
“Last quarter, Core was actively drilling directly along trend from some of our priority target areas, such as at their central Blackbeard Prospect as well as regional targets surrounding the Ah Hoy Prospect to the northeast of our Bynoe tenement.
“In particular, Core announced yesterday excellent intersections at Blackbeard of 63m @ 1.67% Li2O, including 20m @ 2.09% Li2O, along strike from previous intersections of 71m @ 1.05% Li2O, 59m @ 1.54% Li2O and 41m @ 1.63% Li2O.2
“This high-grade mineralisation trends to the northeast towards our Bynoe Project and is modelled to within 50m of our tenement boundary.”
Charger is working through environmental studies and surveys in preparation for drilling in the next dry season.
Charger shares moved up on the news and at 10:35 AEDT, they were trading at 6.8 cents – a rise of 1.49% since the market opened.
Join the discussion: See what HotCopper users are saying about Charger and be part of the conversations that move the markets.