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US-focused lithium explorer Chariot Corporation Ltd (ASX: CC9) has had a busy first quarter, confirming high grade spodumene at flagship Wyoming play Black Mountain, through the first round of drilling there, and expanding the project’s tenure area with the addition of claims which account for a 206 percent increase.
Chariot kicked off drilling at Black Mountain in November and reported the finds at its first three holes in February, with assays including 15.48 metres at 1.12 percent lithium oxide (Li2O) and 79 parts per million (ppm) tantalum pentoxide (Ta2O5) from 2.74 metres, including 4.27m at 2.46 percent Li2O and 128 ppm Ta2O5 from 9.94 metres; and 14.33 metres at 0.84 percent Li2O and 61ppm Ta2O5 from 1.83 metres, including 2.29 metres at 3.09 percent Li2O and 138ppm Ta2O5 from 10.67 metres.
This indicated the presence of high-grade spodumene mineralisation which had been suggested by the swarm of LCT (lithium-cesium-tantalum) pegmatites found throughout the project area.
The drilling campaign also revealed the potential for a base metal system at the project, with one hole intersecting veinlets and dissemination of pyrite-pyrrhotite over an interval of 100 metres.
Chariot believes that the underlying geology here could indicate a system with intervals of up to 0.6 percent copper (or 6,012 ppm), 1.0 percent zinc (or 9,931ppm) and 15.4 percent lead (or 154,412ppm) Pb.
A key goal was also the expansion of this prospective area, with Chariot adding 218 contiguous claims to the project throughout the first quarter of 2024. Adding to its lithium portfolio in Wyoming, Chariot also increased its ownership in Wyoming Lithium Pty Ltd from 91.9 to 93.9 percent through a share subscription in January.
The company was also pleased to report a cash position of A $5.18 million as of the end of the quarter, on March 31.
Chariot Corporation was up more than 2 per cent in early trade at 24c.
