Lithium Australia Ltd welcomes the start of exploration activities by Charger Metals NL at Bynoe Lithium Project southwest of Darwin in the Northern Territory.
The Bynoe Project ownership is 70% Charger and 30% Lithium Australia and is in an area in which both parties believe to have “excellent access” and nearby infrastructure.
Charger’s interest in the Bynoe project was acquired because of its prospectivity for spodumene (a preferred lithium mineral), however, the area is a past producer of cassiterite and is recognised as prospective for tantalite as well, with these minerals hosted in pegmatites.
Programs designed to refine targets
Speaking to the activities, Charger managing director David Crook said: “Charger Metal’s programs of mapping, geochemistry and aero-magnetics now underway at the Bynoe Lithium Project are designed to refine the 5-kilometre-long cluster of lithium targets to a point where a substantial drilling program can be planned.”
The Bynoe project is surrounded by Core Lithium’s Finniss Project, which has a mineral resource inventory of 14.7 million tonnes at 1.32% lithium oxide and is at an advanced stage of development with a definitive feasibility study completed.
Charger holds 70% of assets
Upon listing in early July, Charger exercised its option to acquire a 70% stake in three of LIT's battery metals assets - the Coates, Bynoe and Lake Johnston projects.
Lithium Australia retains exposure to these battery materials projects by retaining a 30% free carried interest.
The Coates project is a WA-based nickel-copper-cobalt-platinum group elements (PGE) play about 20 kilometres from Chalice Mining Ltd (ASX:CHN, OTCQB:CGMLF)’s Julimar discovery.
The project comprises one granted exploration licence, one application and one retention licence, covering a combined 48 square kilometres.
Further east in Western Australia lies the Lake Johnston lithium, nickel and gold asset — Charger’s most advanced project, with tenements covering around 25 square kilometres.
Coates Nickel-Copper-Cobalt-PGE Project
At the Coates Project near Perth, Charger is planning to undertake a SkyTEM aerial electromagnetic survey.
The survey will test the Coates mafic intrusion and surrounding ground for conductors, including previously defined nickel-copper and PGE geochemical targets.