Lithium Australia NL (ASX:LIT, OTC:LMMFF)’s joint venture partner Charger Metals NL (ASX:CHR) has highlighted that the recent drilling by Core Lithium Ltd (ASX:CXO) has confirmed lithium-rich spodumene pegmatites 600 metres along trend from Charger’s Enterprise 1 Prospect.
Planning and permitting for the maiden drill program at the Bynoe Lithium Project, encompassing Enterprise 1, in the Northern Territory is advancing.
Lithium Australia owns a 30% stake in the Bynoe Project while the remaining 70% is held by Charger Metals.
The Bynoe Project is surrounded by Core Lithium Ltd (ASX:CXO)’s advanced Finniss Lithium Project.
Encouraged by drilling
Charger Metals managing director David Crook said: “Image processed aeromagnetic and radiometric survey data collected during October and November this year is being used to validate soil geochemistry and mapping targets that are often obscured by soil coverage.
“The company is encouraged that Core Lithium Ltd (ASX:CXO)’s drilling has confirmed lithium-bearing spodumene pegmatites 600 metres along a trend evident in the new aeromagnetic imagery from the Enterprise 1 Prospect.
“The company has yet to receive the other 79% of the Bynoe soil analyses, however, is advancing planning and permitting towards a drilling start date in the Northern Territory dry season.”
Drill results
The geochemistry program, which started in August 2021 had 3,034 soil samples taken.
To date, 637 assays have been received, with results highlighting three parallel, drill-ready targets at the Enterprise 1, Enterprise 2 and Bucks lithium trends.
On December 8, 2021, Charger’s immediate tenement neighbour, Core Lithium announced that “significant lithium intersections” were found in all drill holes at the Centurion Prospect.
The Centurion Pegmatite is open along strike in both directions and at depth, according to Core Lithium.
Assays received to date include:
➢ 9 metres at 0.67% lithium oxide in CRC001;
➢ 22 metres at 0.74% in CRC002;
➢ 5 metres at 0.96% and 2 metres at 2.26% in CRC003;
➢ 2 metres at 0.92% in CRC004; and
➢ 2 metres at 0.61% in CRC005.
Charger’s aeromagnetic survey imagery places the Centurion Prospect about 600 metres southwest along a structural trend from the Enterprise 1 Prospect.