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Black Mountain Drilling Results: First Significant Lithium Intersections in Wyoming; and Base Metals (Cu, Zn and Pb) Potential Identified

Chariot Corporation Limited (“Chariot”, “CC9” or the “Company”) is pleased to advise that it has intersected significant zones of strong lithium-tantalum mineralisation in the first three (3) holes (“First Three Holes”) of the maiden drill program at the Black Mountain Project (“Black Mountain”), in Wyoming, U.S.A.


Black Mountain maiden drill program delivers strong initial hard rock lithium results with multiple mineralised lithium intersections from first three (3) holesFirst three (3) holes all intersected high-grade spodumene mineralisation confirming the potential of the Black Mountain LCT pegmatite swarmsNotable results from first three (3) holes include:BMDDH23_01 15.48m @ 1.12% Li2O and 79ppm Ta2O5 from 2.74m, including 4.27m @ 2.46% Li2O and 128 ppm Ta2O5 from 9.94mBMDDH23_02 14.33m @ 0.84% Li2O and 61ppm Ta2O5 from 1.83m, including 2.29m @ 3.09% Li2O and 138ppm Ta2O5 from 10.67mBMDDH23_03 18.81m @ 0.85% Li2O and 98ppm Ta2O5 from 45.26m, including 5.79m @ 1.08% Li2O and 105ppm Ta2O5 from 47.55mHigh-grade potential with individual grades downhole of up to 3.79% Li2O and 230ppm Ta2O5Drilling continues with eight (8) holes having been completed to date, assay results for the subsequent five (5) holes are pending and expected to be announced by April 2024BDDDH23_01 intersected a zone of stockwork vein and disseminated pyrite-pyrrhotite mineralisation over an interval of approximately 100m within the biotite schistThe Company is optimistic it may have intersected the peripheral portion of a potentially larger base metal mineral system, with selected intervals grading up to 0.6% (6,012ppm) Cu, 1.0% (9,931ppm) Zn and 15.4% (154,412ppm) PbThe Company plans to extend the soil sampling program and run preliminary IP lines over the base metals anomaly in Q3 2024

These drill results confirm the potential of the Black Mountain lithium caesium tantalum (“LCT”) pegmatite swarms with the assays returning individual lithium and tantalum values of up to 3.79% Li2O (BMDDH23_01-0021) and 230ppm Ta2O5 (BMDDH23_01-0033).

This is the first hard rock lithium discovery, through drilling, in Wyoming, U.S.A. Wyoming Lithium Pty Ltd (“WLPL”) and Panther Lithium Corporation (“PLC”) co-founder1, Dr Edward Max Baker2 commented:

“We’ve got stunning initial results in the midst of the North American winter. The targeted hard rock lithium system has been intersected in multiple holes, but we need to come back in the North American summer for a 5,000 – 10,000m drill program to get a better handle of the resource potential. The base-metals sulfide mineralisation is also very promising and indicates the potential for base metals and/or gold mineralisation, separate from the lithium mineralisation.”

First Three Holes: Drill Results

The First Three Holes (being drill holes BMDDH23_01 to BMDDH23_03) have been completed and assayed with the results summarised in Table 1 (see also Figure 1). A total of eight (8) holes have been drilled to date. The assay results for the subsequent five (5) drill holes are pending and expected to be announced by the end of April 2024.

The drill intercepts reported from the First Three Holes confirm the lithium potential of the Black Mountain LCT pegmatites (see Table 1), as indicated by the surface rock chip sampling results which were disclosed in the Company’s initial public offering prospectus and the Company’s announcement dated 9 November 2023.

The visual inspection of the drill cores indicates that the high-grade lithium values are from intervals containing spodumene mineralisation, with no other lithium bearing mineral phases being visually identified to date.

BMDDH23_01 and BMDDH23_02 were drilled from Pad 1 in the central Northwest swarm area (“Northwest Area”). BMDDH-23-01 hole was drilled to a depth of 177m at an azimuth of 260 degrees and a dip of -50 degrees (see Figure 2, Figure 3 and Figure 4 for selected photos of Drill Core). BMDDH23_02 hole was drilled to a total depth of 42m with the same azimuth BMDDH-23-01, but with a dip of -65 degrees (see Figure 1).

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