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An announcement from Charger Metals NL ( (AU:CHR) ) is now available.
Charger Metals reported strong exploration progress at its Lake Johnston Lithium and Gold Project in Western Australia, completing 3,418m of drilling in the March quarter on top of 3,012m in the prior period. The work included both diamond and reverse circulation programs targeting the Medcalf and Medcalf West areas, as well as gold prospects at Mt Gordon.
Recent diamond drilling at Medcalf confirmed continuity and depth extensions of spodumene mineralisation to 600–700m down dip, with lodes remaining open along strike and down dip and displaying increased combined thickness at depth. Additional RC drilling at Medcalf West intersected spodumene-pegmatite lodes outside the existing Mineral Resource, reinforcing the potential to expand beyond the maiden 8.2Mt at 1.0% Li2O resource and the conceptual Medcalf West Exploration Target.
Charger is advancing mining, processing and environmental studies at Medcalf and progressing the Medcalf Mining Lease Application, which covers both the current resource and the exploration target area. The company also reported significant gold intercepts at Mt Gordon, supporting the broader polymetallic potential of Lake Johnston alongside its core lithium focus.
On the corporate front, Charger ended the quarter with $2.57 million in cash after raising $2.28 million via a placement and call on partly paid shares earlier in the year. With only 90.6 million ordinary shares on issue and a relatively small undiluted market capitalisation, the latest drilling and permitting milestones could materially influence the company’s valuation as it moves closer to potential project development.
More about Charger Metals NL
Charger Metals NL is an ASX-listed lithium and gold exploration company focused on its 100%-owned Lake Johnston Lithium and Gold Project in Western Australia. The company targets spodumene-bearing pegmatites for lithium, along with gold mineralisation, positioning itself to supply battery metals and precious metals markets as its projects advance toward potential development.
Average Trading Volume: 316,451
Technical Sentiment Signal: Buy
Current Market Cap: A$8.27M
For an in-depth examination of CHR stock, go to TipRanks’ Overview page.