Chariot Corporation
ASX: CC9
Shares on Issue: 150.3M
Options on Issue: 7.8M
Performance Rights on Issue: 9.5M

Resurgent Project

Resurgent Lithium Project - Claystone lithium outcrop

The Opportunity

The Resurgent Project is Chariot's core claystone lithium project and features:

  • The McDermitt Caldera hosts the two largest known lithium mineral resource estimates (MRE) in the United States with over 40Mt LCE.
  • The claim block is underlain by the primary host rocks for lithium in the caldera (intracaldera sediments).
  • Surface samples assaying up to 3,865 ppm Li, with seventeen (17) samples exceeding 1,000 ppm Li.
  • The project is located in mining-friendly jurisdictions.
  • The mineralisation style has the potential for large scale and long-life production.

Location 

The Resurgent Project is located in Humboldt County in northern Nevada and Malheur County in southern Oregon. The Resurgent Project is subdivided into two principal claim areas, identified as ‘Resurgent North’ and ‘Resurgent East’. The project neighbours two of the largest lithium mineral resources in North America with a combined MRE of over 40mt LCE.

Chariot has by virtue of the Resurgent Project the largest land position in the eastern half of the McDermitt Caldera and encompasses 1,450 unpatented lode claims (12,128 ha).

McDermitt Caldera Lithium Projects
Chariot Corporation's Resurgent Lithium Project surface samples

Surface Sampling

Surface rock-chip sampling program of 289 samples focused on the northern claim block completed in 2021. Seventeen (17) samples returned lithium values greater than 1,000 ppm Li with a highest sample of 3,865 ppm Li. The results of this sampling program is consistent with reports that lithium mineralisation is widespread throughout the intracaldera sediments within the McDermitt Caldera.

Regional Geology

The McDermitt Caldera is described as having formed as part of a "Super-Volcano" associated with the northeast migration of the Yellowstone Hot Spot relative to the North American plate. The McDermitt volcano erupted an estimated 1,000 km3 of ash which was then deposited as the McDermitt Tuff and is associated with the lithium mineralisation.

The enrichment model of the McDermitt Caldera is as follows:

  • Meteoric water leached lithium from outflow ignimbrite within watershed. Lithium was deposited in the caldera basin, forming a large caldera lake and a thick sequence of associated lacustrine deposits
  • Diagenesis of tuffaceous sediments within the caldera basin
  • Degassing of devitrifying intracaldera ignimbrite
  • Renewed volcanism uplifted the centre of the caldera, draining the lake and bringing the lithium-rich sediments to the surface of the earth
Chariot Corporation's Resurgent Lithium Project vs Thacker Pass
Chariot Corporation - McDermitt Caldera geology

Property Geology

Given the location and geology of the underlying claims, Chariot believes that the Resurgent Project shares characteristics most similarly with two neighbouring projects.

  • Resurgent East contains the same moat sediments as Lithium America's (NYSE: LAC) Thacker Pass deposit (MRE of 19.1 Mt LCE at 1,334 ppm Li COG).
  • Resurgent North is considered to be a geological extension of Jindalee Resources' (ASX: JRL) McDermitt deposit (MRE of 21.5 Mt LCE at 1,000 ppm Li COG).

Both deposits are hosted within the moat sediments of the closed-basin caldera.