Black Mountain Project

Overview

The Black Mountain Project is situated in Natrona County and lies approximately midway between Casper and Riverton, Wyoming and comprises 352 unpatented lode mining claims (Claims).

The Black Mountain Project is Chariot's core hard rock lithium project and features:

Large spodumene-bearing pegmatites outcropping at surface – i.e. could support shallow open-pit mining.
Three (3) diamond drill holes at Black Mountain have each intersected high-grade spodumene mineralisation (originating near surface), confirming the potential of the LCT pegmatite swarms
The first drill hole intersected 15.48m @ 1.12% Li₂O from 2.74m, including 4.27m @ 2.46% Li₂O from 9.94m
Black Mountain pegmatites are highly fractionated and well mineralised with respect to lithium based on reconnaissance rock chip sampling and drill core assays.
Initial rock chip sampling results yielded up to 6.68% lithium oxide (Li₂O)

Opportunity

Chariot is currently assessing the viability of establishing a ‘pilot mine’ project at Black Mountain to supply spodumene concentrate to several lithium hydroxide refineries currently under construction in the U.S.

Key Drivers:

High-grade lithium mineralisation
Quarry-size open-pit mine
Modular & scalable plant
Wyoming’s small-mine permit system
Supply products to USA offtake facilities
Leverage existing infrastructure and local personnel
Pilot mine will de-risk future larger-scale miner development

Recent Exploration

Three (3) diamond drill holes from Black Mountain's maiden drill program each intersected high-grade spodumene mineralisation (originating near surface), confirming the potential for LCT pegmatite swarms.

Notable results from the 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 9.94m
BMDDH23_02 14.33m @ 0.84% Li₂O and 61ppm Ta₂O₅ from 1.83m, including 2.29m @ 3.09% Li2O and 138ppm Ta₂O₅ from 10.67m
BMDDH23_03 18.81m @ 0.85% Li₂O and 98ppm Ta₂O₅ from 45.26m, including 5.79m @ 1.08% Li₂O and 105ppm Ta₂O₅ from 47.55m

It is interpreted that the Phase 1 Drilling Program intersected folded pegmatites sills which are offshoots from a large unexposed pegmatite stock to the Southeast.

Phase 2 Drilling Program

The Phase 2 Drilling program to be completed under the current permit, which allows a 5-acre disturbance area.

Phase 2 Drilling program objectives are to:

Quickly and cost-effectively identify a small lithium resource to support establishment of a pilot mine
Improve understanding of mineral deposits to help plan for larger mining operations in the future

Drilling will be focussed on 2 area with lithium-pegmatite formations visible at the surface. The program will include up to 43 drill holes reaching a total depth of up to 4,300m of RC drilling, given it is a quick and cost-effective method with minimal environmental impact.

Black Mountain Project

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