North American explorer Chariot Corp plants its flag in WA for lithium and gold

Applications for seven exploration licences in WA’s highly prospective Southern Cross greenstone belt have been secured.

Chariot has secured applications for seven exploration licences in WA’s Southern Cross greenstone belt. Pic: Getty Images

• Chariot acquires seven exploration licences in a word-class mining district

• Upon grant, exploration activities like mapping and geochemical surveys will take place

• ERM Sustainable Mining Services is carrying out a geological review of the applications

Special Report: High potential exploration licences relinquished by gold explorers in 2023 and lithium explorers in 2024 will soon be in the hands of Chariot Corporation following the attainment of seven applications.

The applications lie between the 189Mt Earl Grey Mine, jointly owned by Wesfarmers and SQM – the largest lithium producer in the world – and the Marvel Loch gold mine operated by St Barbara (ASX:SBM).

Renowned for its rich history of gold production and emerging lithium potential, the Southern Cross greenstone belt (SCGB) has produced gold from over 150 mines and features structural corridors hosting lithium-bearing pegmatites.

Chariot (ASX:CC9) has employed ERM Sustainable Mining Services to undertake a geological review of the applications and, once granted, exploration activities including geological mapping, geochemical surveys and drill programs will take place.

Map of the Chariot applications and selected lithium and gold mines. Pic: CC9

Positioning above the next lithium cycle

The move follows the profitable sale of 14 exploration licences to St George Mining (ASX:SGQ) in 2023.

As part of that transaction, Chariot retained royalty and milestone payment interests, ensuring continued exposure to the upside potential of the sold licences.

CC9 managing director Shanthar Pathmanathan said the company has a strong track record in monetising lithium assets and is using the same countercyclical approach as it did with SGQ to position itself ahead of the next lithium cycle.

Black Mountain exploration update

Meanwhile, CC9 continues to unlock value on its flagship Black Mountain project in Wyoming, USA.

The junior announced a tactical change to monetising the asset in October last year, which involved shifting from exploring for a large-scale resource to testing the viability of a pilot mine.

CC9 said the contemplated modular plant design would reduce upfront costs, offer flexibility to scale up rapidly, and provide short-term cash flow.

A second phase RC drilling program kicked off in November with the objective of defining a small-scale lithium resource that may support the establishment of a pilot mine.

This article was developed in collaboration with Chariot Corporation, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

Originally published as North American explorer Chariot Corp plants its flag in WA for lithium and gold