Chariot strikes early with high-grade lithium hits in Nigeria
Brought to you by Bulls and Bears
Doug Bright
Chariot Resources reported high-grade lithium oxide up to 5.96% in first-pass rock fragment sampling at its Fonlo and Iganna projects in southwestern Nigeria; this confirmed the existence of productive lithium-cesium-tantalum (LCT) pegmatite systems and underlined the country’s growing attractiveness to Australian explorers.
The analysis ranged from 2.66 percent to 5.96 percent lithium oxide, demonstrating the potential of high-grade lithium-bearing pegmatites in both projects, the company said.
Six rock fragment samples were collected from outcrops and ancient craft workings at the site in September and prepared at MSA Laboratories in Abuja before being shipped to Vancouver for analysis.
All samples revealed strongly anomalous lithium, with highlights at Iganna including a standout result testing 5.96 percent lithium oxide, 0.107 percent tantalum pentoxide, and 1.66 percent cesium oxide.
A second Iganna sample returned an equally impressive result of 5.14 percent lithium oxide, 0.067 percent tantalum pentoxide, and a staggering 2.5 percent cesium oxide; Retesting is expected for this.
A sample from Fonlo had 4.04 percent lithium oxide, which the company says appears to be spodumene dominant.
The results confirm field observations made in October of coarse spodumene crystals up to 0.5m long from the six-kilometre-long vertical pegmatite dyke swarm of Fonlo and mixed spodumene and lepidolite hosted in shallow sills at Iganna.
The analysis also explains the success of local miners, who have been manually extracting 5-6% lithium oxide concentrates for years and selling them mostly to Chinese buyers.
Spodumene is a lithium-aluminum silicate mineral that is an important source of lithium for applications such as batteries and alloys; High quality specimens can also be offered as gemstones.
Lepidolite is a complex, lithium-rich, potassium-aluminum silicate and a purple to pink mica mineral known for its scaly appearance. It is also an important industrial source of lithium and is used to make glass and enamels.
While Nigeria’s pegmatite belts remain largely under the radar compared to African counterparts such as Mali or Zimbabwe, Chariot is one of the first ASX-listed companies to manage to own sizeable, high-quality lithium in the country.
Chariot’s early mover position stands out on the lower boards, as most of the official interest to date has come from private groups and Chinese buyers who have quietly dominated the artisanal concentrate trade.
Chariot is in the process of acquiring a 66.7 percent stake in its projects in Nigeria from early-stage Nigerian mining company Continental Lithium Limited, which holds the balance.
The mandate consists of eight exploration licenses and two small-scale mining leases surrounding an area of approximately 254 square kilometres, including the Fonlo, Iganna, Saki and Gbugbu projects.
Unwilling to let the grass grow under their feet, Chariot has locked in a dual-track strategy of fast-tracking small-scale mechanized mining for early cash flow from its known 3-6 percent lithium oxide surface material, while also pushing aggressive exploration to build a large JORC-compliant resource base.
The company’s next steps include continuous mapping and systematic surface sampling, high-resolution ground geophysics and an initial 2000m to 4000m diamond drilling programme, for which calls for tenders are already publicly available.
The proposed drilling will test depth extensions below Fonlo’s custom-built pits and lateral extents of Iganna’s stacked sills; The first drilling is expected to start after the purchase.
With high-grade lithium confirmed at surface, tantalum and cesium providing significant byproduct accretion, and long-term upside and scale with a clear path to early revenue, Chariot’s lithium play in Nigeria is rapidly shaping up as one of the more intriguing emerging ventures on the ASX critical minerals board.
Is your ASX-listed company doing something interesting? Contact: mattbirney@bullsnbears.com.au
