Chariot Corporation: A new scalable lithium mining strategy and a doubled share price!
Chariot Corporation Managing Director Shanthar Pathmanathan on 2GB, 3AW, 4BC & 6PR Bulls N' Bears Report
Listen to ASX-listed Chariot Corporation Managing Director Shanthar Pathmanathan talk to Matt Birney on the Bulls N’ Bears Report about Chariot’s new plan to just build a small-scale lithium mine that can be ramped up quickly when the lithium market takes off again.
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Chariot has a dozen lithium projects in the USA which include its two key projects, hard rock at Black Mountain in Wyoming and claystone lithium at Resurgent that straddles Oregen and Nevada. The company has literally hundreds of outcropping pegmatites – some of which have thrown up rock chips with eye-watering lithium grades – Management recently adjusted its strategy to get into production initially with just a small scale mine at Black Mountain that can be ramped up with the market.
RADIO INTERVIEW - TRANSCRIPT
Matt Birney - Welcome to Bulls N' Bears brought to you today by Chariot Corporation
Matt Birney - ASX code: CC9
Matt Birney - I'm Matt Birney and I'm joined now by the Managing Director of Chariot Corporation Shanthar Pathmanathan.
Matt Birney - Hi Shanthar
Shanthar Pathmanathan - Hi Matt
Matt Birney - Okay so Chariot has a dozen lithium projects in the USA which include its two key projects, hard rock lithium at Black Mountain in Wyoming and claystone lithium at Resurgent that straddles Oregen and Nevada. The company has literally hundreds of outcropping pegmatites – some of which have thrown up rock chips with eye-watering lithium grades.
Matt Birney - Management recently adjusted its strategy to get into production initially with just a small scale mine at Black Mountain that can possibly be ramped up with the market.
Matt Birney - Okay Shanthar I want to get into that small scale strategy in just a moment but firstly, how many pegmatites have you got outcropping just at the Black Mountain project in Wyoming?
Shanthar Pathmanathan - We've got about 100 pegmatites identified which are outcropping at just Black Mountain. 40 of those we think are of high interest. They've got spodumene mineralization in them and so that's our target essentially at Black Mountain.
Matt Birney - Okay now I take it you've taken rock chips off those outcropping pegmatites. What are the best lithium numbers in those rock chips to date?
Shanthar Pathmanathan - So the best result to date were 6.68 per cent lithium oxide, eight samples ran above 4 per cent lithium oxide and 22 samples averaged 2.16 per cent lithium oxide. So bona fide lithium system at surface.
Matt Birney - Have you drilled any of the pegmatites yet and if so what are the best numbers there?
Shanthar Pathmanathan - We have drilled these. The first three holes under a diamond drill program all hit lithium. The cores came out looking exceptional, 15.48 meters at 1.12 per cent lithium oxide tantalum, 78.8 PPM and there we had a better intersection within that, a 4.27 m that 2.46 per cent lithium oxide, 128.4 PPM tantalum and then we've had a couple of other holes, one of the holes intersected at 45 M, the first hole intersected at 2.74 M below surface so very shallow intersection there and then a deeper intersection as well.
Matt Birney - Sure okay so what's the theory around this new small scale strategy and how quickly can you scale if the lithium market takes off again?
Shanthar Pathmanathan - The small scale strategy is premised on Wyoming's very unique small mine permit system which limits how much you can disturb at surface so that's 10 acres per year on a rolling basis so as we reclaim that will be refreshed but it doesn't limit how much we can extract so what that means is that we can build something that we scale into a larger operation starting small and what we want to be positioned for the growth that we think is going to come in the United States and this small scale mining operation will let us scale with the growth in the United States.
Matt Birney - Well I note your share price has doubled in the last three weeks so the market seems to like the new strategy.
Matt Birney - Shanthar Pathmanathan from Chariot Corporation.
Matt Birney - Thanks for joining me on Bulls N' Bears and remember we're only here to give you information, not advice, which you should of course seek independently.
Matt Birney - I'm Matt Birney and this is Bulls N' Bears.
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