Chariot Corporation’s Black Mountain phase 2 drilling reveals shallow lithium zones, sets stage for 2025 Southern Crest campaign

What are the key findings from Chariot Corporation’s phase 2 lithium drilling at Black Mountain in Wyoming?

Chariot Corporation Limited (ASX:CC9), a lithium-focused mineral exploration company, has completed its Phase 2 drilling program at the Black Mountain project in Wyoming, USA. The campaign targeted shallow pegmatite-hosted lithium mineralisation across 20 drill holes, yielding several intersections grading above 0.5% Li₂O. These results are seen as an incremental step toward validating the site’s commercial potential, particularly for a future “pilot mine” first proposed in late 2024.

The latest round of reverse circulation percussion drilling, totalling 783.6 metres, identified lithium-bearing pegmatites in 17 of the holes drilled across the Northern Crest and Northwest Flank areas. However, the most prospective Southern Crest zone remains untested due to icy conditions, with Chariot Corporation now planning a follow-up program in 2025.

Institutional sentiment remains cautiously optimistic, with analysts characterizing the results as indicative of geological potential but not yet sufficient to underpin a resource estimate or mining decision.

How did the 2024–25 drilling program evolve due to environmental and regulatory constraints?

Chariot Corporation launched the second phase of its Black Mountain drilling on November 25, 2024, with an ambitious target of 43 drill holes totaling up to 4,300 metres. However, harsh winter weather and restrictions from the Wyoming Bureau of Land Management forced a scaled-down plan, resulting in only 20 holes being drilled.

The revised strategy prioritized safety and logistical feasibility, concentrating efforts on the Northern Crest and Northwest Flank—areas with more accessible terrain and historical pegmatite outcrops. This adjustment limited testing of the Southern Crest zone, long believed to host the most promising lithium mineralisation based on previous rock chip samples.

Despite the reduced scope, Chariot’s drilling incorporated a dual-inclination approach, often drilling vertical holes from the same pad as inclined ones to better understand pegmatite orientation.

What lithium grades and intercepts did Chariot Corporation achieve in the Phase 2 results?

The program returned several lithium intercepts exceeding 0.5% Li₂O, although thicknesses were limited. Notable intersections from Chariot Corporation’s Phase 2 drilling at Black Mountain include a 0.6-metre interval grading 0.99% Li₂O in hole BMRC24-07, which represents the highest lithium content identified in the campaign. Hole BMRC24-01 yielded two mineralised sections: one at 0.6 metres with 0.84% Li₂O and another at 1.2 metres grading 0.72% Li₂O. Additional encouraging results were observed in hole BMRC24-08 with 0.9 metres at 0.62% Li₂O, and in BMRC24-11 where a 0.9-metre intercept returned 0.63% Li₂O. The most substantial mineralised width came from BMRC24-19, which delivered a 1.8-metre interval grading 0.70% Li₂O.

These intercepts were mostly shallow, occurring from surface to approximately 42 metres downhole. The mineralised sections were embedded in thicker pegmatite zones, often reflecting a zoned nature consistent with lithium-caesium-tantalum (LCT) pegmatite systems.

While these results demonstrate the presence of lithium, the grades and widths are not yet considered robust enough to define an economic resource. Still, the drilling confirmed the southwest dip of pegmatite veins—contrary to initial assumptions—offering a new structural model for targeting future drill holes.

Why is the Southern Crest considered the most prospective part of the Black Mountain project?

Although inaccessible during the latest drill campaign due to steep, icy roads, the Southern Crest remains a top exploration priority. Geological mapping and visual inspections in 2023 and 2024 confirmed the presence of spodumene-bearing pegmatite outcrops, with rock chip assays ranging from 2.04% to 6.68% Li₂O.

Independent geological verification by lithium expert Michael Cronwright of ERM in December 2024 reaffirmed the potential of this area. The Southern Crest zone is now the focus of Chariot Corporation’s upcoming 2025 drilling campaign, which aims to test whether these surface exposures translate to continuous subsurface mineralisation.

The Phase 2 data also highlighted a 150-metre gap between the Northern Crest and Northwest Flank, which remains undrilled and could host additional mineralised veins based on structural interpretations.

What did the drill program reveal about potential base metal mineralisation at Black Mountain?

In addition to lithium, Chariot Corporation’s drillhole BMRC24-03 revealed low-grade base metal mineralisation, intersecting an interval averaging 0.57% Zn over 24.8 metres, with a peak of 1.3% Zn in one 1.52-metre section. Minor copper enrichment was also noted at up to 0.15% Cu.

However, the adjacent hole (BMRC24-04), located 20 metres away, did not replicate these findings, suggesting limited continuity. Chariot has indicated that base metal zones are not a focus of current exploration and will not be pursued in future drilling campaigns unless further discoveries warrant reassessment.

This outcome aligns with the project’s classification as a hard rock lithium venture, not a polymetallic resource play.

How does Black Mountain fit into Chariot Corporation’s broader U.S. lithium portfolio?

The Black Mountain project is one of Chariot Corporation’s two core assets, the other being the Resurgent claystone lithium project in Nevada and Oregon. Together, these sites anchor a portfolio of 12 projects across the United States, with additional pipeline-stage ventures in Wyoming, Nevada, and even Zimbabwe.

Black Mountain is strategically positioned in Wyoming’s Granite Mountains, a geological belt hosting Archean greenstones and associated LCT pegmatites. The region’s stability, infrastructure, and proximity to U.S. electric vehicle battery markets make it a high-priority development zone for lithium explorers.

Institutional investors view Chariot’s U.S.-centric lithium strategy as timely, especially amid growing domestic demand for critical minerals and a push to reduce reliance on Chinese and South American supply chains.

What are the next exploration milestones and expectations for 2025 at Black Mountain?

Chariot Corporation is preparing a more expansive follow-up drill program for 2025 to assess lithium potential in the Southern Crest zone and address the 150-metre untested corridor in the Northern areas. This next phase will integrate insights from revised structural models, targeting down-dip extensions and new vein sets.

Experts expect that any meaningful resource declaration will require higher-grade, thicker pegmatite intercepts and successful delineation of continuity across known outcrops. The upcoming campaign will therefore be critical in either de-risking the project or recalibrating its development path.

Institutional sentiment is likely to remain neutral until more substantive grades or tonnages are confirmed. However, progress in permitting, land access, and mineral rights consolidation could create value inflection points regardless of assay outcomes.