Chariot Corp Limited (ASX:CC9) (“Chariot”) refers to the announcement dated 30 August 2024 entitled “Chariot and Mustang Lithium LLC repossess Horizon and Halo lithium projects” (the “Original Announcement”) pursuant to which the Company announced that Mustang Lithium LLC (“Mustang”), in which Chariot holds a 24.1% interest, was in the process of terminating property option agreements entered into by two of its wholly-owned subsidiaries, Horizon Lithium LLC and Halo Lithium LLC, with Canadian Securities Exchange (CSE) listed Pan American Energy Corp. (CSE:PNRG) (“Pan American Energy”) and POWR Lithium Corp. (CSE:POWR) (“POWR”), respectively. This action by Mustang will result in Horizon Lithium LLC’s and Halo Lithium LLC’s repossession of full and unencumbered ownership of the Horizon Lithium Project and Halo Lithium Project, respectively.
As disclosed in the Original Announcement:
Each of Pan American Energy and POWR decided not to make the required payment of claims maintenance fees to the U.S. Bureau of Land Management (“BLM”) and to surrender their respective interests in the mineral claims constituting the Horizon Lithium Project and the Halo Lithium Project (together, the “Projects”). Both have cited current lithium market conditions as the principal reason for terminating their respective property option agreement.Mustang completed a capital raising of US$250,000 through the issue of convertible notes and has used the funds raised to pay the maintenance fees to the BLM to maintain its interest in the Projects.
Chariot disclosed the mineral resource estimate stated in Figure 1 (the “Horizon NI 43-101 Mineral Resource Estimate”) in relation to the Horizon Lithium Project in the Original Announcement which was prepared by Pan American Energy in accordance with Canadian National Instrument 43-101 (“NI 43-101”) standards. This mineral resource estimate is considered a “foreign estimate” for the purposes of the ASX Listing Rules (“Listing Rules”) as it relates to a “material mining project” that the Company is reacquiring an interest in and therefore is required to be reported in compliance with Chapter 5 of the Listing Rules (particularly Listing Rule 5.12). The purpose of this announcement is to include the requisite disclosures required by Listing Rule 5.12 in respect to the Original Announcement.
Pan American Energy reported the Horizon NI 43-101 Mineral Resource Estimate to the Canadian Securities Exchange on 20 November 2023 and subsequently released an NI 43-101 compliant technical report on 4 January 20241.
Effective Date 15 November 2023, reported by Pan American Energy Corp. Resources are reported above a cut-off grade of 300 ppm Li.
A “mineral resource” is as defined in the JORC Code (“Mineral Resource”) and the “competent person” is as defined in the JORC Code (the “Competent Person”).
The Horizon NI 43-101 Mineral Resource Estimate contained in this announcement and the Original Announcement has been prepared in accordance with NI 43-101 standards and has not been reported in accordance with the JORC Code.
Investors and other users of the Horizon NI 43-101 Mineral Resource Estimate are cautioned that, as is the case with any Mineral Resource, reported tonnages and grades obtained from sparse points of observation, are subject to change as further data that adds to knowledge of the Mineral Resource are received and interpreted. The reported Mineral Resource may also be subject to variation when compiled by a different Competent Person, reflecting differences in interpretation of available data and previous experience with the commodity and style of mineralisation being reported.
The reported tonnes and grades have been reported and classified in compliance with the CIM Definition Standards for Mineral Resources and Mineral Reserves (CIM, 2014). The CIM Definition Standards are closely comparable with the JORC Code.
The Competent Person for this announcement has yet to complete sufficient work to classify the foreign estimate in accordance with the JORC Code.
However, the Competent Person confirms that the information contained in this announcement and the Original Announcement is an accurate representation of the available data and studies for the Horizon Lithium Project.
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