HIGHLIGHTS:
• Rock chip assay results demonstrate the potential for high-grade lithium-bearing pegmatites at the Fonlo and Iganna lithium projects (results ranging from 2.66% to 5.96% Li₂O).
• Pending confirmation through a forthcoming mineralogical analysis, the lithium minerals identified are believed to be spodumene at Fonlo and spodumene and lepidolite at Iganna.
• Tantalum values of up to 0.15% Ta2O5 indicate a potential for significant by-product revenues.
• Elevated cesium values indicate further potential for by-product revenues (one sample contains >2.5% Cs which is above the detection limit of the assay process employed and is, accordingly, being re-assayed).
• The assay results confirm the presence of lithium-caesium-tantalum (LCT) pegmatite systems at both Fonlo and Iganna, confirming previously announced visual observations of coarse lithium minerals and explaining the historic artisanal mining success at these sites.
• Chariot is planning a substantial exploration and development program at Fonlo and Iganna, including continued surface sampling, trenching, detailed mapping, geophysical surveys and an initial 2,000–4,000 metre diamond drilling campaign.
Chariot Resources Ltd (ASX: CC9) (“Chariot” or the “Company”) is pleased to report that assay results from recent rock chip and surface sampling in September 20251 have confirmed high-grade lithium mineralisation at the Fonlo and Iganna projects in southwest Nigeria. These two project areas form part of the Nigerian lithium portfolio (comprising four project clusters across Oyo and Kwara States).
As announced on 10 July 2025, Chariot is in the process of acquiring a 66.667% interest in the Nigerian lithium portfolio.
Both Fonlo and Iganna host extensive lithium-bearing pegmatites that have already been artisanally mined and generated revenue from sales of hand sorted lithium concentrates, primarily to Chinese customers. The two other Nigerian projects in the Nigerian portfolio, Saki and Gbugbu, have yet to be sampled but like Fonlo and Iganna, both have been artisanally mined and generated revenue from sales of hand sorted lithium concentrates in recent years.
As previously announced on 14 October 2025, Chariot’s geologists identified large outcropping pegmatite bodies at both projects, including a near-vertical dyke swarm of over 6 kilometres strike length, comprising multiple pegmatites, at Fonlo and multiple shallow-dipping pegmatite sills at Iganna. Coarse-grained spodumene was observed in outcrops and mine dumps at both sites (with individual crystals of up to 0.5 metres in length observed at Fonlo and both spodumene and lepidolite observed in the Iganna pegmatites). These visual findings, announced on 14 October 2025, strongly indicated the presence of zones within the pegmatites of high-grade lithium mineralisation1 which has now been confirmed by the assay results announced today.
Sampling Results
Assay results have now been received for six (6) verification samples collected from surface outcrops and artisanal workings at Fonlo and Iganna. The samples were prepared by MSA Labs in Abuja and analysed at MSA Labs in Vancouver for a suite of elements, including lithium. All six samples returned high lithium grades, ranging from approximately 2.66% Li₂O to 5.96% Li₂O.
The following results provide robust geochemical indication of high-grade lithium within the exposed pegmatites at both project areas:
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About us:
About Chariot
Chariot Corporation Limited is a mineral exploration company focused on discovering and developing high-grade and near surface lithium opportunities focused principally in the United States and Nigeria. In addition to the recently announced acquisition of a Nigerian lithium portfolio which has yet to close, Chariot has twelve (12) lithium projects, including two core projects in the United States (the “Core
Projects”) and a number of exploration pipeline projects which Chariot majority owns and operates.
The Core Projects include Chariot’s Black Mountain Project (which is prospective for hard rock lithium) in Wyoming, USA and the Resurgent Project (which is prospective for claystone lithium) in Nevada and Oregon, USA. Initial survey results from the Core Projects indicate high-grade lithium mineralisation at surface.
The Nigerian portfolio of hard-rock lithium assets consists of four project clusters (Fonlo, Gbugbu, Iganna, and Saki) in the Oyo and Kwara states which cover approximately 254 square kilometers and are comprised of 8 exploration licences and 2 small-scale mining leases. These assets represent one of the largest portfolios of lithium assets in the country and have a history of significant artisanal lithium mining. Chariot anticipates completing the acquisition of the Nigerian portfolio in the fourth quarter of this calendar year.
Contact details:
Lel Smits
Managing Director
The Stock Network
[email protected]
Shanthar Pathmanathan
Executive Chairman & Managing Director
Chariot Corporation Ltd
[email protected]