Lepidolite is a complex, lithium-rich, potassium-aluminium silicate, a purple to pink mica mineral known for its scaly appearance. It is also a significant source of industrial lithium and is used in making glass and enamel.
While Nigeria’s pegmatite belts have largely remained under the radar compared to its African peers such as Mali or Zimbabwe, Chariot is one of the very first ASX-listed companies to lock in a sizeable, high-grade lithium foothold in the country.
With most formal interest to date coming from private groups and Chinese buyers who have quietly dominated the artisanal concentrate trade, Chariot’s early-mover position stands out on the junior boards.
Chariot is in the process of earning a 66.7 per cent interest in its Nigerian projects from an early-stage Nigerian mining company, Continental Lithium Limited, which will retain the balance.
Tenure comprises eight exploration licences and two small-scale mining leases, which enclose an area of about 254 square kilometres, including the Fonlo, Iganna, Saki and Gbugbu projects.
Not wanting to let the grass grow under its feet, Chariot has locked in a dual-track strategy of fast-tracking small-scale mechanised mining for early cash flow from the known 3–6 per cent lithium oxide surface material, while simultaneously pushing aggressive exploration to build a major JORC-compliant resource base.
The company’s next steps include continued mapping and systematic surface sampling, high-resolution ground geophysics and an initial 2000m to 4000m diamond drilling program, for which tender calls are already in the public domain.
Proposed drilling will test depth extensions beneath Fonlo’s artisanal pits and the lateral extent of Iganna’s stacked sills, with first drilling expected to be launched after acquisition settlement.
With high-grade lithium confirmed at surface, tantalum and caesium adding clear by-product upside and a clear path to early revenue coupled with longer-term upside and scale, Chariot’s Nigerian lithium play is rapidly shaping up as one of the more compelling emergent ventures on the ASX critical minerals board.
Is your ASX-listed company doing something interesting? Contact: mattbirney@bullsnbears.com.au
