Chariot Corporation Limited has confirmed the presence of substantial lithium-bearing pegmatites at its Fonlo and Iganna projects in southwest Nigeria. Recent site visits have revealed large-scale systems ready for drilling, significantly enhancing the company’s lithium portfolio in the region.
At the **Fonlo Project**, extensive artisanal mining activities extend along a strike length of approximately **6 kilometers**. The main pit features a composite vertical dyke that spans **40 meters** in width, with branching dykes and a central dyke measuring between **10 to 20 meters** wide. Notable findings include spodumene crystals up to **0.5 meters** in length observed in situ, indicating high-quality lithium potential.
Meanwhile, the **Iganna Project** has showcased multiple shallow-dipping pegmatite sills. A particularly noteworthy near-surface lithium-caesium-tantalum (LCT) pegmatite averages between **5 to 10 meters** in thickness and extends for hundreds of meters along strike. The site also hosts extensive and active artisanal mining operations, further validating its economic viability.
Chariot plans to initiate small-scale mining operations, subject to the completion of its acquisition by the first half of **2026**. The company, in partnership with Continental, aims to deploy mechanized equipment to enhance existing artisanal mining activities, potentially generating immediate revenues from these projects.
Systematic exploration will accompany these mining efforts. This includes high-resolution magnetic surveys, soil sampling, auger drilling, and an initial **2,000 to 4,000 meters** diamond drilling campaign across prioritized targets. Such exploration initiatives are expected to provide deeper insights into the geological potential of these promising sites.
The recent site visits, which included participation from key personnel such as **Shanthar Pathmanathan** (Executive Chairman), **Brendan Borg** (Non-Executive Director), **Dr. Edward Max Baker** (Co-founder and Consultant Geologist), and **David Kwarteng** (Chief Geologist from Continental), confirmed Chariot’s understanding of the significant lithium potential present in Nigeria. The team examined outcrops and artisanal mining pits, collected surface samples for grade verification, and engaged with local stakeholders to better understand the operational landscape.
While the team was unable to visit the Saki and Gbugbu projects due to scheduling conflicts and damaged infrastructure, there are plans to assess these sites in the near future.
Chariot Corporation is focused on discovering and developing high-grade lithium opportunities, particularly in the United States and Nigeria. The company’s recent acquisition of a Nigerian lithium portfolio, which includes the Fonlo, Gbugbu, Iganna, and Saki projects, is set to close in the fourth quarter of **2023**. This portfolio covers approximately **254 square kilometers** and consists of **eight exploration licenses** and **two small-scale mining leases**.
As one of the largest portfolios of lithium assets in the country, Chariot’s Nigerian projects have a history of significant artisanal mining, positioning the company at the forefront of the lithium supply chain. Initial survey results from its core projects in the United States also indicate high-grade lithium mineralization at the surface, further solidifying Chariot’s growth trajectory in lithium exploration.
