Black Mountain Project

Location

The Black Mountain Project is situated in Natrona County and lies approximately midway between Casper and Riverton, Wyoming and comprises 352 unpatented lode mining claims (Claims).

Acquisition History

Chariot assembled the claims package underlying the Black Mountain project through the direct claim staking of public land administered by U.S. Bureau of Land Management supplemented by a series of strategic property acquisitions.  As a result, Chariot controls a large, contiguous set of claims in an area with evidence of outcropping spodumene. 

The Company staked 89 Claims in January 2022 and subsequently entered into discussions with two parties to further consolidate Chariot’s position in the area.  In July 2022, Chariot entered into an agreement with Black Mountain Lithium Corp. (BMLC) to acquire 27 claims.  In addition, Chariot entered into an agreement with Vesper Resources LLC (Vesper) to acquire two Claims¹. These activities, together with the claim staking of an additional 218 Claims in February 2024 and 16 Claims in October 2022 at Black Mountain South, resulted in the control of 352 Claims that comprise the Black Mountain Project.

Note:

1. Refer to the Prospectus for further details on the Black Mountain acquisitions and consideration paid.

Property Geology

The Black Mountain claim block is centred on an Archean granite-greenstone inlier and lies within the south-central portion of the Ervay Basin.

Chariot's claims are underlain by Archaean granites and pendants of metasediments, metabasalts that form part of the Granite Mountains and cover the peak of Black Mountain. The Black Mountain peak which is host to the Black Mountain Spodumene Pegmatite is composed primarily of McDougal Gulch Metavolcanics (mafic schists) and mafic dikes. The spodumene-bearing pegmatite outcrops at surface and strikes east-northeast, subparallel to the crest of the Black Mountain peak.

The spodumene crystals, which make up 10% of the pegmatite, is greenish-grey to pale lavender in colour and have been recorded up to 60cm long and 15cm wide.