Chariot Resources has commenced a fully-funded geological mapping program at its Iganna lithium project in Nigeria’s Oyo State, in partnership with Hong Kong ZhongNuo Energy. This initiative follows a recent partnership agreement that significantly boosted Chariot’s share price, which surged over 87% to nine cents per share. The mapping effort will involve a 15-day program to trace and sample pegmatite veins at the 23.8-square-kilometre Iganna licence, after which work will shift to the Fonlo project. ZhongNuo will also support a diamond drilling campaign at the selected project, which will be chosen based on the data collected. Furthermore, Xiamen C&D Inc., ZhongNuo’s parent company, has paid a refundable US$100,000 exclusivity fee and plans to provide a US$500,000 interest-free prepayment upon finalizing the agreement.
Why It Matters
The lithium market has seen renewed strength, with battery-grade carbonate prices recovering, underscoring the importance of lithium exploration and production. Nigeria is also advancing mining policy reforms to attract foreign investment and enhance its midstream processing capabilities, evidenced by the recent establishment of a US$250 million lithium processing plant. Chariot’s portfolio includes four project clusters across 257 square kilometres in a region with a history of artisanal lithium mining, positioning the company well within the growing lithium sector. The collaboration with a financially robust partner like Xiamen C&D, a Fortune Global 500 company, enhances Chariot’s operational credibility and access to necessary resources for successful project development.
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