Chariot Resources Puts Boots on Ground at Nigeria Lithium Project Funded by ZhongNuo
Key Takeaways
- Hong Kong ZhongNuo Energy Limited has commenced a geological mapping program at Chariot Resources' Iganna project in Oyo State, Nigeria, covering the full 23.8 km² licence area (EL 35516) at ZhongNuo's sole cost.
- The 15-day program targets surface-exposed pegmatite veins through tracing, systematic sampling, assaying, and investigation of mineralisation anomalies — the critical first step before any drilling can occur.
- If ZhongNuo selects a project and executes a definitive agreement, it is committed to fund a minimum 1,500-metre diamond core drilling program at the selected site, representing the next material catalyst for CC9 investors.
- The roadmap is sequential: Iganna mapping, then approximately 15 days at Fonlo, then project selection from Fonlo, Iganna, or Saki, followed by a definitive agreement and funded drilling.
- Chariot's broader Nigerian hard-rock lithium portfolio spans 257.1 km² across four project clusters, eight exploration licences, and three small-scale mining leases — though the acquisition of this portfolio is not yet completed.
Boots are on the ground. Chariot Resources Limited (ASX: CC9) has confirmed that Hong Kong ZhongNuo Energy Limited has commenced a geological mapping program at the Iganna project area in Oyo State, Nigeria, marking a physical work milestone under the agreement announced on 18 August 2026.
A key point for investors: ZhongNuo is funding and operating the program entirely at its own cost. Chariot carries no cash outlay at this stage.
The program covers the full Iganna licence area (EL 35516), spanning approximately 23.8 km², and is expected to run for approximately 15 days.
What the field teams are doing on the ground
ZhongNuo’s field teams are conducting three specific technical activities across the licence area:
- Trace and delineate surface-exposed pegmatite veins across the licence area
- Systematically sample and assay surface-exposed veins and record their locations
- Conduct further analysis and investigation of identified mineralisation anomalies
Representatives of C&C Minerals will accompany the field teams throughout the program.
Assay results will be reported in accordance with the JORC Code and ASX Listing Rules once received, verified, and interpreted by Chariot. No results are available at this stage.
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Understanding pegmatite mapping and why it matters for lithium investors
Hard-rock lithium refers to lithium hosted within pegmatite rock formations, as distinct from brine lakes or claystone deposits. Pegmatites are coarse-grained igneous rocks that can carry lithium-bearing minerals such as spodumene in concentrations worth exploring.
Before any drilling can begin, geologists need to understand what is actually sitting at the surface. Mapping surface-exposed pegmatite veins is the critical first step: it establishes where mineralisation occurs, how the veins are oriented, and which areas are worth investigating further. This surface-to-subsurface logic shapes all subsequent work.
The sequence runs from surface mapping to target selection, and then to diamond core drilling. Diamond core drilling retrieves cylindrical rock samples from depth, giving geologists the subsurface picture that surface work alone cannot provide.
If ZhongNuo makes a project selection and executes a definitive agreement, it has committed to fund and complete a minimum 1,500-metre diamond core drilling program at the selected project. That drilling program is the next material milestone investors are watching for.
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What comes next: Fonlo mapping and a project selection decision
The roadmap following the current Iganna program is sequential:
- Approximately 15 days of mapping at Iganna (underway)
- Approximately 15 days of mapping at the Fonlo project area, with continued priority target work at Iganna
- Project selection from the Fonlo, Iganna, or Saki project areas
- Execution of a definitive agreement
- Minimum 1,500-metre diamond core drilling program at the selected project, funded by ZhongNuo
The broader Nigerian portfolio that sits behind this process is substantial. Chariot’s proposed Nigerian hard-rock lithium portfolio comprises four project clusters (Fonlo, Gbugbu, Iganna, and Saki) across Oyo and Kwara states, covering approximately 257.1 km² and including eight exploration licences and three small-scale mining leases. The portfolio has a history of artisanal lithium mining.
It is worth noting that the acquisition of the Nigerian portfolio is not yet completed, as disclosed in the announcement.
Beyond Nigeria, Chariot also holds two core U.S. projects: the Black Mountain Project in Wyoming, prospective for hard-rock lithium, and the Resurgent Project in Nevada and Oregon, prospective for claystone lithium. These assets sit alongside the Nigerian program rather than competing with it for near-term attention.
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