Charger Metals Drills 10,000m to Grow Its 10.6Mt Lithium Resource Toward Scoping
Key Takeaways
- Charger Metals has commenced a 10,000m RC drilling programme at Medcalf, effectively doubling total metres drilled at the deposit to date.
- The programme is fully funded by the $3,752,000 cash proceeds from the Bynoe Lithium Project sale to Core Lithium, requiring zero equity dilution.
- The existing Medcalf MRE of 10.6Mt @ 1.0% Li2O was upgraded 34% in June 2026 and remains open both down dip and along strike — meaning the resource boundary has not been drilled to its limits.
- A conceptual Medcalf West Exploration Target of 3–5Mt @ 1.0%–1.4% Li2O sits adjacent to the existing resource and is a direct target of the new programme.
- The Charger Board has committed to a scoping study following the June 2026 resource upgrade, with drilling results, Medcalf West definition, and scoping study completion as the three sequential catalysts ahead.
Drilling underway as Charger targets resource growth at Medcalf
Charger Metals NL (ASX: CHR) has mobilised a Reverse Circulation (RC) drill rig and commenced a 10,000m drilling programme at its 100%-owned Lake Johnston Lithium Project in Western Australia. The programme targets both the existing Medcalf Inferred Mineral Resource Estimate (MRE) of 10.6Mt @ 1.0% Li2O and 107ppm Ta2O5, and the Medcalf West Exploration Target of 3–5Mt @ 1.0%–1.4% Li2O.
Cautionary Statement: The potential quantity and grade of the Medcalf West Exploration Target is conceptual in nature, there has been insufficient exploration work to estimate a Mineral Resource and it is uncertain if further exploration will result in defining a Mineral Resource.
The new 10,000m programme builds on the 10,936m drilled at Medcalf to date, effectively doubling total metres drilled at the deposit. The programme is fully funded by the $3,752,000 cash received from the sale of the Bynoe Lithium Project to Core Lithium (ASX: CXO), received on 17 July 2026, meaning no capital raise is required.
Bryan Dixon, Managing Director & CEO
“This 10,000m programme will nearly double the total metres drilled to date and has the potential to increase the confidence as well as resource size given it remains open both down dip and along strike.”
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What the drill programme is designed to achieve
The programme has three distinct objectives. First, infill drilling will increase geological confidence in the existing MRE, which is currently drilled predominantly on a 40m x 80m grid. Second, extension drilling will test open strike and dip directions to grow the resource boundary. Third, the programme will collect additional diamond core samples to support ongoing metallurgical and geotechnical test work.
The Medcalf resource was upgraded 34% in the announcement dated 23 June 2026, growing from the maiden resource published approximately 13 months ago to reach 10.6Mt with 106kt of contained Li2O. That upgrade prompted the Charger Board to commit to completing a scoping study on the Lake Johnston Lithium Project, describing the resource as having reached “critical mass.” The discovery has come at a notably economical cost of $32 per contained tonne of Li2O, including study costs.
Key programme metrics:
- Programme size: 10,000m RC drilling
- Current MRE: 10.6Mt @ 1.0% Li2O, 107ppm Ta2O5 (Inferred, June 2026)
- Contained Li2O: 106kt
- Medcalf West Exploration Target: 3–5Mt @ 1.0%–1.4% Li2O (conceptual — see cautionary statement above)
- Drilling density to date: predominantly 40m x 80m grid
- Discovery cost: $32/contained tonne Li2O (including study costs)
- Scoping study: committed following resource upgrade
Inferred MRE breakdown — Medcalf Lithium Pegmatites (June 2026):
| Type | Tonnage (Mt) | Li2O (%) | Ta2O5 (ppm) | Contained Li2O (kt) |
|---|---|---|---|---|
| Weathered | 0.31 | 0.94 | 109 | 2.9 |
| Primary | 10.3 | 1.00 | 107 | 103 |
| Total | 10.6 | 1.00 | 107 | 106 |
Source: ASX Announcement, 23 June 2026. Lithium MRE calculated using 0.4% Li2O cut-off; Tantalum MRE using 65ppm Ta2O5 cut-off. Reported in line with the 2012 JORC Code.
Understanding lithium mineral resources — what the numbers mean for investors
An Inferred Mineral Resource is the lowest confidence category under the 2012 JORC Code, which is the Australian standard for reporting mineral resource estimates. It means enough geological evidence exists to estimate a resource, but the data is insufficient to assign higher confidence. The pathway to development typically involves upgrading that confidence — from Inferred to Indicated, and then to Measured — through additional drilling and analysis. Each step up the confidence ladder reduces exploration risk in the eyes of developers and financiers.
Li2O grade (expressed as a percentage) measures the concentration of lithium oxide within the rock — the higher the grade, the more lithium per tonne of ore. Contained Li2O (expressed in kilotonne, or kt) measures the total mass of lithium oxide locked in the deposit, calculated by multiplying grade by tonnage. Think of grade as quality and contained Li2O as total quantity — both matter when assessing the commercial potential of a deposit.
When a resource is described as remaining “open down dip and along strike,” it means drilling has not yet reached the physical edges of the mineralised body. Down dip refers to the direction the deposit angles into the earth; along strike refers to its horizontal extent. Both directions remain untested at Medcalf, which means additional drilling has the potential to extend the resource boundary and grow the total contained Li2O estimate.
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Strategic context — location, funding, and the road to scoping
Lake Johnston sits approximately 200km trucking distance from the Port of Esperance and within trucking distance of four spodumene concentration plants, a logistics position that supports the economics of future development. The project lies approximately 70km from the Earl Grey (Mt Holland) Lithium Project, where Covalent Lithium Pty Ltd (manager of a joint venture between subsidiaries of Sociedad Química y Minera de Chile S.A. and Wesfarmers Limited) began mining and commissioning of the concentrator in March 2024. Mt Holland is understood to be one of the largest hard-rock lithium projects in Australia, with Ore Reserves for the Earl Grey Deposit estimated at 189Mt @ 1.5% Li2O.
The Bynoe sale proceeds of $3,752,000 fund both the current 10,000m drill programme and ongoing mining and processing studies, with no equity dilution required. For investors tracking the stock, the next material milestones are sequential and clearly defined.
The Bynoe Lithium Project divestment to Core Lithium was structured as a staged transaction totalling $14.75M, with the $3,752,000 cash component received on 17 July 2026 providing the direct funding source for the current drilling campaign.
Upcoming catalysts to watch:
- Drilling results from the 10,000m RC programme
- Medcalf West Exploration Target definition
- Scoping study completion for the Lake Johnston Lithium Project
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